Appraiser

What Does Appraiser Mean?

An appraiser is a professional who determines the value and cost of an insured item, asset, or personal property. Qualified through education, experience, or training, they assess and estimate the value of existing property, the potential damages that may occur, and the cost of repairing any damage should it happen. Additionally, appraisers are crucial to insurance companies for their objective evaluations, which play a key role in determining claims and the benefits paid out.

Insuranceopedia Explains Appraiser

An appraiser may have several job duties, but one of the most important is evaluating property and damages and assigning a value to them. This can be done either by approximation or through the actual calculation of the asset’s worth. For example, an appraiser might inspect damaged vehicles after an auto accident to estimate the cost of replacement or repairs. The figure is then communicated to an adjuster, ensuring that the insurance company does not pay out more benefits than necessary.