Insurance Appraiser
Definition:
A professional who determines the value of damage during the appraisal process.
Explanation:
Each side (homeowner and insurer) may appoint an appraiser if there’s a dispute. The appraisers estimate the loss, and if they can’t agree, an umpire makes the decision.
Example:
After hail damage, the homeowner’s appraiser values repairs at $40,000, while the insurer’s appraiser says $25,000. The appraisal process resolves the difference.
Why it matters:
This term affects how claims are handled and what payout a homeowner may receive.