Insurance Glossary

Appraisal

Property

Definition

An assessment of a property's value by an independent professional, often required for insurance purposes to determine appropriate coverage limits or claim settlements.

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Related Terms

Actual Cash Value
The repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost minus depreciation.
Replacement Cost
The cost to replace damaged or destroyed property with new property of similar kind and quality, without deduction for depreciation.
Depreciation
The decrease in value of property over time due to wear, tear, age, or obsolescence.
Flood Insurance
Specialized insurance coverage for property damage caused by flooding, typically not covered by standard homeowners insurance.
Homeowners Insurance
Insurance coverage that protects your home and personal property against damage, theft, and liability claims.
Renters Insurance
Insurance coverage for tenants that protects personal property and provides liability coverage, but does not cover the building structure.
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