A survey of property made to determine its insurable value.
An evaluation of a home insurance property claim by an authorized person to determine property value or damaged property value. Many policies provide an “appraisal” process to resolve claim disputes. In this process, you and the insurance company hire separate damage appraisers. The two appraisers choose a third appraiser to act as an “umpire.” The appraisers then review your claim, and the umpire rules on any disagreements. The umpire's decision is binding on you and the insurance company, but only for the loss amount. If there is a dispute over what is covered, you can still pursue a settlement of the coverage issue after the appraisal takes place. You are required to pay for your appraiser and half of the umpire's costs.
- Browse Related Terms: Appraisal, Arbitration, Covered Expenses, Escrow, Inspection Report, Liability Coverage, Liability insurance, Negligence, Private Mortgage Insurance (PMI), Property damage, Single interest insurance, Watercraft Endorsement
An independent evaluation of your home or business to establish a value for a specific period of time.
- Browse Related Terms: Account History, Appraisal, Average daily balance, Billing Date, Cash basis accounting, Cash Flow, Credit History, Credit Repair Organization, Grace Period, Minimum finance charge, Periodic rate
A written estimate, provided by a State licensed Appraiser, of the value of a home.
- Browse Related Terms: Appraisal, Credit Bureaus, Credit Reports, Credit score, Divorce Decree, Fair Collection Practices Act, Fair Credit Reporting Act (FCRA), Home Equity Loan, Liable, MCCC-1, Mortgage Company (Supervised Lender), Supervised Lender
a written estimate of a property's current market value prepared by a professional appraiser.
- Browse Related Terms: Appraisal, Appraiser, Closing (or settlement) costs, equity, Financial Models, Good faith estimate, Loan to Value (LTV) Ratio
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