noun
1.
An Appraisal happens just before an insurance Policy is put into effect and is undertaken by the insurance company. The objective of an Appraisal is to determine property’s current replacement cost in the event of a loss. This step is helps ensure that a policyholder is not over- or under-insured.
When you make an insurance claim, it can stay on record for up to seven years. Here's why CLUE reports are important and how they affect your premiums.
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