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Insurance Appraisal
An insurance appraisal is an appraisal of property to determine several types of values and estimates so that the insurer would have a good idea how much coverage is adequate for a policy.
These appraisals are conducted by specially trained staff to take into account variables which the insurer values.
This is why they are seldom conducted by third party appraisers.
Insurance appraisals can be used to determine figures like replacement cost, functional replacement cost, costs of repairs in current market, etc.
The results of these valuation techniques can sometimes vary wildly from a typical appraised value or fair market value.
For example, a building might have a market price of of $500,000 but an insurer might deem that the replacement costs would be just $400,000 in the current market.
This is why they should never be used as a measuring stick of property value, but can be used for research and analytical purposes.
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