The Role of Appraisals in Insurance Underwriting: Mitigating Risks and Setting Premiums
July 9, 2023
An appraisal is an important part of the insurance underwriting process. It provides critical information about a property and the risk associated with insuring it. Appraisals help insurance companies mitigate risk and set premiums, but there is much more to it than that. In this article, we will discuss the role of appraisals in insurance underwriting, including how they help to determine property values, identify potential risks, and provide a snapshot of the property for insurance purposes. We will also discuss how appraisals affect the overall cost of insurance and ensure fairness between insurers and insureds.