Appraisal
A professional assessment of a property's value or the value of specific items for insurance purposes.
Detailed Explanation
Appraisals help determine appropriate coverage limits for your home and valuable possessions. They can also be used to resolve disputes between policyholders and insurers about the value of damaged property during the claims process.
Practical Example
Before purchasing insurance for her grandmother's antique jewelry collection, Lisa hired an appraiser to determine its true value, ensuring she could get adequate coverage for these irreplaceable items.
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