Insurance claim appraisal and real estate appraisal are two distinct processes that typically require different licenses. Here’s an overview of each:
- Insurance Claim Appraisal: When an insurance claim is filed due to property damage, an insurance appraiser assesses the value of the loss and determines the amount of compensation the policyholder should receive. This type of appraisal doesn’t typically require a real estate appraisal license. Instead, insurance companies often have their own internal appraisers or work with independent appraisers who specialize in evaluating damage and estimating repair costs.
- Real Estate Appraisal: Real estate appraisal involves determining the market value of a property. This is usually done by licensed real estate appraisers who evaluate various factors such as the property’s location, size, condition, recent sales of comparable properties, and market trends. In many jurisdictions, real estate appraisers are required to obtain a license or certification, which involves specific education, training, and testing.
While the licenses for these two types of appraisals are distinct, there might be cases where an individual holds both licenses, especially if they’re working in a role that involves evaluating both insurance claims related to property damage and the market value of real estate properties. However, for insurance claim appraisal specifically, a real estate appraisal license might not be a strict requirement.
Licensing requirements can vary based on jurisdiction and the specific laws and regulations in place. If you’re considering a career in either field, research and understand your area’s licensing requirements to ensure you’re compliant.
If you are in dispute with your insurance provider for a property damage claim, call us today to find out if invoking appraisal for your property damage claim makes sense for you. Reach out to Florida Insurance Claim Appraisal at 239-387-4276.