How to Be Insurance Appraiser - Job Description, Skills, and Interview Questions

Sep 4, 2021 / 6 Minutes Read / By Albert

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The increasing cost of insurance premiums is causing a need for insurance appraisers. Insurance appraisers are professionals who specialize in assessing the value of property or assets for the purpose of insuring them. They determine the cost of replacement in the event of a loss, and help determine the amount of insurance coverage needed.

Insurance appraisers bring together their expertise in the area of construction, engineering, and economics to accurately assess the current value of a property and its potential future value. This helps insurance companies accurately calculate premiums and make sound investments, ensuring that policy holders are adequately covered in the event of a loss.

Steps How to Become

Obtain a high school diploma or GED. To become an insurance appraiser, you will need to have a high school diploma or GED. This is an important step to ensure that you have the necessary knowledge and skills to pursue a career as an insurance appraiser.
Complete a postsecondary degree or certificate program. The next step to becoming an insurance appraiser is to complete a postsecondary degree or certificate program in insurance appraisal. Most programs will require completion of at least two years of coursework as well as practical experience in the field.
Obtain professional certification. Depending on the state you live in, it may be necessary to obtain a professional certification to work as an insurance appraiser. There are many certifications available, so its important to research which one is the most appropriate for your specific situation.
Obtain a license. Depending on the state you live in, you may need to obtain a license in order to work as an insurance appraiser. Licensing requirements vary from state to state, so its important to check with your states department of insurance to find out what the specific requirements are.
Gain experience. Once you have obtained your degree and have been certified and/or licensed, its important to gain experience in the field. You can gain this experience by working as an intern or apprentice under an experienced appraiser. You can also volunteer at local insurance agencies or companies to gain experience and build your skills.
Stay current with industry trends. As an insurance appraiser, its important to stay current with industry trends and offers offered by different companies. You should review these offers regularly and make sure that you are offering your clients the best deals available.

The increasing number of vehicle accidents has had a considerable effect on the insurance industry, leading to the need for reliable and capable insurance appraisers. An appraiser's job is to assess the damage to a car after an accident and to estimate the cost of repairs. They must be knowledgeable about the latest auto repair techniques and have an understanding of current insurance regulations.

In addition, they must possess excellent communication skills, be organized and detail-oriented, and have the ability to work under pressure. As a result, more and more insurance companies are investing in training and certifying their staff, in order to ensure they have access to reliable and capable appraisers.

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Job Description

Travel to sites to inspect and assess vehicles and other property for insurance claims.
Evaluate vehicle damage and inspect the mechanical condition of vehicles.
Take photographs of damage and of the vehicles overall condition.
Gather and review relevant documentation such as repair estimates, repair bills, and related information.
Research parts availability and labor costs for estimating repairs.
Prepare written reports of findings including an assessment of the cause of the loss, description of damage, and estimated costs for repairs.
Communicate with claimants, attorneys, and other parties involved in the claim process.
Monitor and track progress of claims through their resolution.
Maintain detailed records of appraisals, inspections, and reports.
Stay abreast of current trends in automotive repair and parts pricing.

Skills and Competencies to Have

Knowledge of appraisal principles, practices, and procedures.
Ability to determine the value of real estate and personal property.
Ability to read and interpret blueprints, plans, and specifications.
Ability to analyze and interpret financial documents.
Excellent communication and interpersonal skills.
Ability to work independently and as part of a team.
Knowledge of legal and regulatory guidelines affecting the appraisal profession.
Knowledge of computer systems, including spreadsheets and databases.
Ability to use specialized appraisal software programs.
Good problem-solving skills.

Having strong communication skills is essential for a successful insurance appraiser. Effective communication allows insurance appraisers to effectively explain complicated concepts and policies to their clients. This ensures that the customer has a full understanding of the policies and is able to make informed decisions about their coverage.

communication skills help the appraiser to negotiate the best possible policies and rates for their clients. Furthermore, strong communication skills help the appraiser to build trust with their clients and encourage customer loyalty. Good customer relationships are key for successful insurance appraisers, as they help to ensure repeat business.

Lastly, communication skills also help the appraiser to work efficiently with other professionals in the industry, such as agents, underwriters, and adjusters. This helps to create a better overall experience for the customer and increase the likelihood of customer satisfaction.

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Frequent Interview Questions

What experience do you have in the insurance appraisal field?
How do you stay up-to-date on industry changes and trends?
What methods do you use to assess the value of a property for insurance purposes?
Describe a time when you had to think outside of the box to solve an appraisal challenge.
How would you handle a dispute between a client and an insurance company over an appraisal?
Describe a recent appraisal that you completed and what outcome was achieved.
What is your experience with using software to complete insurance appraisals?
What strategies do you use to ensure accuracy in your appraisals?
What challenges have you faced in the appraisal process and how did you overcome them?
How do you ensure that your appraisals are compliant with relevant laws and regulations?

Common Tools in Industry

Estimating Software. Estimating software is used to quickly and accurately generate estimates for repair costs and other related expenses. (eg: Xactimate)
Digital Camera. A digital camera is used to capture images of damaged items for insurance appraisals. (eg: Nikon D3500)
Video Recording Equipment. Video recording equipment is used to document damage for insurance appraisals. (eg: GoPro Hero 8 Black)
Measurement Tools. Measurement tools such as tape measures, rulers, and calipers are used to measure damaged items for insurance appraisals. (eg: Stanley Tape Measure)
Boundary Surveying Equipment. Boundary surveying equipment is used to measure the boundaries of a property for insurance appraisals. (eg: Leica Disto A3 Laser Distance Meter)
Computer-Aided Design (CAD) Software. CAD software is used to create detailed drawings of damaged property for insurance appraisals. (eg: Autodesk AutoCAD)

Professional Organizations to Know

American Society of Appraisers
National Association of Independent Fee Appraisers
International Association of Assessing Officers
Appraisal Institute
American Association of Professional Appraisers
International Right of Way Association
National Association of Professional Insurance Agents
National Association of Realtors
International Association of Personal Property Appraisers
National Association of Certified Valuators and Analysts

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Common Important Terms

Appraised Value. The value of an item determined by an independent appraiser, which is typically used to determine an insurance payout.
Claims Adjuster. A professional who evaluates insurance claims and makes decisions about whether to approve or deny them.
Insurance Policy. A contract between an insurer and an insured in which the insurer agrees to pay a certain amount of money in exchange for the insured's promise to follow certain guidelines.
Insurance Claims. A formal request made by an insured person to an insurance company to receive payment for a covered loss.
Risk Management. The process of identifying and assessing risks and then implementing strategies to manage them.
Underwriting. A process by which an insurance company assesses the risk of a potential customer and determines whether or not to accept the customer's application for coverage.
Reinsurance. The practice of an insurance company transferring some or all of the risks associated with an insurance policy to another insurance company in order to spread the risk.

Frequently Asked Questions

What is an Insurance Appraiser?

An Insurance Appraiser is a professional who evaluates the value of property for insurance purposes. They inspect and assess the condition of a property, calculate its worth, and determine the amount of money needed to repair or replace it in the event of a loss.

What qualifications are required to become an Insurance Appraiser?

Most employers require Insurance Appraisers to hold at least a bachelor's degree in a related field such as accounting, business, or finance. Many states also require Appraisers to obtain a license from the state insurance commission.

What is the average salary of an Insurance Appraiser?

According to the US Bureau of Labor Statistics, the median annual wage for Insurance Appraisers in May 2019 was $61,660.

What are the duties of an Insurance Appraiser?

Insurance Appraisers are responsible for inspecting properties, assessing their condition, and determining their value. They must be able to accurately calculate the cost of replacement or repair, as well as ensure that the property meets all applicable insurance regulations.

What types of properties do Insurance Appraisers typically appraise?

Insurance Appraisers typically appraise residential and commercial properties, as well as machinery, vehicles, and other types of personal property.

Web Resources

What Do Insurance Appraisers Do: Daily Work & Skills - franklin.edu www.franklin.edu
Insurance Appraisers: How To Become One in 2022 (& Beyond) www.franklin.edu
Insurance and Appraisal | Diamond Buying Guide - GIA 4Cs 4cs.gia.edu