Insurance Appraiser

National Avg. Salary

$65,300 More Salary Data →

Job Growth Rate

-0.6% More Growth Data →

Recommended Degree

Bachelor's Programs & Degrees →

Attributes

  • Don't Take Work Home
  • Get to Travel
  • Growing Industry
  • Investigative

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As an Insurance Appraiser, your role will involve making estimations on different types of insured goods and assess their value. You will also decide on whether an insurance agency has to pay the claim by a client, and what that amount is.

Checkmark What is an Insurance Appraiser?

Duties

The job responsibilities of an insurance appraiser include the following points:

  • Makes an unbiased sound evaluation of relevant data such as market performance, statistics, property or automobile industry valuation and create an estimate as per government and regulatory guidelines.
  • Be exceptionally organized and closely analyse different factors that affect property or the auto industry, which may include neighbourhoods, future trends, cost of models, specific rates for design and stylistic elements.
  • Work alongside the lead appraiser to take care of ongoing requests from clients and develop informed plans of action to uphold quality control.
  • Engage in knowledge exchange with appraisal team at insurance company, and bring complex issues to the attention of experienced professionals.
  • Gain the authorization necessary to settle claim amount when required, which includes demonstrating pertinent evidence to senior management, as per the settlement amount.

Day In The Life

Insurance appraisers have duties that may vary based on the type of insurance company. The primary task of an insurance appraiser is to thoroughly evaluate the damages that occur when a residential or commercial property is destroyed or damaged due to various reasons, and the claim reaches an impasse. As an insurance appraiser, you would be expected to review the damages and provide a fair estimate of the total value of loss.

Typically, both the insurance company and the policyholder utilizes the services of an appraiser. If both sides cannot come to an agreement, a third impartial appraiser may be brought in to bring some resolution to any differences.

To excel as an insurance appraiser, you will hone your knowledge on the policies and guidelines that apply to the insurance company where you work. Junior professionals will likely be assigned small claims, under the guidance of a more experienced appraisal worker. Once you are familiar with the everyday procedures, you will then take on bigger projects.

Typical work schedule

Insurance appraisers usually follow the regular working schedule of 40 hours in 5 days per week. However, insurance appraisers have to work in the field which results in a varying work schedules with longer hours. You will be expected to carry out investigations and surveillance as well as contacting various people who may not be available during normal business hours. This will include working on early mornings, evenings, and weekends. This happens in rare occasions while most of the time, you will not have to work outside the regular working hours.

Projected job growth

According to the US Bureau of Labor Statistics, the employment of insurance appraisers as well as claims adjusters, examiners, and investigators is expected to decrease by 6 % from 2019 to 2029. This is mainly attributed to the recent technological advances such as specialized software that can evaluate photographs of damaged property and calculate the estimated claim amount eliminating much of the appraiser’s job. The software also improves the efficiency of data collection and processing speed. It should also be noted that the rise in the number of natural disasters as hurricanes increases the demand for insurance services. The decline rate of the demand for this job indicates that this is a dying job and that you should think about this before choosing it as your future career. If you are interested in the job, you have to consider getting more familiar and gain experience with modern technology such as data analysis, IT and modern software to ensure better prospects in the coming decade.

Typical Employers

Insurance appraisers can work for different fields and have many employers. However, many of them work as automobile damage appraisers. Their typical employers include different insurance agencies, brokerages, banks, and other insurance related services where they work in the field providing these companies with the data they need. Some insurance appraisers prefer to be self-employed workers where they can be contracted by many clients to perform specific tasks for them. Few insurance appraisers can also work as a part of the management team of corporations providing extra insurance information when needed.

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Insurance Appraiser

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Clipboard How To Become an Insurance Appraiser

You can join this industry with a high school diploma or its equivalent, if you are searching for an entry-level claims appraiser position. However, since 2015, certified appraisers need to hold at least a bachelor’s degree before they receive their license – this can depend from state to state. Once hired, junior professionals usually have to complete several basic courses, and demonstrate a strong performance with on-the-job training via an apprenticeship model. On a personal level, you should have a natural affinity towards resolving disagreements and diplomatically coordinating with claimants, policyholders and independent adjusters.

If you have majored in business or finance, you might choose to specialize in a specific type of insurance claim such as market loss attributed to machine damage and equipment failure. Alternatively, having a background in law is particularly helpful if you are interested in tackling product liability claims. To be an expert in auto damage appraisal, you should be able to demonstrate an extensive knowledge of different automobile parts and repair processes, related terminology and vehicle structure.


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Quick Summary

  • Recommended Min. Degree

    Bachelor's

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Wallet Insurance Appraiser Salary Data

We've provided you the following to learn more about this career. The salary and growth data on this page comes from recently published Bureau of Labor Statistics data while the recommendations and editorial content are based on our research.

National Annual Salary

Low Range Low Range

$52,700

Average Average

$65,300

High Range High Range

$92,550

National Hourly Wage

Low Range Low Range

$25/hr

Average Average

$31/hr

High Range High Range

$45/hr

How do Insurance Appraiser salaries stack up to other jobs across the country? Based on the latest jobs data nationwide, Insurance Appraiser's can make an average annual salary of $65,300, or $31 per hour. On the lower end, they can make $52,700 or $25 per hour, perhaps when just starting out or based on the state you live in.

Salary Rankings And Facts

  • #227 Nationally for All Careers

  • Above Average Salary Nationally

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Graduation Cap Programs and Degrees

Here are the most common degrees for becoming an Insurance Appraiser. a Bachelor's is usually recommended and specifically a degree or coursework that prepares you for the particular field, see below.

Chart Highest Education Among Insurance Appraiser

  • 1.9%   Doctorate
  • 6.6%   Masters
  • 39.8%   Bachelors
  • 9.5%   Associates
  • 25.1%   College
  • 16.5%   High School
  • 0.6%   Less than High School

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Chart Up Job Growth Projections and Forecast

2014 Total Jobs

15,500

2024 Est. Jobs

15,400

Job Growth Rate

-0.6%

Est. New Jobs

-100

How does Insurance Appraiser job growth stack up to other jobs across the country? By 2024, there will be a change of -100 jobs for a total of 15,400 people employed in the career nationwide. This is a -0.6% change in growth over the next ten years, giving the career a growth rate nationwide of Above Average.

Growth Rankings And Facts

  • #629 Nationally for All Careers

  • Above Avg. Growth Nationally

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Employee What Companies Employ The Most Insurance Appraisers

Industry Current Jobs New Jobs Needed % Increase
Direct insurance (except life, health, and medical) carriers 10,200 -700 -1%
Other insurance related activities 2,600 600 1%
Insurance agencies and brokerages 400 100 ---

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