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.

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Job Description

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.

Work Schedule And Typical Hours

Insurance appraisers usually have to work full-time during a standard 40-hour workweek. If you are self-employed, you may have to work longer including late evenings and weekends to finish reports. Typically, you are based out of a comfortable office but have to commute frequently due to the nature of the job, i.e. make site visits to assess properties or damages first hand. Office hours are usually spent going over various documentation and evaluating markets through research.

Growth Of The Job

Those working as insurance appraisers will enjoy a positive job outlook in the next decade. The industry is projected to expand by 14% between 2016 and 2026, which is about 7% faster than other occupations. In particular, your job prospects will be great if working in real estate markets, which can fluctuate greatly depending on market forces. In the near future, employment growth will occur from developing economies and rapid growth in population. Professionals who are adept at evolving and applying their knowledge to different types of insurance can be secure in this field.

Typical Employers

Typically, insurance appraisers find work with insurance companies at various levels, government sponsored enterprises, adjusting agencies, national or local financial institutions, and appraisal firms.

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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

$52,700

Average

$65,300

High Range

$92,550

National Hourly Wage

Low Range

$25/hr

Average

$31/hr

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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How To Become

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

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.

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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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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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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