What is an insurance estimate?

An insurance estimate is an estimated cost of repairing or replacing damaged property that is covered by an insurance policy. In the state of Washington, an insurance estimate is the preliminary calculation of how much it will cost to repair or replace an insured property that has been damaged. This estimate is usually performed by an insurance adjuster or an independent contractor who inspects the damage and gives an estimate for the cost. The estimate helps insurance companies determine the amount of money that should be paid out for the claim. The insurance company will then issue a check to the insured party for the cost of the repair or replacement. It is important to note that the insurance estimate is just an estimate and the actual cost of the repairs or replacement of the property may be more or less than the initial estimate.

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