An appraisal refers to the process of figuring out the value of a particular asset. When people talk about an HOA insurance appraisal, they refer to what the estimated cost would be to rebuild an existing building; this is the way of determining the value of that building. There are different ways of getting an insurable value appraisal, but the specific property you are looking to appraise should be inspected by a professional. In Florida, condominium associations are required to have appraisals, but the same requirement doesn’t exist for homeowners associations. However, it can be in the benefit to homeowners associations to know that the individual owners are protected by an insurance appraisal. This means it can be good for HOAs to encourage this insurance appraisal for their owner’s protection and peace of mind.