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Insurance Appraiser Average Salary in Michigan 2024

How much money does a person working as Insurance Appraiser make in Michigan?


Average Yearly Salary
107,000 USD
( 8,930 USD monthly)

LOW
51,400
USD
AVERAGE
107,000
USD
HIGH
168,000
USD
All salary figures displayed here are per year except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working as Insurance Appraiser in Michigan typically earns around 107,000 USD. Salaries range from 51,400 USD (lowest) to 168,000 USD (highest).


Salary Variance

This is the average salary including housing, transport, and other benefits. Insurance Appraiser salaries in Michigan vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.



Insurance Appraiser Pay Scale and Salaries in Michigan

Median and salary distribution Michigan Insurance Appraiser yearly
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Salary Structure and Pay Scale Comparison

5% of people earn
100,000 USD or more
10% of people earn
88,200 to 100,000 USD
20% of people earn
62,000 USD or less
65% of people earn
62,000 to 88,200 USD
Minimum Salary
51,400 USD
Median
101,000 USD
Maximum
168,000 USD




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per year except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries for the position Insurance Appraiser in Michigan range from 51,400 USD (starting salary) to 168,000 USD (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.

  • Median Salary

    With a median salary of 101,000 USD, half of the professionals who work as Insurance Appraiser in Michigan earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.

  • Percentiles and Salary Scale

    The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Insurance Appraiser in Michigan earn less than 82,000 USD, while 75% earn more. Similarly, the chart shows that 75% earn less than 115,000 USD while 25% earn more.

  • Pay Scale Structure

    To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Insurance Appraiser in Michigan compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 62,000 USD to 88,200 USD. About 20% of salaries are below the 62,000 USD mark, while 10% fall within the range of 88,200 USD to 100,000 USD. Only 5% of individuals have salaries exceeding 100,000 USD.

Salary Comparison by Years of Experience / Insurance Appraiser / Michigan

How do experience and age affect pay?

0 - 2 Years
60,200 USD
2 - 5 Years+42%
85,300 USD
5 - 10 Years+31%
112,000 USD
10 - 15 Years+23%
138,000 USD
15 - 20 Years+6%
147,000 USD
20+ Years+10%
161,000 USD
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience yearly Michigan Insurance Appraiser
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The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Insurance Appraiser and this is what we found.


All salary figures displayed here are per year except when noted otherwise.

Employees with less than two years of experience earn approximately 60,200 USD.

While someone with an experience level between two and five years is expected to earn 85,300 USD, 42% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 112,000 USD, 31% more than someone with two to five years of experience.

Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 138,000 USD, 23% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 147,000 USD, 6% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 161,000 USD, 10% more than people with fifteen to twenty years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Salary Comparison By Education / Insurance Appraiser / Michigan

How do education levels affect salaries?

Displayed below is the average salary variance between different education levels of professionals working as Insurance Appraiser.

Certificate or Diploma
80,600 USD
Bachelor's Degree+90%
153,000 USD
Percentage increase and decrease are relative to the previous value
Salary comparison by education level yearly Michigan Insurance Appraiser
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Insurance Appraiser in order to make a comparison.


Level 1: Certificate or Diploma

Employees at this education level have an average salary of 80,600 USD.


Level 2: Bachelor's Degree

At this level, the average salary becomes 153,000 USD, 90% more than the previous level.



Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Salary and Compensation Comparison By Gender / Insurance Appraiser / Michigan

Salary comparison by gender United States Insurance Appraiser yearly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Insurance Appraiser in United States, the average difference between the salary of male and female employees is 6%.

Male
97,000 USD
Female-5%
92,000 USD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in United States for all Careers

Salary comparison by gender yearly United States
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Average Annual Salary Increment Percentage / Insurance Appraiser / Michigan

How much are annual salary increments in Michigan for individuals working as Insurance Appraiser? How often do employees get salary raises?

Individuals working as Insurance Appraiser in United States are likely to observe a salary increase of approximately % every months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.

Annual Salary Increment Rate United States Insurance Appraiser
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

United States / All Professions

Annual Salary Increment Rate United States
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency

The average salary increase in one year (12 months) in United States is 6%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.



Bonus and Incentive Rates / Insurance Appraiser / United States

How much and how often are bonuses being awarded?Annual Salary Bonus Rate United States Insurance Appraiser
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100% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from % to % of their annual salary.

Received Bonus
%
No Bonus
100%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Average Hourly Wage / Insurance Appraiser / Michigan


51 USD per hour

The average hourly wage (pay per hour) for individuals working as Insurance Appraiser in Michigan is 51 USD.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working as Insurance Appraiser in Michigan is 25 USD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary comparison with similar jobs

Job TitleAverage Salary
Insurance-100%
Actuarial Analyst138,000 USD+29%
Actuarial Assistant96,200 USD-10%
Actuarial Specialist96,400 USD-10%
Actuary148,000 USD+38%
Adjustment Insurance Clerk38,800 USD-64%
Assistant Broker67,000 USD-37%
Assistant Claims Manager111,000 USD+4%
Associate Insurance Representative55,300 USD-48%
Auditing Insurance Manager154,000 USD+44%
Blockchain Insurance Auditor99,400 USD-7%
Broker110,000 USD+3%
Claim Advocacy Professional111,000 USD+4%
Claims Adjuster38,000 USD-65%
Claims Analyst52,600 USD-51%
Claims Examiner57,500 USD-46%
Claims Manager154,000 USD+44%
Claims Processor40,200 USD-62%
Claims Representative48,500 USD-55%
Claims Resolution Specialist118,000 USD+10%
Claims Supervisor106,000 USD-1%
Complaints Specialist94,200 USD-12%
Compliance Examiner94,700 USD-12%
Compliance Officer85,600 USD-20%
Compliance Reviewer102,000 USD-5%
Consultant99,700 USD-7%
Drone Claims Adjuster49,200 USD-54%
Eligibility Interviewer112,000 USD+5%
Eligibility Specialist106,000 USD-1%
Insurance Account Manager132,000 USD+23%
Insurance Accounts Executive116,000 USD+8%
Insurance Adjuster101,000 USD-6%
Insurance Agent62,500 USD-42%
Insurance Analyst102,000 USD-5%
Insurance Appraiser107,000 USD-0%
Insurance Claims Clerk39,200 USD-63%
Insurance Compliance Officer118,000 USD+10%
Insurance Data Scientist95,500 USD-11%
Insurance Examiner95,700 USD-11%
Insurance Fraud Investigator85,300 USD-20%
Insurance Investigator97,200 USD-9%
Insurance Manager179,000 USD+67%
Insurance Operations Manager183,000 USD+71%
Insurance Policy Processing Clerk37,900 USD-65%
Insurance Pricing Assistant87,100 USD-19%
Insurance Product Manager119,000 USD+11%
Insurance Program Manager142,000 USD+33%
Insurance Project Manager127,000 USD+19%
Insurance Quality Assurance Agent94,200 USD-12%
Insurance Sales Agent60,000 USD-44%
Insurance Sales Director167,000 USD+56%
Insurance Sales Manager135,000 USD+26%
Insurance Sales Representative57,400 USD-46%
Insurance Team Leader115,000 USD+7%
Insurance Underwriter82,300 USD-23%
Insurtech Analyst102,000 USD-5%
Loss Control Specialist99,200 USD-7%
Loss Prevention Investigator106,000 USD-1%
Loss Prevention Manager146,000 USD+36%
Loss Prevention Specialist117,000 USD+9%
Marine Underwriter79,500 USD-26%
Medical Auditor106,000 USD-1%
Monitoring and Performance Officer72,700 USD-32%
Parametric Insurance Specialist101,000 USD-6%
Payment Services Specialist102,000 USD-5%
Peer-to-Peer Insurance Manager125,000 USD+17%
Policy Change Director162,000 USD+51%
Policy Change Supervisor110,000 USD+3%
Policy Change Technician48,900 USD-54%
Risk Analyst122,000 USD+14%
Risk Management Director209,000 USD+95%
Risk Management Supervisor134,000 USD+25%
Risk Manager197,000 USD+84%
Risk Modeling Manager195,000 USD+82%
Social Media Risk Analyst109,000 USD+2%
Title Insurance Typist90,500 USD-16%
Training Manager117,000 USD+9%
Underwriting Assistant54,100 USD-49%

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in United States is 5% on average across all career fields.

Private Sector
92,800 USD
Public Sector+5%
97,500 USD
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for the job title Insurance Appraiser in Michigan?

A good and competitive compensation would range anywhere between 101,000 USD and 115,000 USD. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for a careers like Insurance Appraiser in Michigan ranges from 51,400 USD to 82,000 USD. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary


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