Insurance Appraiser Average Salary in Michigan 2024
How much money does a person working as Insurance Appraiser make in Michigan?
LOW
51,400
USD AVERAGE
107,000
USD HIGH
168,000
USD
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
Salary Structure and Pay Scale Comparison
100,000 USD or more
88,200 to 100,000 USD
62,000 USD or less
62,000 to 88,200 USD
 51,400 USD |
101,000 USD |
168,000 USD |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
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 |
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.
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.
Typical Salary Progress for Most Careers
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 |
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 and Compensation Comparison By Gender / Insurance Appraiser / Michigan
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 |
Salary Comparison By Gender in United States for all Careers
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.
United States / All Professions
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
Worldwide Salary Raises: All Countries and All Jobs
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?
Share This Chart Tweet Get Chart Linkhttp://www.salaryexplorer.com/charts/united-states/insurance/insurance-appraiser/annual-salary-bonus-rate-united-states-insurance-appraiser.jpg
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 BonusesThe most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 Generators | Supporting 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: | Example: |
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.
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 hourThe 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.
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 Title | Average Salary |
| Insurance |  -100% | |
| Actuarial Analyst | 138,000 USD |  +29% |
| Actuarial Assistant | 96,200 USD | -10% |
| Actuarial Specialist | 96,400 USD | -10% |
| Actuary | 148,000 USD | +38% |
| Adjustment Insurance Clerk | 38,800 USD | -64% |
| Assistant Broker | 67,000 USD | -37% |
| Assistant Claims Manager | 111,000 USD | +4% |
| Associate Insurance Representative | 55,300 USD | -48% |
| Auditing Insurance Manager | 154,000 USD | +44% |
| Blockchain Insurance Auditor | 99,400 USD | -7% |
| Broker | 110,000 USD | +3% |
| Claim Advocacy Professional | 111,000 USD | +4% |
| Claims Adjuster | 38,000 USD | -65% |
| Claims Analyst | 52,600 USD | -51% |
| Claims Examiner | 57,500 USD | -46% |
| Claims Manager | 154,000 USD | +44% |
| Claims Processor | 40,200 USD | -62% |
| Claims Representative | 48,500 USD | -55% |
| Claims Resolution Specialist | 118,000 USD | +10% |
| Claims Supervisor | 106,000 USD | -1% |
| Complaints Specialist | 94,200 USD | -12% |
| Compliance Examiner | 94,700 USD | -12% |
| Compliance Officer | 85,600 USD | -20% |
| Compliance Reviewer | 102,000 USD | -5% |
| Consultant | 99,700 USD | -7% |
| Drone Claims Adjuster | 49,200 USD | -54% |
| Eligibility Interviewer | 112,000 USD | +5% |
| Eligibility Specialist | 106,000 USD | -1% |
| Insurance Account Manager | 132,000 USD | +23% |
| Insurance Accounts Executive | 116,000 USD | +8% |
| Insurance Adjuster | 101,000 USD | -6% |
| Insurance Agent | 62,500 USD | -42% |
| Insurance Analyst | 102,000 USD | -5% |
| Insurance Appraiser | 107,000 USD | -0% |
| Insurance Claims Clerk | 39,200 USD | -63% |
| Insurance Compliance Officer | 118,000 USD | +10% |
| Insurance Data Scientist | 95,500 USD | -11% |
| Insurance Examiner | 95,700 USD | -11% |
| Insurance Fraud Investigator | 85,300 USD | -20% |
| Insurance Investigator | 97,200 USD | -9% |
| Insurance Manager | 179,000 USD | +67% |
| Insurance Operations Manager | 183,000 USD | +71% |
| Insurance Policy Processing Clerk | 37,900 USD | -65% |
| Insurance Pricing Assistant | 87,100 USD | -19% |
| Insurance Product Manager | 119,000 USD | +11% |
| Insurance Program Manager | 142,000 USD | +33% |
| Insurance Project Manager | 127,000 USD | +19% |
| Insurance Quality Assurance Agent | 94,200 USD | -12% |
| Insurance Sales Agent | 60,000 USD | -44% |
| Insurance Sales Director | 167,000 USD | +56% |
| Insurance Sales Manager | 135,000 USD | +26% |
| Insurance Sales Representative | 57,400 USD | -46% |
| Insurance Team Leader | 115,000 USD | +7% |
| Insurance Underwriter | 82,300 USD | -23% |
| Insurtech Analyst | 102,000 USD | -5% |
| Loss Control Specialist | 99,200 USD | -7% |
| Loss Prevention Investigator | 106,000 USD | -1% |
| Loss Prevention Manager | 146,000 USD | +36% |
| Loss Prevention Specialist | 117,000 USD | +9% |
| Marine Underwriter | 79,500 USD | -26% |
| Medical Auditor | 106,000 USD | -1% |
| Monitoring and Performance Officer | 72,700 USD | -32% |
| Parametric Insurance Specialist | 101,000 USD | -6% |
| Payment Services Specialist | 102,000 USD | -5% |
| Peer-to-Peer Insurance Manager | 125,000 USD | +17% |
| Policy Change Director | 162,000 USD | +51% |
| Policy Change Supervisor | 110,000 USD | +3% |
| Policy Change Technician | 48,900 USD | -54% |
| Risk Analyst | 122,000 USD | +14% |
| Risk Management Director | 209,000 USD | +95% |
| Risk Management Supervisor | 134,000 USD | +25% |
| Risk Manager | 197,000 USD | +84% |
| Risk Modeling Manager | 195,000 USD | +82% |
| Social Media Risk Analyst | 109,000 USD | +2% |
| Title Insurance Typist | 90,500 USD | -16% |
| Training Manager | 117,000 USD | +9% |
| Underwriting Assistant | 54,100 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 |
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
