A home inspection and an appraisal are two completely different things.
Home Inspection: A complete physical inspection of the entire premises by an inspector of the buyer's choice. This is an optional contingency in a Purchase. However, it is highly recommended especially for an owner-occupant buyer. Many investors don't get an inspection because they intend to rehab the property anyway.
Appraisal: An opinion of value of property by a licensed or certified appraiser, usually chosen by the lender. In a loan transaction, an appraisal is required by the lender to make sure the house is worth at least what the buyer has agreed to pay. This process involves mostly the gathering of general and specific data about the subject property and similar homes that have recently sold in the area. There is a brief and minimal inspection of the property in most conventional appraisals.
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