Insurance Appraisal Services
It is possible that you can invoke an appraisal clause if your insurance company does not agree with the value of your property insurance claim during the claim adjustment process. Because the appraisal process entails legal and binding obligations, it should always be carefully considered and strategically planned before being initiated. As a consumer, you may need to learn your options and your rights from an experienced and trusted public adjuster.
Find out more about our insurance claim appraisal service by calling 866-432-7093/(321) 735-6428. With Insurance Assurance Inc., we offer the best insurance appraisal services for small and large businesses, homeowners involved in insurance claims disputes with their insurance companies.
Understanding How Insurance Appraisal Works
The insurance company often disagrees with the settlement amount of homeowners’ or business owners’ property damage claims. The majority of policyholders do not know about their legal options to dispute and resolve their claim with their insurance company instead of hiring an attorney. The Appraisal Clause found in most insurance policies nevertheless provides for arbitration. Insurance companies have their own version of arbitration called the appraisal provision. A difference between insurance appraisal and other forms of arbitration is that there is no need for attorneys, attorney fees, or court proceedings. Appraisals are usually requested by insurance companies that have underpaid claims.
For most insurance policies, the appraisal process is similar. They will provide written notice of their desire to attend the appraisal. The process can be performed before or during litigation. Name and contact information for their appointed appraiser will appear on the written notice. Upon that date, you have twenty days to choose your own appraiser, who will be compensated by you. Once both appraisers have inspected your property, they will work together to come up with an estimate of the damages.
Amounts of damage will be negotiated between the two appraisers. Upon their incapability, an umpire will be selected by the appraisers. Both appraisers can request that the court appoint an umpire if they are unable to agree. If a case is not currently in litigation, you are required to appear without an attorney or hire an attorney yourself. Generally, the insurance company is not obligated to pay the attorney’s fees of the policyholder for the appointment of an umpire.
The umpire will inspect the property once he or she is appointed and will prepare an evaluation award based on their findings. The umpire and at least one of the appraisers must sign any award. Appraisers who most favor the award usually sign it. After you receive your award, you have a period of usually 60 to 90 days to pay the amount less your prior payments and your deductible.
An insurance appraisal for a property is generally believed to be one of the best decisions property owners, managers, boards, and/or insurance agents have ever made. We do this for the following reasons:
As the property owner, board member, manager and/or agent, you can rest assured that your property is properly insured.
Insurance appraisals are useful to your agent in securing property coverage with a carrier as they provide underwriters with the documentation that they need to write the policy.
By obtaining an insurance appraisal, you can prevent under-insuring, which puts the property at risk of not having sufficient funds to rebuild after a catastrophe, as well as over-insuring, which results in paying additional premiums.
Insurers use appraisals as an unbiased third party method to determine the value of a property.
During the inspection, we archive all digital photographs taken for the customer’s use if they are to lose them.
A current insurance appraisal ensures that policy values are accurate, thereby preventing the possibility of a co-insurance penalty.
An appraisal clause could be your best option if your insurance company disputes a significant claim. The right way to resolve your claim will add significant value without adding the time and expense of a lengthy litigation. You should hire an expert who is familiar with the process.
With over 20 years of experience, Insurance Assurance Inc. has served as an appraiser in numerous claim disputes. When appraisal is appropriate, we will not invoke it unless we are confident that your position will succeed. If you have question about whether a claim appraisal is appropriate, or you need help in assessing your claim, you can Contact Us.
Florida License No. D032331