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Why Get An Appraisal?
Many policyholders don’t realize they have an alternate course of action when presented with an undervalued offer from their insurance company. The fact is, policyholders do not have to settle for the amount that is presented. Policyholders may seek remedy by disputing an insurance settlement offer through the Appraisal process.
Invoking the Appraisal clause found in most property coverage policies is often an efficient and effective means to a fair resolution. It is often prompted when a post-loss disagreement involving the value of the property or the amount of loss occurs.
A Settlement That You Deserve.
When conducted properly, Appraisal can offer the means to resolve disputes over the amount owed on an insured loss. Appraisal provisions are often included in most forms of property insurance policies.
If you require assistance in determining whether your policy offers dispute resolution through appraisal, we will be glad to discuss the process with you or answer any questions you may have. Call us today!
Although the language may vary, a typical Appraisal provision offers a good general explanation of how appraisals work:
APPRAISAL - If you and we fail to agree on the amount of loss, either party can demand that the amount of the loss be set by Appraisal. If either party makes a written demand for Appraisal, each party shall select a competent, disinterested Appraiser. Each party shall notify the other of the Appraiser’s identity within 20 days of receipt of the written demand. The two Appraisers shall then select a competent, impartial Umpire. If the two Appraisers are unable to agree upon an Umpire within 15 days, you or we can ask a judge of a court of record in the state where the residence premises is located to select an Umpire. The Appraisers shall then set the amount of the loss. If the Appraisers submit a written report of an agreement to us, the amount agreed upon shall be the amount of loss. If the Appraisers fail to agree within a reasonable time, they shall submit their differences to the Umpire. Written agreement signed by any two of these three shall set the amount of the loss. Each Appraiser shall be paid by the party selecting that Appraiser. Other expenses of the Appraisal and the compensation of the Umpire shall be paid equally by you and us.