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THE APPRAISAL PROCESS
“Appraisal”, in insurance terms, is a process of discussion and negotiations in order to resolve any pinpointed differences pertaining to the actual value of the loss.
Most insurance policies have an Appraisal Clause and it is also a mechanism that can be utilized to force the insurance company to allow higher payments while avoiding the costs and long delays associated with lawsuits.
This is very different than an appraisal of the market value of your property. It is much more specific and it relates to the dollar amounts regarding the losses.
An “Appraisal” can be demanded by either you or your insurance company whenever there is a disagreement on the amount of damages.
In some cases, reopening your insurance claim through the Appraisal process is also your legal right and can be advantageous.
Here's what you need to know...
The insurance company will hire an Appraiser to represent them and you will hire an Appraiser to represent you. Each is responsible for their Appraiser’s cost. The two Appraisers will then agree upon a third person to act as "Umpire", to whom they will submit their differences.
The Umpire will listen to both Appraisers’ presentations and then make a decision as to which Appraiser, if either, he supports. An agreement between any two of the three constitutes an Appraisal Award, which is binding on the insurance company and on you. That is why it is so important to have experts like ourselves present and argue your entitlements to the other Appraiser and Umpire in order for you to receive your maximum settlement.
If you believe you have a substantial claim to reopen, appraisal is a door to open and to do this you need to hire an expert in claims evaluation; a professional who is knowledgeable in working with insurance companies, (ideally understands the language in insurance policies), and is an expert in estimating construction and building repair damages.
A knowledgeable Appraiser will help you effectively document the full extent of your claim (building damages, content damages, overhead costs, additional living expenses, etc.).
For more about appraisal services, contact us today, there is no obligation!
DON'T GO IT ALONE! ™
CALL: 518-382-8282
