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Appraisal Services

Understanding the Benefits of Appraisal Services

In the event of property damage, insurance companies and policyholders often disagree about how much needs to be paid for repairs or replacements. Unfortunately, many policyholders need to be aware that they have options for resolving such matters - from mediation forums to properly initiating an official dispute process. As these cases are becoming increasingly frequent, taking advantage of homeowners' rights is essential for achieving justice against unfair settlements proposed by insurers.

You can dispute the offered settlement through the appraisal clause in your insurance policy, but not all policies include it. By understanding how it works, you can determine if it is a good option for resolving disputes. Appraisals, in general, follow a straightforward process - two appraisers evaluate each side's viewpoint and make recommendations.

In general, the appraisal clause will include the following language and explain how appraisals work:

"APPRAISAL - If you and we fail to agree on the amount of loss, either may demand that the amount of loss be set by an appraisal. If either makes a written demand for an appraisal, each shall select a competent, independent appraiser. Each 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 cannot agree upon an Umpire within 15 days, you or we can ask a judge of a court of record in the state where the property is located to select an Umpire. The appraisers shall then set the amount of the 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."

If you have a disagreement with your insurance company over the cost of repairs or replacement of your damaged property, contact Twin Ports Public Adjusting. We can help to determine if your policy contains a property claim dispute appraisal clause provision and also discuss whether or not Appraisal may be an appropriate option for you.

Is appraisal right for me?

As every insurance claim is unique, it can be difficult to determine the most appropriate course of action when differences arise between you and your insurer. In cases where the differences are minor, proceeding with an appraisal may not make financial sense. Twin Ports Public Adjusting specializes in helping clients navigate these challenging situations to find a path toward a resolution that makes the most financial sense.

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