Consumer Appraisals
How the Appraisal Process Works
Sometimes there is a disagreement over the insurance company’s valuation of an insurance claim. Policyholders often think the only way to settle the dispute is to hire a lawyer. Fortunately, this is not the case. Appraisal is a method of Alternative Dispute Resolution often found in many homeowner and commercial insurance policies.
When you file an insurance claim, your insurance company will select and hire an appraiser – however, as a property owner, you can also bring in an independent appraiser that will provide a second opinion on the value and scope of your insurance claim. This allows you to ensure that you are getting the best possible outcome.
These two parties – your independent appraiser, and the insurance company’s selected appraiser – will then select a neutral umpire that will mediate in the event that they cannot agree on a particular valuation. This umpire will ultimately make the final decision when it comes to your claim.