There are so many different things that can damage your home or commercial building.
Storms, accidents, falling trees, the possibilities are truly endless. When disaster strikes your home or business, it’s important that you feel like your insurance company has you covered.
Unfortunately, that’s not always the case. Insurance carriers frequently fail to cover the extent of damage that a home or business owner feels they should. If you’ve found yourself in this situation, don’t just let your insurance carrier get away with it!
An insurance appraisal may be just the step you need to claim what you deserve on your property.
Keep reading to learn more about what an insurance appraisal is, as well as how the process goes.
What is an Insurance Appraisal?
An insurance appraisal is when a home or business owner seeks a second opinion on the claim for any damage caused to their property.
If you’re finding difficulty agreeing with your insurance carrier about your claim, an insurance appraisal may be necessary. This gives you the opportunity to dispute the claim and get the coverage you feel you deserve.
The process of an insurance appraisal is different than the process of appraising a property’s worth.
Here’s how an insurance appraisal works:
Start the Process
Before you can have an accurate answer, you’ll need to send in the appraisal request.
Some policies require both parties to agree to the request, while some don’t. Your public adjuster will help you learn which option suits your situation.
Once you’ve sent in the appraisal request, you’ll need to choose an appraiser to represent you. Your insurance carrier will have to do the same.
Reviewing the Request
Once you and your insurance carrier have found appraisers to represent you, you’ll need to have them review each claim.
Additionally, you’ll have a mutually agreed upon panel to settle the dispute. The panel, as well as the appraisers, will go through all the evidence to determine a solution. They may look at the dispute to figure out the amount of loss for each party.
The panel may also look at all evidence which is not limited to pictures of damage, documents recording the damage, or anything else that may help the panel make an educated decision.
It’s Time to Vote
Once the panel has had a chance to review the disputes and evidence, it’s time for them to make a choice.
The panel will discuss the evidence and claims and go to a vote on what they feel the solution should be. The majority vote is what determines the outcome of the panel. Once the panel makes a decision, it will be finalized and recorded.
If the panel agreed with your claim, the decision will be delivered to your insurance carrier. The insurance carrier will be required to settle the dispute.
Get Your Insurance Appraisal Today
If you think you’re in need of an insurance appraisal, don’t hesitate to start the process.
Reach out to us today to talk about an insurance appraisal!