Property Insurance Appraisal
An “appraisal” involves receiving a professional opinion on the value of a piece of real estate or personal property that has either been damaged or is up for sale to another party.
When it comes to property insurance, there’s another form of appraisal that homeowners and business owners may not be familiar with. The insurance appraisal process exists when two parties – an insurance company and the insured – can’t agree on the amount of money that should be settled in order to pay a claim.
When this occurs, it’s necessary to have a nonjudicial way of resolving this dispute.
Setting up your appraisal
Most home and business owners’ policies have an appraisal clause in the “Conditions” section of the paperwork. This clause focuses on several important aspects that shape what the appraisal will look like:
The clause determines that either party can demand an appraisal
The clause determines who will handle the appraisal (an unspecified competent and impartial appraiser for each party)
The clause determines when the appraisers must be chosen and when they have to perform the appraisal
The clause also explains how the final settlement is made between the two parties.
The process of setting up an appraisal requires each party to pay its appointed appraiser and cover the expenses related to this appraisal equally. When it comes to pricing disputes and a struggle to reach a timely settlement, an appraisal may be a faster and less expensive option available to settle a home or business owner’s claim. It’s a valid option when the alternative is potentially lengthy litigation.
Are you a home or business owner in Florida?
If you are having difficulty receiving coverage or compensation on your insurance claim, call our office for a free consultation. Not only can we help you with your claims process, but we also help property owners deal with their insurance company during the insurance appraisal process.
Here at Geyer Fuxa Tyler, we take cases on a contingency fee basis, which means that our fees and costs are contingent on achieving a positive result for you. Additionally, in many cases, our fees and expenses are paid primarily or entirely by the insurance company.
Call our attorneys today at 954-990-5251 for a free consultation and get started on your road to recovery.
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If you are having difficulty receiving coverage or compensation on your insurance claim, call our office for a free consultation. Several of our attorneys and staff members speak Spanish, and we are always here to serve you.
We take cases on a contingency fee basis, which means that our fees and costs are contingent on achieving a positive result for you. In many cases, however, our fees and expenses are paid mostly or entirely by the insurance company.
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