When your home or business is damaged and your claim reaches an impasse, the appraisal process included in most commercial and residential insurance policies can serve as an alternative dispute resolution method to avoid litigation. It is the job of an appraiser to assess and evaluate the damage and provide an impartial, informed estimate of the loss value. The insurance company will have their own independent appraiser assess the damage, and the two appraisals will be used by an umpire to decide upon a final claim amount so work can begin on restoring the property in a timely manner.
Some states license appraisers while others do not, click here to view John Minor’s Louisiana Department of Insurance Registered Appraisers Designation.
In theory the process is pretty straight forward, although the exact role of each appraiser is determined by the language in the insurance policy and local laws and regulations. Hiring an experienced appraiser like John Minor and the professionals at Complete can keep the process moving along smoothly so you can get back to your life as quickly as possible.
The process begins when you first hire an appraiser, which is best done as soon as possible after the damage has occurred. At this point, you must submit a letter to the opposing party to notify them of your intent to appraise the property damage so that they, too, can hire an appraiser. Both appraisers will visit the property site to photograph evidence, speak with the parties involved, and assess what is and what is not recoverable.
During this assessment and research phase, our professional team puts their years of experience in all facets of construction and restoration into providing an extremely accurate report. We have working knowledge of the time and cost of materials needed to correct the damage, and we will review subcontractor bids and applicable building codes and regulations. All of this information will be factored into the replacement cost value detailed in the final report.
Having an accurate, comprehensive appraisal report is your best asset when coming to a fair number for the value on a disputed loss. If there is a dispute between each side on the appraisals an objective, third party umpire appraiser may be hired to submit a final report on the loss value. Once all parties agree on an amount, your insurance company will pay what you are entitled under your insurance policy.
If you are in need of appraisal services, call Complete today to ensure you get a fair, honest report to come to a mutually satisfying agreement.