Appraisal Services
Insurance Appraisal vs. Adjusting: Understanding the Difference
What is Insurance Adjusting?
Insurance adjusting is the preliminary step where both the client and the insurance carrier determine the damage to a property. This typically involves each party separately evaluating the damage and agreeing on a final amount to cover the loss. However, sometimes disagreements arise.
When Disagreements Occur: Enter Appraisal
If the client and the carrier can’t see eye-to-eye on the damage value, the appraisal process begins. It’s a more specialized and streamlined approach that involves:
- Selection of Appraisers: Both the client and the carrier choose an appraiser to represent their views.
- Umpire Agreement: These chosen appraisers decide on an umpire in case their negotiations stall.
- Independent Assessments: The appraisers separately inspect the damage, drawing up their own loss amounts.
- Negotiations: Using their calculations as a base, the two appraisers negotiate to find a mutually agreeable loss amount.
- Intervention by Umpire: If no consensus is reached, the umpire steps in. Reviewing all data, the umpire determines the final loss amount.
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Why Choose Appraisal?
The appraisal process offers a binding resolution. The concluded “award” is the final say – the insurance company pays it, and the client accepts it. This ensures that both parties achieve a fair, non-negotiable resolution.
Are You Ready for Appraisal?
Before delving into appraisal, consider:
- Do you have an estimate for the property damage?
- Has the insurance company provided its own estimate?
- Is the difference between these estimates over $5,000?
