Appraisals

When policyholders and insurance companies have a disagreement regarding the cost of repairing or replacing damaged property, it can be quite frustrating, especially for the policyholder who often feels he has no choice but to settle for the amount offered by the insurance company. Whether by design or not, insurance companies do not always notify policyholders of their right to participate in various forums to resolve property damage insurance claim disagreements which are becoming more common.

Consequently, many policyholders never realize that they have the right to dispute an insurance settlement amount, nor do they understand how to properly initiate a property insurance claim dispute. One way for policyholders to dispute their insurance company's offer is to invoke the appraisal clause within the insurance policy. When conducted properly, appraisal can be a very effective alternative dispute resolution process.

If you have a disagreement with your insurance company over the cost of repairs or replacement of your damaged property, Braccia Adjusting LLC's got you covered. We can help to determine if your policy contains a property claim dispute clause provision and also discuss whether or not appraisal may be an appropriate option for you.

Christopher Braccia the owner of Braccia Adjusting LLC, is a certified appraiser and can act as an appraiser on any loss that he was not a public adjuster on at any point in time. He is also a certified umpire.

Below is a list we compiled of answers to frequently asked questions regarding appraisals, which may help you ahead of your call with us.

1. Initiating the Appraisal:

If there is a disagreement between the policyholder and the insurance company regarding the value of the covered loss, the policyholder can initiate the appraisal process by submitting a written request to the insurance company.

2. Selecting Appraisers:

Both the policyholder and the insurance company each select an appraiser who possesses the necessary expertise and impartiality to assess the loss.

3. Inspection and Estimation:

The appraisers jointly inspect the damaged property or loss to evaluate its condition and gather relevant information.
Each appraiser independently estimates the value of the loss based on their assessment of the damage and applicable valuation methods.

4. Neutral Umpire Involvement:

If the two appraisers fail to reach an agreement on the value of the loss, they submit their respective estimates to a neutral umpire.
The umpire reviews the estimates and supporting documentation provided by the appraisers.

5. Final Determination:

The umpire analyzes the evidence and makes a final and binding determination of the value of the covered loss.
Both parties are legally obligated to accept the umpire's decision, which concludes the appraisal process.

1. Fair and Impartial Resolution:

The appraisal process ensures that disputes over the value of covered losses are resolved fairly and impartially by independent professionals.

2. Cost and Time Efficiency:

It helps avoid protracted and costly litigation, saving time and resources for both parties.

3. Preservation of Relationships:

By resolving disputes amicably through the appraisal process, the relationship between the policyholder and the insurance company can be preserved.

Policyholders should consider requesting an appraisal when:

1. Significant disagreement:

There is a substantial difference between the policyholder's claim amount and the insurance company's offered settlement.

2. Unsatisfactory Negotiation:

Negotiations with the insurance company have reached an impasse, and attempts to resolve the dispute amicably have failed.

3. Complex Losses:

The loss involves intricate technical or valuation issues that require expert assessment.

4. Policy Provision:

The insurance policy specifically includes an appraisal clause or process.

Licensed Public Adjusters

Appraisals

What is the appraisal process?

What are the benefits of the appraisal process?

When should you consider an appraisal?

If you have a question we didn't get to in this section, please don't hesitate to contact us.