When you file a property damage claim, you expect your insurance company to provide a fair estimate of the loss. But what happens when their estimate is much lower than what it will actually take to repair your home or business? This is where the insurance appraisal clause comes in.
The appraisal clause is a provision in many property insurance policies that allows homeowners to challenge an insurance company’s estimate. It provides an alternative to going through lengthy litigation and gives both sides an opportunity to present their case to independent appraisers.
Here’s how it works:
- Demand for Appraisal – Either you or your insurance company can request an appraisal if there’s a disagreement over the amount of loss.
- Selection of Appraisers – Each side chooses an independent appraiser to represent them.
- The Umpire – If the two appraisers cannot agree, a neutral third-party umpire makes the final decision.
- Final Award – Once the amount is set, it becomes binding for both parties.
The benefit of appraisal is that it’s typically faster and less expensive than going to court. It also ensures that your claim is evaluated fairly by professionals who understand construction costs, repairs, and industry standards.
At My Claim Appraisal, we help policyholders navigate this process from start to finish. If you feel your insurance company’s estimate is too low, don’t settle. Reach out to us for a free consultation and we’ll review your claim to see if appraisal is the right option for you.
