• Jonathan Amato

How Can Appraisal Help You In Resolving Insurance Disputes?

Updated: Apr 12

When one files an insurance claim, they often hope to cover the losses caused by the property damage. However, this doesn't happen every time, leading to a dispute between insurers and the policyholders. When such a thing happens, it is in the best interest of the policyholders that they opt for an appraisal. But, before one heads on with the appraisal, one must be aware of the concept and its advantages.


Understanding the appraisal clause and its process


When a business or house owner files an insurance claim and finds themselves in a disagreement with the insurance provider regarding the scope of the damages, the amount offered under Residential and Commercial Claims can invoke the insurance's appraisal clause.




The appraisal process involves the option of seeking help from a professional (appraiser) on the value of the property and the damages suffered. When the policyholders and insurers disagree on the value of the property damage claims, invoking the appraisal clause can help resolve the dispute.


Under most disputes, both the policyholder and insurer can appoint an appraiser. But, while hiring these professionals, it is required to reach out to experienced and competent professionals like JS Marlin and Associates to determine the amount of the loss suffered.


When both the parties hire the appraiser, they can pick an umpire to review the Property Damage Insurance Claim findings and reach a decision binding on both parties.


Advantages of hiring appraisers


There are multiple benefits for the policyholders who provoke the appraisal process. To help one get a better understanding, one can check out the information shared below.


  • Selecting a competent or impartial appraiser can benefit policyholders when they are familiar with the specific type of dispute. For instance, for disputes over the business interruption claims, the accountants familiar with analyzing and preparing the time element can benefit the policyholders.

  • Hiring a suitable appraiser can result in a higher award if the dispute is left to litigation. Further, it is said that the cost of pursuing appraisal is less than the cost of litigation, and the appraisal resolves faster than litigation.


How to hire a firm offering the best appraisal services?


The policyholders who are planning to hire appraisers can either consult a broker or contact companies offering similar services. However, to hire professionals for Residential and Commercial Claims, one must keep the following points in mind:


  • One must verify the market reputation of the providers by reading the reviews and former clients' testimonials.

  • Verify the appraiser's education qualifications and skill set whose services are being offered to carry out the process.

  • The service providers must have the required credentials for estimating the cost or loss control by assuring the technical knowledge needed to perform the service properly.

  • One must even check whether service providers carry an omission or errors insurance to offer additional protection to their clients.


Thus, if the appraisal service providers meet the requirements, they can contact them and quickly resolve their property damage disputes.


Conclusion


Indeed, the appraisal process can be beneficial for policyholders. Still, there are times when the insurer might still take advantage of those insured. Hence, hiring the right professionals like JS Marlin and Associates can be a great option to guide the policyholders through the complex appraisal process.


Read Related Blog Here: https://www.jsmarlin.com/post/how-to-make-a-property-damage-insurance-claim


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