Appraisal and Mediation Services:
Insurance Appraisals in Orlando, Florida, are carried out when there is a disagreement between insurance companies and policyholders over the valuation of items during an insurance claim. In this scenario, the headaches of a lawsuit are not required, and the resolution process can be handled by independent appraisers and an umpire to settle any disputes.
It is important to note, that the appraisal process does not determine what items are covered by an insurance claim - its primary use is to determine the fair value of the items/property covered. As an appraisal is considered a binding agreement, it is important to select a qualified appraiser to handle the process.
How Does the Appraisal Process Work?
If a policyholder and insurance company can't agree on scope and value of the loss, either can demand that the damages be determined by appraisal if that particular carrier offers appraisal.
Here is how the process works:
- Both the policyholder and the insurer will hire an independent appraiser and the policy will either say a competent or disinterested appraiser.
- Together, the two appraisers will choose an umpire, who acts like a go between the appraiser should they not be able to agree to a settlement amount.. The umpire will resolve any disagreements that arise between the appraisers. The two appraisers and the umpire comprise the appraisal panel. Some panels upon both sides agreeing can include the use of experts and be part of the panel.
- The two appraisers will then examine the documents and estimations and try to reach an agreement on how much the repair or replacement should cost.
- If the appraisers can't agree on specific items then they will submit their differences to the umpire. The umpire will then review both sides paperwork and also ask for clarification.
- Once the panel comes to an agreement they will sign a binding appraisal award. The insurer will pay that amount to the policyholder.
What are some things you should know about the appraisal process?
The request for appraisal must be made in writing and should be sent by certified mail, email etc to the carrier. Take note of the time limit set forth in your homeowner's insurance policy as once appraisal has been agreed upon the parties have 20 days to respond with who their chosen appraiser will be.
The policyholder can choose his or her own independent appraiser, it's a good idea to choose someone with experience handling the damaged property at issue. An expert appraiser will know how to make a detailed estimate of how much it will cost to repair or replace something. That's where CCA Public Adjusters come in with 40 plus years in the industry working for and against the carriers and a background in construction.
An appraiser must always act fairly and in good faith, without any bias and without any personal financial interest benefiting the party that hired them. Appraisal does not cover any coverage disputes or denied claims as an attorney would have to address that issue.
CCA handle appraisals for homeowners, commercial properties, HOA's, COA's, Insurance Restoration Contractors.