What is an insurance appraisal?

An insurance appraisal is a way for individuals to resolve disputes with their insurance company. This process is used when the insured person and their insurance company disagree on the value of a claim. In this situation, an independent third-party will estimate the value of the claim. This estimate, known as an insurance appraisal, is used as a way to decide on how much money the insurance company will pay out to the insured party. In California, insurance appraisals are governed by the Insurance Code. This code defines the procedure for how appraisals are conducted, including how the appraisers must be selected, the criteria that the appraisers must use to determine the value of the claim, and the rules of evidence that the appraisers must follow. The insurance appraisal process typically involves both the insurance company and the insured person submitting evidence to support their position. The appraisers will then consider the evidence and come to an agreement on the value of the claim. Once the appraisal is completed, the insurance company and the insured person are bound to the values set forth in the appraisal. In some cases, if a dispute over the appraisal persists, the parties can take the dispute to court. Overall, an insurance appraisal is an important tool for individuals to use in the event of a dispute with their insurance company. Not only does the appraisal provide clarity on the value of a claim, but it also serves fairer than letting the insurance company and the insured party try to come to a resolution on their own.

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What is an insurance appraisal?

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