What is an insurance appraisal?

An insurance appraisal is a process used to determine the value of damages covered by an insurance policy. In Florida, if you have a claim against your insurance company, you may request an appraisal. An independent appraiser will assess the damages and provide a report to the insurance company. The insurance company then uses the report to determine the amount of coverage for the claim. The appraisal process is usually initiated when the policyholder and insurer cannot agree on the amount of damages or coverage. The appraisal process typically involves the appointment of two independent appraisers, one chosen by the policyholder and one chosen by the insurer. Both appraisers will visit the site of the damage and inspect the area. They will then write separate reports to each party with their estimate of the damages and cost to repair them. The appraisers will then meet to discuss the differences between their reports and attempt to come to an agreement on the amount of damages. If the two cannot come to an agreement, a third appraiser may be appointed to make the final decision. Once the appraisers have reached an agreement on the damages or coverage, the settlement payment can be made and the claim can proceed to resolution. The appraisal process ensures both parties have a fair and unbiased assessment of the damages and can agree on a fair settlement.

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What is an insurance appraisal?

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