What is an insurance appraisal process?

The insurance appraisal process is a procedure that is used to resolve disputes between an insurance company and an insured party in Texas. It is used to determine the value of a specific claim that the insurance company needs to pay out. The insured party will file a claim with the insurance company and if the company denies the claim, or the two parties cannot agree on the value of the claim, the appraisal process can begin. The insurance appraisal process begins with both parties selecting an appraiser. The two appraisers then jointly select a third appraiser, known as the umpire. All three appraisers are independent and not associated with either the insurance company or the insured party. Once the appraisers have been selected, they will each independently review the claim and determine the amount that the insurance company should pay out. Once the individual appraisals have been submitted, the three appraisers will review them and discuss the different values. They will reach a consensus on the amount that should be paid out to the insured party on the claim. The insurance appraisal process is an important tool in Texas to come to a fair agreement between an insurance company and an insured party when the original claim has been denied or the parties cannot agree on the value. All three appraisers are independent and not associated with either party, which allows for a neutral decision to be made on the claim.

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