What is the role of an insurance appraisal?

An insurance appraisal is the process in which two or more qualified appraisers determine the value of an object or property. In the state of Florida, insurance law states that both the insured and the insurer can agree to send the disputed item to an appraiser. Appraisal is often used when an insurance company and an insured cannot agree on the amount of coverage or the actual value of the item. The role of an insurance appraiser is to evaluate the object or property and assess the fair market value. The appraiser will research the item, review any past sales, investigate market conditions, and compare the item to similar items. The appraiser will then come to an agreement on the value of the item. The results of the appraisal are used to determine the amount of coverage or benefit that may be applied to the disputed item. Both the insurer and the insured are responsible for the cost of the appraisal and the appraiser’s decision is binding on both parties. Insurance appraisals are meant to be fair and impartial. When an appraiser is appointed, they must act with integrity and be honest about the appraisal process. The appraisal is an important part of the insurance law process in Florida and enables both parties to come to an agreement about the value of the item.

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What is the role of an insurance appraisal?

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