What is the role of an insurance appraisal?

An insurance appraisal plays an important role in insurance law in Idaho. The appraisal is an independent opinion provided by a licensed appraiser who evaluates the amount of an insurance claim when there is disagreement over the value of an insured item or the amount of a loss. An appraisal is typically requested by either the insurance company or the policy holder, and the appraisers evaluation is then used to determine the amount of a fair settlement. An appraiser is responsible for researching the items to be appraised and examining them to arrive at an accurate estimate of the items’ value or the cost of replacement if the item is damaged. They must also consider depreciation or other factors in order to determine the right amount. In Idaho, an appraiser must be licensed in order to provide an appraisal report but the policy holder and the insurance company may each select their own appraiser. The appraisers must work together to reach an agreement in order to ensure a fair settlement for both parties. Once the appraisers have reached an agreement, the policy holder may accept the appraisal amount as a settlement for their claim or they can appeal the decision. In some cases, an appraisal can also be used in civil court to settle an insurance dispute. Ultimately, an appraisal is an important process in insurance law in Idaho to ensure a fair and just outcome is reached.

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What is the role of an insurance appraisal?

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