What is a Homeowners’ Insurance Appraisal and How Does It Work?
You most likely had your home appraised before purchasing it. However, home purchase appraisal and insurance appraisal is not the same thing. If you are trying to determine how much your homeowners’ insurance company owes you through the appraisal process, do not hesitate to contact an experienced Sarasota homeowners’ insurance attorney to ensure that all of your damages and losses are taken into account when determining the value of your insurance claim. What is an insurance appraisal? Basically, the insurance appraisal process refers to the valuation of your insurance claim. Insurance companies use an appraisal to determine the value of the policyholder’s losses. Both the insurer and the homeowner hire an independent and neutral appraisal to determine a fair settlement offer. Your insurance company saying that your damages or losses are covered under your homeowners’ insurance policy is half the battle. There is no guarantee that your insurer’s settlement offer will reflect the full scope and extent of your losses. Often, insurers use appraisal in order to devalue a homeowners’ insurance claim. How does the homeowners’ insurance appraisal process work? Here’s how the insurance appraisal process works in Florida: If you and your homeowners’ insurance company cannot agree upon the valuation of your claim, each side can hire an independent third-party appraiser. Each appraiser then selects an arbitrator to resolve any disputes between the parties. The arbitrator, or the umpire, and the two appraisers form the so-called “appraisal panel.” Both appraisers review all the evidence and documentation submitted by both parties, conduct an on-site visual inspection, and examine the monetary value of the loss and damage to determine a fair settlement amount. Each side should come to an agreement during the appraisal process. If the appraisers cannot reach an agreement, the chosen arbitrator will review each appraiser’s opinion to settle the case. After the valuation of the claim is final, the appraisal panel will sign an appraisal award. Your insurance company is required to pay you the agreed-upon amount in the appraisal award. How to choose an insurance appraiser? An appraiser plays a pivotal role in the outcome of the appraisal process, which is why you need to hire the right one. If you do not know how to choose an insurance appraiser, your homeowners’ insurance attorney can help. Skilled homeowners’ insurance attorneys in Florida have a lot of experience in dealing with insurance appraisals. They know where to find qualified and competent appraisers who can determine a fair settlement value. When choosing an appraiser, you need to find the one with previous experience in dealing with your specific property damage to ensure an accurate estimation of your claim. While each side will be responsible for paying their chosen appraiser, the appraisers cannot be biased toward their client. However, an appraiser will help effectively document the full extent of your claim and estimate your losses. Your Sarasota homeowners’ insurance attorney, meanwhile, will help you navigate the appraisal process and ensure that you are getting a fair settlement offer. Insurance appraisals can be confusing and costly, which is why it is best to consult with an experienced attorney. Contact our lawyers at HD Law Partners to discuss your unique case. Call at 813-253-5333 today. 5 Things to Avoid During the Hurricane Insurance Claims Process in Florida Posted in Homeowners Insurance | No Comments » Connect with us Archives May 2026 April 2026 March 2026 February 2026 January 2026 December 2025 November 2025 October 2025 September 2025 July 2025 June 2025 January 2025 January 2024 December 2023 November 2023 October 2023 September 2023 August 2023 July 2023 June 2023 May 2023 April 2023 March 2023 February 2023 January 2023 December 2022 November 2022 October 2022 September 2022 August 2022 July 2022 May 2022 April 2022 March 2022 November 2021 October 2021 September 2021 August 2021 July 2021 May 2021 April 2021 March 2021 February 2021 January 2021 December 2020 November 2020 October 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 November 13 Categories Alimony Appellate Arbitration Auto Accidents Auto Insurance Business Corporate Business Insurance Law Child Custody Child Support Criminal Law Divorce Family Law FEMA Insurance Payments Florida’s Mandatory 2‑Hour Legal Professionalism CLE: Foreclosure Defense Fort Myers Hurricane Insurance Attorney General Guardianship HD Law Partners Service HOA/Property Management Homeowners Association Homeowners Insurance Hurricane Claims Hurricane Insurance Insurance Bad Faith Insurance Claims Insurance Defense Insurance Litigation Landlord Tenant Law Enforcement Liability Loan Modifications Mold Water Damage Parental Rights Paternity Personal Injury Premises Liability Law Prenuptial Agreements Private Security Property Distribution Property Owner Law Sarasota Insurance Litigation Attorney Slip Fall Tampa Business and Corporate Attorneys tampa family attorney Tampa Insurance Attorneys Timeshare Timesharing Uncategorized HD Law Partners is proud to be your trusted full-service law firm Quick Links Property & Casualty Business & Corporate Litigation Family Law Contact Us Careers Get In Touch 2002 North Lois Avenue Suite 510 Tampa, FL 33607 813-253-5333 Contact Us