Understanding the Appraisal Process in Florida

If your home or business has been damaged by a hurricane or natural disaster in Florida and you aren’t satisfied with the amount your insurer has offered to settle the claim, there are other options available to you. One option includes having the home independently appraised to assess damage and come to an unbiased and informed estimate about the loss value of your property. When you take this route, you and your insurance company will hire two different appraisers who with the help of an “umpire” will reach an agreement about the value of your claim.

How Does the Appraisal Process Work?

If you choose to have the damages to your Florida property independently appraised, you will have to pay for it on your own. Also, remember that the decision made by the appraisers and the umpire will be final and binding. You will not have other opportunities to dispute the claim amount once a decision has been reached.

Here is a list of the steps involved in the appraisal process:

  • Once you decide to hire an appraiser, you must notify your insurance company in writing.
  • Your insurance company will then hire their own appraiser.
  • The two appraisers will decide on an “umpire” to resolve any disagreements that arise. The two appraisers and the umpire make up the panel that decides your claim.
  • The appraisers will compare notes and try to reach an agreement about the damage and how much repairs will cost.
  • Specific items that can’t be agreed upon will be submitted to the umpire to be resolved
  • Once an agreement is reached by the panel, they will sign a binding appraisal award.
  • The insurer will pay the agreed upon award to the policyholder.

Remember, appraisals are used to determine cost disputes. If your claim has been denied entirely or you have issues regarding your coverage limit, deductible, or you have already received funds for your claim, then having an appraisal is not an option.

Contact Appraisal Attorneys in Florida Johnson & Williams Today

If your home or business was damaged in a hurricane and you are unhappy with the amount your insurance companies has estimated for the loss, Johnson & Williams P.A. can help you prepare for the appraisal process. Call us today at (407) 245-1268 or contact us online for an instant consultation. We have hurricane claims lawyers serving Greater Orlando, Winter Haven and Kissimmee, Florida ready to help you now.