Texas Insurance Appraisal Lawyer
One of the most misunderstood provisions in your property insurance policy is the Appraisal clause. An appraisal is the process that takes place when your insurance company and you, the insured, cannot agree on the value of a loss. Appraisals are only used when trying to determine the value and extent of the damage. It is not used to determine whether there is coverage or the cause of a loss.
In appraisals, each party appoints its own appraiser. The appraiser is supposed to be a disinterested third party. The appraisers appraise the loss and attempt to reach a resolution on behalf of their clients. If they cannot agree, a third appraiser, called an umpire, makes the final determination.
There are two Major Traps in the Appraisal Process That Must be Managed Properly in Order to Maximize Your Claim.
First, you need to hire the correct appraiser. It is important to check the references, experience, and credentials of your appraiser. Your appraiser needs to be diligent and proactive. If your appraiser is reactive and passive, your case will not end well.