APPRAISAL SETTLEMENTS

Did you know your insurance company is required BY LAW to pay undervalued claims?

Your Insurance Policy Provision:
Appraisal

If you and we fail to agree on the amount of loss, either one can demand that the amount of the loss be set by appraisal.

If either makes a written demand for appraisal, each shall select a competent, independent appraiser. Each shall notify the other of the appraiser’s identity within 20 days of receipt of the written demand.

The two appraisers shall then select a competent, impartial umpire. If the two appraisers are unable to agree upon an umpire within 15 days, you or we can ask a judge of a court of record in the state where the property is located to select an umpire.

The appraisers shall then set the amount of the loss. If the appraisers fail to agree within a reasonable time, they shall submit their differences to the umpire. A written agreement signed by any two of these three shall set the amount of the loss.