Using the Appraisal Process Can Help Resolve A Disputed Insurance Claim Settlement

A Disputed Insurance Claim Settlement


If your home or property has been damaged, you’re probably already feeling a little bit stressed out. And if your insurance company doesn’t offer you the settlement you feel is necessary to fully restore your damaged property, it can be quite frustrating. But you don’t have to just settle for what you feel is an unfair amount. As a policyholder, you hold the right to dispute your insurance settlement amount, and one of the most relevant and cost-effective ways to do this is by invoking the appraisal clause and finding a qualified appraiser, such as the insurance claim adjusters at K-Factor Advocates.

USING APPRAISAL TO RESOLVE A DISPUTED INSURANCE CLAIM SETTLEMENT

Appraisal is a common part of the real estate process and is typically required when buying or refinancing a home to determine its value. But appraisal is also used to settle disputes between policyholders and their insurance company regarding a damage settlement. The appraisal clause, as defined in The Law Dictionary, is when the insured or insurer can demand an appraisal for property damaged to justify a claim. Using appraisal to dispute an insurance claim settlement amount is an alternative to a lawsuit.

DEMANDING APPRAISAL AND THE APPRAISAL TIMELINE

Most homeowners insurance policies contain an appraisal clause. The opposing parties will each choose an impartial appraiser to determine the amount of loss. If the two appraisers are unable to come to a consensus regarding the loss, they may then agree upon an unbiased umpire who will make a decision based on the findings collected by the appraisers. Most policies allow up to 20 days for each party to present their appraiser after receiving a written request. Home appraisals can take anywhere from a few days to a few weeks, depending on the home’s location, complexity of the property and the appraisers’ schedules, among other varying factors.

QUALIFICATIONS TO LOOK FOR WHEN CHOOSING YOUR APPRAISER

When choosing an appraiser for your home or property, there are some key characteristics and attributes you should look for. The appraiser should be an expert on the content being discussed, be self-confident, have a persuasive personality and good at negotiation, and they must be an expert in the estimating software that is being used. The appraiser must not have a vested interest in the financial results of the appraisal.

K-FACTOR ADVOCATES CAN HELP

K-Factor Advocates is a team of insurance claim adjusters with years of experience in the industry. Our team of experts have experience in both the insurance and construction industries, as well as the art of negotiation. If you’re facing a loss, our team can help guide you through the process from start to finish.

ABOUT K-FACTOR ADVOCATES

K-Factor Advocates is a public adjusting firm that specializes in insurance claim negotiation, policy language and interpretation, and claims estimating. K-Factor’s team of public adjusters work on behalf of the policyholder. Coverage areas include Montana, Idaho, North Dakota, South Dakota, Wisconsin, Nebraska, Minnesota and Michigan.

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