Four Things Policyholders Overlook About Appraisals
Four things policyholders overlook about appraisals. Number one, appraisal is not always automatic. Some insurance policies require that both the policyholder and the insurance company agree to the appraisal process. Two, policyholders have to pay for their own appraiser, which varies depending on the size of the property and the complexity of the claim. This includes, but is not limited to, a range of $1,500 to $3,500. Three, policyholders have to pay half the cost of an umpire if their appraiser and the insurance appraiser cannot agree on the cost of repairs. Four, appraisal awards are final. You cannot get more money from the insurance company if you do not agree with an award unless there is something that was not appraised as part of the appraisal process. Got questions? I suggest consulting with an experienced property claims attorney.