Insurance is something we all deal with in our lives. It can be anything from homeowners, tenant, car, or even life insurance. Though we may not use these insurance policies often, they are absolutely necessary in order for us to maintain our everyday life if something causes us harm or damage. Insurance claims can help us get back to normal when hazards threaten our way of life. It can be a storm, an accident, or any number of things that cause us to use these insurance policies.

A common question that comes up in regard to insurance claims is “what if I don’t agree with the settlement amount? What can I do?” As it turns out your insurance policy may have an answer to this question written in it already. If you have a claim dispute for the value of damages then you can invoke what is referred to as an Insurance Appraisal.

According to the Insurance Journal “The point of appraisal is to value the loss. Valuation depends on how the policy is written. It may be based on actual cash value or replacement cost, for example. Business interruption losses can also be measured by appraisal”. What this means is that you can settle this discrepancy of what your loss is valued at by having an independent expert step in on your behalf and give a fair assessment of the loss.

The Claim Appraisal process is a great alternative to seeking a lawsuit. This process can take less time and cost you less to get a fair claim settlement. You, as the insured, would hire and Appraisal Referee. The Insurance company would also do this. They will work together to come up with a fair amount for the losses you have incurred. If for some reason they are unable to come to an agreement then an Appraisal Umpire would step in and give a final determination. All of these would be independent experts that would or should have an extensive knowledge of the process.

When you have a need to use the insurance appraisal process it is very important to choose an Appraiser that understands the appraisal process and can translate that into a fair claim settlement for you.