Appraisal Umpire Services
Hernando County Custom Home Builder, Sinkhole Cosmetic Repairs and Custom Remodeling - (877) 203-7186
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Welcome to Royal Palms Construction LLC in Riverview
Understanding the Appraisal Process
Typically, insurance companies include an appraisal or arbitration clause in every policy. The clause stipulates that in the event that the property owner and the insurance company cannot agree on the value of the loss, either party may demand an appraisal and, on some occasions, that both parties must agree to enter into an appraisal.
Each party selects an appraiser and the two appraisers — one from the policyholder and one from the insurance company — work together to agree on the value of the damaged property. A mutually agreed-upon or court-appointed umpire will handle any disputes between the appraisers, and any agreement signed by two of the three parties will set the value of the loss. Arbitration is similar except that instead there is a panel of arbitrators that form the position of the umpire in appraisals and the lawyers or advocates for the parties present to the sometimes one person sometimes three panel of arbitrators.
The Insurance Appraisal
Selecting an Appraiser
Appraisal has been successfully and quietly resolving disputed losses for 150 years. In some states appraisers are licensed but are not in most. After Hurricane Katrina, the State of Louisiana began licensing appraisers and conducts a background check and qualifications audit. We have a Windstorm Certification we are also Certified by National recognized organization IAUA.
Definition of appraisal:
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 … The appraisers shall then set the amount of the loss … They shall submit their differences to the umpire … Written agreement signed by any two of these three shall set the amount of the loss.
The Alternative Dispute Resolution Process
Royal Palms Construction LLC has a long-standing record serving as the appraiser for homeowners and insurance companies, as well as the umpire in disputes between the parties.
Whether the damage is due to fire, flood, windstorm, hail, sinkhole or other natural phenomena, Royal Palms has the experience working on residential, commercial, properties from every angle to know how to resolve discrepancies and disagreements. We are intimately familiar with the actual time and realistic costs of materials it takes to bring a property back to its original state.
In the process of appraising the value of loss for damaged property, having a thorough and fair appraisal report from each party is usually enough to come to an agreement. Both parties sign off, the insurance company cuts a check, and work can begin on restoring the property.
However, occasionally the reports from the homeowner and the insurance company’s appraisers can have one or more major discrepancies. If an impasse is reached, many policies and state regulations allow for a third-party, independent umpire appraiser to be brought in to make an objective judgment.
Save Time and Money with an Appraisal
If a home or business has suffered damage, getting an appraisal early in the process can save both insurance companies and owners time and money, ensuring that all of the unique circumstances of the claim have been considered.
While policies vary by state and company, the following language from the National Flood Insurance Program Dwelling Form on FEMA.gov is a good example of how appraisals and assignment of an umpire are typically handled: