My insurance company sent me a letter “Demanding Appraisal.” What should I do?
Once Appraisal is demanded by your insurance company, most polices require you to name your Appraiser within twenty days. Failure to timely respond may jeopardize your rights to recover the fair amount of your loss. If you are nearing the end of the twenty days, and have not yet selected an Appraiser, you should contact your insurance company immediately to request a time extension.
An insurance policy gives both the insurance company and the policyholder the right to demand Appraisal. Usually it is the policyholder than invokes the Appraisal Clause. However, in recent years more insurance companies have been invoking the Appraisal Clause when they reach an impasse with their policyholder.
Typically this process is invoked simply to resolve disputes. Unfortunately, sometimes insurance companies use Appraisal as a tactic to persuade policyholders, who are often unfamiliar with the Appraisal process, into accepting the insurance company’s settlement offer.
If your insurance company has demanded an appraisal, then it is important to have your claim reviewed by an experienced Appraiser. With Globe Midwest Adjusters International’s knowledge of insurance policies, damage valuation, and experience in the Appraisal process, we can determine the extent of the differences and the likelihood of recovering additional money. We will only recommend Appraisal if we feel strongly you will receive a significant benefit from submitting to the Appraisal Process.
If it is determined that you go to Appraisal, you must notify your insurance company who you have selected as your appraiser within the allotted time. If it is determined that the Appraisal process would not benefit you, you should accept the insurance company’s offer and not proceed with the Appraisal.
If you have received an Appraisal Demand letter please call our experts today and we will help you decide if Appraisal is the best method to resolve your claim.