22 May Keeping Appraisal Fair for Residential Policyholders
Keeping Appraisal Fair for Residential Policyholders
Appraisal is a residential policyholder’s best tool to “level the playing field” when their claim is underpaid. So, it is not surprising that carriers are doing everything they can to take this tool away. Two essential keys to preserving the policyholder’s right to an impartial appraisal:
1. Get an unbiased umpire (court-appointed if necessary);
2. Don’t let the carrier re-write the policy’s appraisal clause. The appraisal panel is tasked with determining the amount of the loss. Nothing more, nothing less.