Independent
Insurance Appraisal
Insurance appraisals by experienced professionals resolve property insurance claim disputes.
What is Insurance Appraisal?
It’s the replacement cost, not the sticker price.
Determine Replacement Value
Avoid Court
Resolve Disputes
A real estate appraisal and an insurance appraisal is not the same thing. Unlike a real estate appraisal, a property insurance appraisal’s purpose is to establish the replacement value of your property, not its market value. It’s a big difference!
Real estate appraisals.
Real estate appraisals determine the overall value of a property and is a function of four main factors: location, plot size, market demand, and condition and age of the building. This type of appraisal includes the value of the land.
Insurance appraisals.
An insurance appraisal focuses on how much it will cost to repair or replace a damaged building with a structure of similar type, quality, and size. It will also include the cost to update to current building codes as necessary, remove damaged materials, and prepare the plot for rebuilding. It’s important to note that this type of appraisal does not include the value of land. Land is not considered to be in danger of theft, fire, or other covered disasters.
It’s not uncommon for a dispute to arise over the cost to repair or replace a building. To accommodate this, most property insurance policies include an appraisal provision designed to help resolve disputes and avoid litigation.
Who can request an insurance appraisal?
A policy holder who is unhappy with the proposed insurance claim benefit they received from their insurance carrier, may have the option to request appraisal as their binding dispute resolution method.
Insurance companies, upon learning the policy holder is unhappy with their insurance payment, may also request appraisal as a means of resolving an insurance claim dispute.
Insurance Appraisal Services benefits both property owners and insurance carriers
Our Insurance Appraisal Services
Whether you have a homeowner’s insurance claim or a commercial property insurance claim, we’ve got you covered.
Windstorm Damage
You can’t see it, but wind can be a powerful force of nature! Siding, roof tiles–even new roofs–are frequently damaged in storms. Wind damage often leads to water damage, particularly in cases of tropical storms or hurricanes, where a wind event is combined with heavy precipitation. Homeowners’ insurance policies typically cover most types of wind damage. The extent of wind damage is often hidden, and it takes experienced professionals like those at BAC to completely discover and document the damage.
Fire Damage
Fires can be devastating to a home. Even a small fire that directly affects only one part of a home can cause considerable smoke damage. Fire hoses used to put out the flames can send thousands of gallons of water into a building. Structural damage may result from the fire or even from putting it out. A thorough inspection must take all of these scenarios into account. Our team has worked countless fires and know where to look to determine the extent of primary and ancillary damage to a structure.
Flood Damage
Rivers rise. Rain falls. Floods can come out of nowhere, devastating large areas at once. Flooding often occurs suddenly, as often happens with hurricanes and tropical storms, or it can be a slowly rising river that crests its banks after days of precipitation. Damage is extensive, with immediate injury to flooring (wood, carpet, plywood underlayment, even tile), furniture, and walls. After the water dries out, the mold moves in. Flood damage is never simple, and it takes a trained eye and extensive experience to find the fullest extent of the short- and long-term damage.
Other Damage
While wind, fire, and flooding are the big stars on the building damage stage, there are a lot of smaller players that can make an entrance. Trees fall on roofs. Snow can collapse structures. Mud slides, sink holes, and rock falls can destroy entire buildings and their contents. At BAC, we’ve seen it all–and some things you would never have thought might happen! We draw from a vast catalog of experience, which works in your favor as a property owner. We’ve seen how different events can affect buildings and know what to look for and where to find even the most hidden damage.
Mediation
Mediation is a process in which the property owner and the insurance company discuss their disputes in an open forum with the intent of agreeing upon a settlement fair to both parties. Our representatives are available before and during your mediation to provide comprehensive data and experience-based opinion to help ensure a successful dispute resolution.
Arbitration
Arbitration is an alternative to lengthy litigation. Though less formal than court, arbitration is nonetheless legally binding on both parties. It usually lacks multiple levels of appeal. Both sides present their case to an Arbitrator, who acts much like a judge, who evaluates information from both parties and renders a judgment. BAC has been through this process hundreds of times. Our role is to provide a detailed appraisal as evidence.
The insurance appraisal process
Both sides of an insurance claim dispute have a vested interest in winning the battle over which claim is more valid. The property owner wants to make sure the damaged building is fixed or replaced adequately, while the insurance company seeks to limit its exposure and costs.
Insurance companies have a wealth of staffing to direct at a claim dispute. From account reps to adjusters to lawyers, they have a lot of resources dedicated to minimizing the company’s costs. They do this for a living!
For property owners, the claim process is often a once-in-a-lifetime event. Navigating the claim process, particularly after an emotionally and financially distressing event, can be challenging and time-consuming.
Fortunately, the dispute resolution process becomes much less frustrating for everyone when the dispute is submitted to appraisal.
The Insurance Appraisal Steps
1. Each party chooses their own impartial appraiser.
Once the appraisal process begins, the insurance company steps back to allow two independent appraisers–one for the property owner and one for the insurer, to resolve the dispute without any further involvement from the carrier. Each party pays the fee for their own appraiser.
2. The appraisers evaluate the property.
Each appraiser investigates the loss and establishes the degree of repair costs.
3. The appraisers may not agree on an amount for damages.
If the two appraisers can not agree on the amount of damages, this is called an impasse. The appraisers assign an independent third party, called an umpire, to review the appraisals and render a final judgment and award.
Each party pays half of the neutral umpire’s fee.
4. Two signatures will make the award binding.
To conclude the appraisal process, an execute award requires two signatures. Those can be of both appraisers, or, in the event of an impasse, of one appraiser and the umpire.
5. Disbursement of funds.
The fully executed award is then sent to the insurance carrier for disbursement of funds to the property owner.
Step One
Contact Building Appraisers & Consultants for a consultation and to schedule an independent insurance appraisal.
Step Two
Disputes must be made in writing to the property insurance carrier.
Step Three
Building Appraisers & Consultants works with the insurance carrier’s appraiser to agree on the amount of loss and value.
Frequently Asked Questions
What is an independent appraisal?
An insurance appraisal is a binding legal procedure for dispute resolution. An insurance appraisal provides a thorough, written, and impartial evaluation of the value of your property.
My home was damaged? Do I need an insurnace appraisal?
Navigating the process of insurance claims can be time-consuming and frustrating for property owners. For most of us, it’s unfamiliar territory entered only because bad luck or foul weather–the Acts of God in your insurance fine print.
This is every insurance company’s home turf. On their side is a a staff chock full of representatives and adjusters, each with varying levels of experience and expertise. To even the playing field, you need to work with a qualified independent Property Appraiser who can produce a thorough, impartial appraisal document. We have a top-notch reputation that comes from years of experience going toe-to-toe with insurance companies.
What type of properties do you appraise?
Building Appraisers and Consultants’s experts perform insurance appraisals for both residential and commercial properties. We regularly work with property owners and insurance carriers.
Do you help with the insurance claims?
No. We provide only insurance appraisals. We cannot provide legal or contract advice regarding your insurance claim or policy. We are brought on once an insurance claim is in process and a settlement dispute arises.
Should I get an appraisal before something happens?
An insurance appraisal is different from a property appraisal. A property appraisal is typically done at the time of purchase to estimate the value of the property and satisfy a loan requirement. At the time of insurance purchase, an insurer may require a risk evaluation (or 4-point inspection) to determine the potential risks involved in insuring the home. This is also not an insurance appraisal. An insurance appraisal is only performed after damages have already occurred. The insurance appraiser evaluates the property and estimates the cost for repairs.
Send us a message to learn more!
Contact
Phone
(833) 222-4255
Address
27251 Wesley Chapel Blvd, B-14 #603
Wesley Chapel, FL 33544