Appraisal is a process that helps settle disagreements with your insurance company about the value of your property loss. This involves hiring impartial experts who evaluate the damages and work to agree on a fair settlement amount. For this process to be an option, your insurance policy must include an appraisal clause, and the insurance company must agree to move forward with it.
We believe your claim is a strong candidate for appraisal because of the circumstances surrounding your case and the potential for securing a better outcome. Appraisal allows us to advocate for a fair settlement based on the facts, and we are confident this process will help move your claim in the right direction.
Once the appraisal begins, its goal is to determine the value of the loss. The final outcome will depend on the details of your insurance policy, including any specific conditions, exclusions, or coverage limits. It’s important to note that while appraisal can lead to a better settlement, it does involve certain costs. These costs are outlined below:
Appraiser Fee: $949.
No upfront costs: You are not required to pay any fees before initiating the appraisal process.
Risk-free appraisal: If the appraisal does not result in additional funds being recovered, you will not be charged for the appraisal.
We will refer your claim to a virtual appraisal company that works independently for you, the policyholder. This referral provides a more cost-effective option. In cases where an in-person appraiser is required, fees may vary. We will notify you of any changes to costs before proceeding.
If the appraisers cannot reach an agreement, you have the option to involve an impartial umpire to resolve the disagreement. The umpire’s fee will be shared equally between you and the insurance company. Ultimately, the choice to proceed with an umpire is yours.
This decision will depend on how the appraisal progresses and the appraiser’s recommendation regarding the potential for a favorable outcome. If, based on their advice, you or Bulldog Adjusters decide not to move forward with an umpire, no additional costs will apply. Before taking any steps, we’ll consult with you to share the appraiser’s insights and ensure the decision reflects your preferences and best interests
Umpire Cost: The cost of the umpire typically ranges between $1,000 and $3,000, which is split equally between you (the policyholder) and the insurance company.
Here is an example to clarify how umpire costs are divided:
Total Cost for Umpire: $3,000.00
Policyholder pays 50% = $1,500.00
Insurance Company pays 50% = $1,500.00
It's important to understand that the appraisal process is binding. This means that once the appraisers or the umpire set the settlement amount and an award is issued, that decision is final and cannot be contested or changed. As such, there would be no further negotiations or additional payments beyond this point for the specific claim in question. The outcome set by the umpire or agreed upon by the appraisers will stand as the definitive resolution for the loss you've experienced.
Appraisal Award Example
How the Final Payment is Calculated
Here’s an example to show how the final payment you receive from the insurance company is determined:
Total Settlement Amount (RCV): This is the total amount approved by the insurance company for the damages.
Minus Depreciation (if applicable): If your policy includes depreciation, this is the amount deducted for the age or wear and tear of your property.
Minus Policy Exclusions, Endorsements, and Limits (if applicable): Any items not covered under your policy or capped by coverage limits will be deducted.
Minus Your Deductible: This is the out-of-pocket amount you are responsible for, as stated in your policy.
Minus Any Prior Payments (if applicable): If the insurance company has already made payments toward your claim, those will be deducted.
The remaining amount will be the payment issued by the insurance company.
From this remaining payment:
Minus Bulldog Adjusters Fee (as per your contract): Our agreed-upon fee for handling your claim.
Minus Appraiser Cost ($949): The cost of the appraisal process.
Minus Umpire Cost (if applicable): Only if an umpire was needed, this cost would be shared equally between you and the insurance company.
Final Payment to You: The remaining amount is what will be issued directly to you.
Appraisal Cost Acknowledgement
By signing below, I, the policyholder, acknowledge and agree to the terms outlined above regarding the appraisal process:
- I understand that the appraiser fee of $949 will only be charged if additional funds are successfully recovered during appraisal.
- I acknowledge that the appraisal process is binding, and the final settlement amount cannot be contested or renegotiated.
- I understand that any umpire costs, if applicable, will be equally shared between me and the insurance company.
- I acknowledge that Bulldog Adjusters, Inc. is not responsible for the decisions made by the appraiser, umpire, or insurance company, nor for the payment of fees owed to third-party appraisers or umpires.