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In most cases, the insured person feels that the loss is worth more and has an opposing view point to what the insurance company has. The best way solution is to take advantage of appraisal clause.
Appraisal clause is provided in every home insurance policy. This clause is particularly useful when the person makes a claim following damage to his/her insured property and provides the opportunity to have a fair deal in case there is any disagreement between the insurer and the insuree regarding the valuation of the property loss.
According to the appraisal clause provided in the home insurance policy, either the insurer or the insuree has the right to demand an appraisal in order to determine the monetary damage or loss caused to an insured property. However, the method of appraisal should be agreeable to both the parties. As a general practice, both the insurer and the insuree select their own appraiser. Now, both the appraisers select another independent appraiser who becomes the overseer. Once the selection is made, an independent appraisal is done by both the appraisers individually. If the appraisers agree on one value of the loss, then the same would be considered for the claim by both the insurer and the insuree. In case of any disagreement, the overseer will have the authority to make a final decision on the value that exactly represents the actual damage that has occurred on the property. Both the parties have to bear the expenses of this appraisal. Once the value is agreed, it cannot be later appealed in a court.
In case of an appraisal, the insurer cannot initiate any proceedings until a specific demand is made in writing by the policyholder.
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