How the Insurance Appraisal Process Works

Insurance Appraisal Process Colorado Springs, CO
On occasion, the insurance companies are unwilling to pay the present day, fair market value for the roof replacements. When this happens, the insured has the right to invoke the insurance appraisal process.

The Appraisal Provision allows the policyholder to hire an independent appraiser to determine the value of their damages. In turn, the insurance company will also hire their own independent appraiser. The two appraisers will then get together and select an umpire. The umpire is basically an arbitrator, or what you might call the judge. If a disagreement between the two appraisers arises, they can present their differences to the umpire who will make a ruling. These three individuals are known as the Appraisal Panel. The object of the Panel is to determine The Amount of Loss. The Amount of Loss is the total dollar amount needed to return the damaged property (your roof and/or any other damaged property) back to its original condition, either by repair or replacement.

What Happens Now?

Once the Appraisal Panel is set, the policyholder’s chosen appraiser and the insurance company’s chosen appraiser will review the documents, inspections, and differences between them. The two independent appraisers will try to discuss and resolve the differences in damage and in cost. The two appraisers will discuss their reasons for their position and try to come to an agreement.

Sometimes issues arise where the two independent appraisers can’t agree on certain items. In this event, the two appraisers will submit their difference to the chosen umpire. The three will discuss the issues and try to reach an agreed settlement of the differences. As stated above, the settlement or final number is called The Amount of Loss. The final amount is known as the Appraisal Award. Once any TWO of the three individuals on the Appraisal Panel sign the award…the dispute is over! The amount on the Award is binding and is paid by the insurance company, to the policyholder. This amount will be due and payable to the contractor as it reflects the final negotiated total amount for the roof replacement.

The appraisal process is a time consuming process and should not be invoked until after your insurance carrier has made it clear that they are unwilling to negotiate to the present day, fair market value. Most insurance carriers attempt to be fair in their settlements, so appraisals are not always necessary.

Integrity Roofing and Painting IconIntegrity Roofing and Painting

115 North Union Boulevard, Colorado Springs

4.8 502 reviews

  • Avatar Catherine Savage ★★★★★ 2 weeks ago
    We had our roof replaced this summer. We worked with Troy Richert from Integrity. It was a great experience. He did a great job keeping us in the loop, working with the insurance company, and ensuring things got done on time. Everything … More turned out great. Highly recommend working with Integrity Roofing and Troy.
  • Avatar Danielle Mattingly ★★★★★ 3 weeks ago
    I recently worked with Troy to get my roof replaced and house repainted after all of the hail this summer. He was quick to come out and assess, communicated thoroughly throughout the process and made it seamless. He was on top of every … More minor detail throughout the process and my house came out beautiful because of it. The team that came and replaced my roof were timely, did an excellent job, and made sure my property was well cleaned afterwards.
  • Avatar Nina Radley ★★★★★ 2 weeks ago
    After a bad hail storm, we worked with Troy Richert who is easily the most responsive and polite salesperson/ contractor we've ever worked with. He really went above and beyond. The crew was on time, worked quickly, everything looked … More like it was being done right during the process and the final product looks great and passed inspection. It was easy and stress free. I recommended them to my neighbor as well.

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