Appraisal or Mediation?
When you see these two words you were probably thinking the same thing: What does each of them mean and how do I decide which is best for me.
Once you have hired a public adjuster they can advise you of the option that would benefit you the most, but it’s always good to have an understanding of each process.
The Appraisal process
You may receive a letter from your insurance company letting you know that they are “invoking appraisal”. What this means is since an agreement cannot be made on the amount of the loss, two parties will be chosen to “appraise” the damage. The appraisers, one party representing the insurance company and the other party representing you the insured.
There is also a third party called an Umpire. The umpire is chosen by both the appraisers prior their meeting. The chosen appraisers will meet and try to come to an agreed amount for the damage. In the case that the two appraisers can not agree, is when the umpire will be called to make the final determination.
If either of the two appraisers agrees with the umpire, an award is signed and the decision is binding and final.
The Mediation Process
Another option that may be offered to you is mediation. Mediation can be demanded by you or by the insurance company in accordance with the rules established by the Florida Department of Financial Services. Mediation is non-binding and Each insurance company has different guidelines when it comes to mediation, so having a public adjuster who knows what they are looking at would be the best person to consult with before choosing either option.
After reading through this you should have a better understanding of the options that you have.
If you have any further questions our adjusters here at Property Damage Consultants will be more than happy to assist you.