Insurance? Appraisal? Huh?

Question

Property insurance... if I ask for an appraisal, will the current offer still be on the table or will I lose it?

Answer 1

Who are you asking for the appraisal from? If there was a loss, someone already did an estimate of damage . . .

This is a very unclear question. The offer will stay on the table for a few weeks, until you accept or decline it.

Answer 2

Appraisal is used where the insured and insurer cannot agree on the value of the property insured, the property saved or the property lost. I am going to make a bunch of assumptions, if any do not quite fit your situation then I would appreciate it if you could post the correct details. I am assuming that you have filed a proof of loss, stating the value of the property lost, and the insurer has come back with a different figure. At this point you will need to confirm with your jurisdiction of the exact procedures, but many generally follow this format:
1) The insured requests, in writing, your intention to seek another opinion as to the value of the property in dispute.
2) In larger cases, both the insured and insurer would each choose an appraiser, and the two appraisers would select an umpire, whose job it is to take the reports from the two appraisers and come to a conclusion if the two appraisers cannot come to an agreement. As I said this is done at the corporate level (or losses involving the very rich), as each party is expected to pay for their own appraiser as well as equally pay for the umpire. At the personal or small business level, both you and the insurer would agree on a single appraiser (no umpire) and split the cost of the appraisal equally. Keep in mind that the findings of the appraiser determines the value of the insured property, the value of the loss or the value of the property saved. Any offers or figures that were submitted previously would be invalid, since the both of you agreed to the use of the appraiser to determine the value.
Don't, however, go off and get an appraisal on your own without informing the insurer. This process only works if both parties are involved.
Like I said before speak with your broker/agent about the exact procedure (it should be spelled out in your policy), but at least you have a general idea of how it should work.

Answer 3

I'm assuming your insurance company is offering a certain amount for a stolen item? If so, I'd do some checking on your own of the value of the item to make sure the settlement they are offering is reasonable. However, unless someone was looking at the exact item and appraising, their estimates are only in the ball park. If the offer is close, I wouldn't fight it. Many policies have cost replacement which means they replace used with new. However, you typically would have been paying a bit more premium. Make sure what you have. Otherwise the settlement will be depreciated (devalued from the cost new).

Answer 4

It will still be on the table. You are merely seeking the best price. No different than buying a car.