RESIDENTIAL & STEEP SLOPE Appraisal is the most cost effective method to dispute the amount of the loss. These disputes often include evaluation of the roof’s condition, material availability, the extent of the damage, and the costs associated with repairs or replacement and in most states can dispute causation. This means the appraisal panel will assess what damage is related to the covered cause of loss like wind or hail without the carriers’ biased opinions. The appraisal process is used to challenge the insurance company’s initial assessment and can even overturn the assessments of their hired “experts” such as their engineers or consultants, ensuring that the homeowner receives a fair and unbiased assessment of all damages and a fair and accurate settlement needed to bring their property to pre-loss condition. 1. Unbiased Assessment of Damage: One of the biggest benefits of using an appraisal is that it provides a neutral, unbiased assessment of the related damages and proper repair methods. Insurance companies often prioritize minimizing payouts, which means that the adjuster’s report may understate the damage or recommend repairs that fall short of what is truly needed ignoring obvious things like local building codes, shingle condition or availability of materials. In contrast, an appraisal focuses on what is required to fully restore the property to pre-loss condition without outside influence. Reaching a Fair and Accurate Settlement: Once the appraisal panel has determined the damages related to the loss, they have several tools to reach a fair settlement of the loss: • They can agree to actual material costs and amounts of materials needed to perform the agreed repairs vs having to stick to the insurance company required software. • They have the authority to agree to the inclusion of things like Overhead & Profit and supervision. • They can assign proper trade labor or adjust labor efficiencies within the industry standard software. • They can address the added costs for things like barricades, limited site access for debris removal and even job site offices and security if needed in certain areas for larger commercial projects. • When there are two independent appraisers working to set the amount of the loss it takes Tracy L. Edwards, CFP®, APMA® Financial Advisor CERTIFIED FINANCIAL PLANNER™ practitioner 620.343.7937 702 Commercial St, Suite 1B, Emporia, KS 66801 tracy.l.edwards@ampf.com ameripriseadvisors.com/tracy.l.edwards Platinum Financial Solutions A financial advisory practice of Ameriprise Financial Services, LLC Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP (with plaque design) in the U.S. Ameriprise Financial Services, LLC. Member FINRA and SIPC.
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