I handle first party cases on behalf of policy holders and I often come across a common misconception. Policy holders almost always believe that an insurance adjuster hired by the insurance company to adjust their loss is going to treat them fairly. This misconception is naive and, worse yet, costs policy holders untold amounts of money.
There are too many issues to recount in a brief blog post but suffice it to say, insurance companies are going to construe the policy in a manner most favorable to the insurance company every single time. As you might imagine there can be a wide variance when it comes to appraisals for insurance purposes.
For example, I currently represent a property owner who has a building with severe damage from a hail storm. The first insurance adjuster came out to appraise the damage and told the policy holder that the loss exceeded 1 million dollars. The insurance company did not like that figure so they sent out another adjuster who stated that the loss was less than half that amount – approximately $500,000. The first adjuster never committed his figure to writing and the policy holder was staring at a claim that was less than half of what it would cost to repair the building.
If you have a first party insurance claim, call me. I will send an appraisal expert to give you an idea of whether the offer from the insurance company is fair.