Insurance Appraisal Process
A Lawsuit Alternative

Occasionally there may be a disagreement over an insurance company’s valuation of an insurance claim for loss in real estate. Some people may believe that the only way to settle the dispute is to hire a public adjuster or an attorney to file a lawsuit, and this is simply not the case.  In Minnesota, most policies have a clause that allows you to ask for an appraisal of the loss. Policyholders are allowed to select an appraiser and the insurance company can also hire an appraiser. A third, mutually agreed upon appraiser (sometimes called an umpire) will also be commissioned and together they will appraise the loss and determine a value.

Benefits of the Insurance Appraisal Route Versus Lawsuit

The insurance appraisal process is much more expedient and will lead to a resolution in significantly less time than a lawsuit. Generally speaking, the insurance appraisal process is less costly. Finally, the insurance appraisal process is less adversarial while potentially leading to a similar outcome without going through all the posturing, time, and expense that comes with the lawsuit route.

Insurance Appraisal

Lake State Realty has represented insurance companies, policyholders, as well as worked in a neutral third-party role. We would be happy to help you evaluate your circumstances.


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