Business Insurance

Getting an Appraisal for Damage Estimates: A Guide for Business

By May 20, 2019 No Comments

Being a small business owner means hoping for the best and preparing for the worst. You never know what’s going to happen, but tragic events can unfold. Bad weather is one such potential pitfall in the life of your business.

If your business property has been damaged by a hurricane or natural disaster, you’ll need an appraisal for damage estimates. This appraisal is done to get a general sense of the damage done to the property and to present an impartial estimate of the loss value.

Representatives from an insurance company will likely have their own appraisers come to asses the damage. It can be essential to have a second opinion to point to if you don’t trust the appraisal the insurance company presents to you.

How Damage Appraisal Works

The process of damage appraisal is generally pretty straightforward. It’s best to have someone in to appraise the value losses as close to when the damage was done as possible.

When you hire another appraiser, it’s best to let your insurance company know that you are doing so. The company will then likely send out an appraiser of their own, and the two might work simultaneously or close to it.

An appraiser will visit your business site, take detailed photographs, and asses nonrecoverable assets. They will speak at length with yourself and any other parties involved with your property.

A reputable appraisal company will be able to lean on years of experience and construction knowledge when appraising the damage. They should be more than familiar with the cost of construction materials and the time and labor it takes to correct various types of damage.

An appraiser will also likely look into the subcontractor contracts and building regulations, which can have an effect on the costs associated with your building.

Combining all of these factors, an appraiser should be able to get a proper and reliable estimate of damages.

Using Your Damage Appraisal Estimate

It can be essential to have an impartial voice come in to appraise your property following damage. Without an appraisal value to point to, you can have a hard time negotiating with your insurance company.

If a dispute were to arise between yourself and the insurance company, this new appraisal can act as kind of an impartial judge or umpire. It can help to move an insurance company’s estimate in a more favorable direction.

Some insurance companies tend to lean more conservatively in the way they estimate damage values. If your business property has been damaged, it’s essential that you get the compensation that you deserve.

Having an appraiser look at the damage and provide such an estimate is the best move you can make as a small business owner.

Appraisal for Damage Estimates

The last thing you want is for a storm or bad weather to damage your business property. But such things aren’t in our control, and there’s always a chance that such damage could occur. that’s why appraisal for damages can be so important.

Has your business been impacted by a natural disaster? Contact us for help today.

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