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An appraisal is an evaluation of a property’s value, usually done by a licensed professional. This process is essential in the insurance industry because it helps determine the right amount of coverage for your property, ensuring you understand its market value.
It can also be part of the claims process. If there’s a disagreement about the assessed value of a claim, an appraisal can provide an independent assessment to help both parties reach a fair resolution. This is important for the principle of indemnity, which means that insurance should restore you to the position you were in before the loss.
Having an accurate appraisal is crucial for homeowners and property owners. It ensures that you are adequately covered in case of loss or damage, including loss of use. With the right appraisal, you can have peace of mind knowing that your investment is protected and that the insurance adjuster will have the right information to help you in the event of a claim.
When you’re looking to get Homeowners insurance with PSIC, it’s really important to understand that if you’ve purchased your house through foreclosure, bank sales, or trustee sales, there are a few extra steps involved.
To help us serve you better, you’ll need to provide a copy of the Uniform Residential Appraisal Report, or a similar document, to us as part of your application.
This Appraisal Report should include detailed photographs and a description of both the inside and outside of your home and the property you’re insuring. We appreciate your cooperation in this—it helps us ensure that your coverage is just right for you.
Additionally, the producer will keep a copy of the report you provide, which is necessary to meet our requirements. It’s also essential for both you and the agent to confirm the condition of the property.
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5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807
Copyright © McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 17486061 The insurance policy, not the contents of this website, forms the contract between the insured and the insurance company. The policy may contain limits, exclusions and limitations that are not detailed on this website. Coverage may differ by state.
