Home appraisals for residential property insurance issues are rare, since property insurance companies usually have their own adjusters; however, homeowners who wish to challenge their insurable value will need an appraisal performed by a qualified insurance appraiser. If you have suffered a claim and do not agree with the insurance company’s casualty loss estimate then you will need an appraisal to justify your position. There are other instances in which you may need an appraisal as proof to your insurance company such as whether or not your home is within a FEMA designated flood plain.
Well researched appraisals are the most effective tools for establishing loss of value and damages including real estate values before and after casualties.
Property owners who sustain significant damage to their real estate such as flood and fire, landslide, unstable soils and geological conditions, cracked slab, landscape and tree root problems, structural problems, construction defects, and other casualty losses need an appraisal to establish if a loss in value has occurred. You can then substantiate an insurance claim, the filing for a tax deduction, or legal action due to this loss. An appraisal will allow you to prove that the event i.e. fire, storm, flood actually caused the loss and separate out any loss caused as a result of market forces (appreciating or declining real estate market).