PP163 Property Insurance Fundamentals: What Appraisers Need to Know

Webinar Description

This webinar seeks to provide personal property appraisers with a fundamental understanding of how property insurance works. It will delve into the differences between common types of property insurance policies and the claims function, shedding light on the inner workings of the insurance industry while highlighting important aspects that appraisers need to be aware of in order to properly educate their clients regarding insurance appraisals, as well as communicate effectively with insurance company representatives. The webinar will cover key concepts and considerations necessary for appraisers to effectively navigate the complexities of property insurance coverage and claims.

Property insurance plays a crucial role in financially protecting property owners from a wide range of risks and losses. For personal property appraisers, a solid grasp of property insurance fundamentals is indispensable for writing accurate insurance valuations, effective communications with clients and insurance professionals, and properly informing clients about the value of a professional appraisal. When a loss occurs and a claim is filed, the insurer is called upon to make good on their promises. A solid grasp of the fundamentals of the claims function will serve appraisers well as they communicate with clients and insurance professionals.

Webinar Audience

Personal property appraisers who write appraisals for insurance purposes.

Continuing Education (CE) Information

This webinar will award 1.2 CE hours.

Webinar Agenda

Welcome and Introduction
• Brief speaker introduction

Understanding Property Insurance Basics
• Overview of Property Insurance
• Types of Property Insurance Policies (e.g., Homeowners, Luxury Homeowners, Commercial Property)
• Key Terminology (e.g., Deductible, Coverage Limits, Perils)

The Claims Function
• Overview of the Claims Function
• Roles and Responsibilities of Insured, Insurer, and Appraisers
• Documentation and Reporting Requirements

Fundamentals of Property Appraisal for Insurance
• Importance of Property Appraisal in Insurance Claims
• Integrating Property Insurance Considerations into Appraisal Methodologies
• Common Challenges and Pitfalls in Property Appraisal

Navigating Disputes and Resolving Claims
• Common Disputes in Property Insurance Claims
• Strategies for Resolving Disputes Amicably
• Legal Considerations and Case Studies

Best Practices for Appraisers
• Tips for Effective Communication with Insurers and Insured
• Importance of Accuracy and Attention to Detail
• Continuing Education and Professional Development Opportunities

Q&A Session
• Open Floor for Participants to Ask Questions
• Discussion of Specific Cases or Scenarios

Conclusion

Learning Outcomes

Upon completion of this webinar, participants will be able to:

• Interpret key insurance terminology
• Communicate effectively with clients and insurance professionals 
• Explain the claims function
• Inform clients about the value of a professional appraisal for insurance purposes