Whether because of a fire or hurricane, a total loss can be devastating. Once you’ve recovered from the shock, you’ll need to start dealing with insurance companies, and sometimes, that can be a challenge. Most insurance companies are fair, but remember that they are ultimately in business and will try to pay as little as they can for your damages.
What Is a Public Insurance Adjuster?
When you file a claim with your insurance company, the company assigns you a claims adjuster to handle it. Their job is to determine a fair payout to you based on the level of coverage you have. The insurance claims adjuster represents the company.A public insurance adjuster is a licensed insurance professional who is hired by the policyholder to assess the damage to the property. The public insurance adjuster helps determine the scope of the repairs and estimates the replacement value for those repairs. She works for and represents you and doesn’t have any association with the insurance company.
How Does a Public Insurance Adjuster Work?
A public insurance adjuster handles the paperwork, negotiations, and communication with the insurance company. Basically, they take care of anything that has to do with the claim. This will save you time and stress.They are fluent in insurance policies and understand insurance companies’ practices. A public insurance adjuster assesses and documents your claim. They negotiate for the maximum amount of money and work to speed up the process. This saves you time.
A public insurance adjuster can lower your stress level. They are your expert advisers. This allows you to remain in a proactive role throughout the claim process.
Is a Public Insurance Adjuster Right for You?
A public insurance adjuster isn’t for everyone. But it might be suitable if you have large or severe damage. This is particularly important if your property is a business or has other complications.Suppose you find dealing with insurance companies stressful or are too busy to deal with them. You might want to hire a public insurance adjuster.
If a settlement is offered and you feel it’s too low, you might want to consider a public insurance adjuster.
A public insurance adjuster can also be helpful if you have claims from multiple policies. For example, during a hurricane, you might have homeowner and flood insurance policies. There will probably be claims on both.
But there are tricky questions that you might have difficulty handling on your own. For example, in the case of a hurricane or other big storm, how much of the water damage is from the rain coming through the damaged roof versus flooding? This could be the difference between coverage or no coverage, depending on what policies you have in place.
How to Find and Hire a Public Insurance Adjuster
Do research before hiring a public insurance adjuster. An adjuster can be found through the National Association of Public Insurance Adjusters (NAPIA). It lists public insurance adjusters who are licensed in your state.During a national disaster, there’s the potential for numerous scam artists to take advantage of it. Ensure you are only working with licensed public insurance adjusters. Confirm licensing with your state’s insurance department before working with anyone who shows up at your door.
Read online reviews.
How Much Does a Public Insurance Adjuster Cost?
The most popular way a public insurance adjuster is paid is through a contingency fee. That means they receive a predetermined percentage of the settlement. It’s usually 5–15 percent of the total settlement. Some states, such as Florida, have caps on the amount that can be charged.In Florida, for example, public insurance adjusters aren’t allowed to charge more than 10 percent if the area has been declared a disaster—but they can charge up to 20 percent if it’s not a disaster.
For simple cases, a public insurance adjuster may charge a flat rate.
Large Complicated Claims
If you own a business that has a large claim or you have a complicated claim, you might want to consider working with a public insurance adjuster.They’re not for everyone. And they can’t negotiate more than what the policy is worth. But they can take the burden off you and give you one less thing to worry about.
