What is a Public Adjuster?
An insurance claims adjuster evaluates insurance claims, documents the damages and calculates the settlement based on the severity of the loss and the property owner’s policy coverage. When you file a claim for property damage, your insurance carrier will assign their own claims adjuster to protect their interests on the claim. A Public Adjuster is hired to protect your interests on the claim to ensure a proper inspection and settlement are provided by the insurance carrier.
If your property damage will exceed $20,000 in damages, we suggest property owners elect to hire a Public Adjuster to help them during the claims process. A Public Adjuster is an independent professional that acts on behalf of the policyholder and knows how to navigate the intricate claims process. Similar to the carrier’s claims adjuster, a Public Adjuster will assess the damage of your property, help determine the scope of repairs and assess the replacement value for those repairs.
The Public Adjuster receives a percentage of the claims payout when the claim is settled; however, the average increase in settlement due to a Public Adjuster’s involvement is over 7x higher than the average insurance carrier settlement. Since a PA can assist with ensuring a higher payout, your insurance proceeds can cover the fee.
When Should You Hire a Public Adjuster?
There are several reasons why you might consider hiring a public insurance adjuster for your claim. When you work with a Public Adjuster, they are well versed in taking control of the claims process from beginning to end. Essentially, they take care of everything for you, so it is a good solution for people who do not have time to deal with a stressful claim process.
A Public Adjuster will inspect the property for all damages, file the claim with your carrier, document all aspects of the claim, negotiate with your carrier and ultimately settle the claim. A lot of contractors will attempt to handle this process for you; however, they do not possess the insurance license required to assist a property owner in negotiating and settling a claim.
It is also common for property owners to hire a Public Adjuster if they have had poor claims experiences in the past. Public Adjusters are well versed in the state Unfair Claims Settlement Practices - they can hold the insurance carrier accountable if proper settlement practices are not being followed. An independent adjuster works for you, not the insurance company. There is no conflict of interest and your claim payout is the main priority.
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