What’s the difference between a public adjuster & an insurance company adjuster?
As a Florida homeowner, when you file an insurance claim for damages incurred to your property, the insurance company assigns your claim to an adjuster. An insurance company adjuster is a loss professional who works in the interest of the insurance company to undertake & investigate any claims that have been made by an insured.
Some insurance companies have “staff adjusters” that are employed by the insurance company, whereas some insurance companies hire an independent adjusting firm to handle the claim for them.
The job of the adjuster who has been hired by the insurance company is to investigate the claim. They do so by scoping the loss, preparing an estimate and reviewing your policy to see whether your loss is covered. And if your loss is covered, they will determine how much of a settlement you will receive.
Most homeowners may be drawn to believe that the insurance company adjuster will fully account for all the damages that have been made, however for many south Florida homeowners, this is simply not the case.
Since insurance company adjusters work in the interest of the insurance company, often times they may not account for the full cost of fixing the loss. Remember, insurance is about indemnity, which means to restore back to pre-loss condition.
For example, let’s say that Karen has a pipe burst in her wall which causes damages to the drywall & mold build-up. An insurance company adjuster might estimate for the cost of replacing a pipe, however what they might NOT account for is the cost to remove the wall, fix the pipe, replace the torn-out wall & mold cleanup.
This is where having a public insurance adjuster can help you.
A public adjuster is an insurance claim professional that is hired by the homeowner to overlook the loss & the claim process. The job of a public adjuster is to undergo an investigation of their own, write up an estimate & negotiate with the insurance company to come to terms on a reasonable settlement. Public adjusters are hired on a contingency fee basis. This means that if your public adjuster is successful in settling your claim, they take a percentage of the final claim amount. If your case is not successful, then you don’t have to pay anything out of pocket.
In the state of Florida, a public adjuster can charge no more than 20% of the final settlement amount. And during the event of an emergency like a hurricane, a public adjuster can receive no more than 10%.
Most people who are successfully represented by a public adjuster receive a much higher settlement amount than what the insurance company offered to pay out. This means that even if a public adjuster takes a 20% fee, the amount the homeowner is left with is still much higher than what the homeowner would receive without the representation of a Public adjuster.
We hope that this blog post has been beneficial to you. If you are still on the fence about hiring a public adjuster, or maybe you have a question or two about being represented by a public adjuster, or maybe you’re not even sure if its worth doing, give us a call today! We offer a free no hassle consultation, and also a free 12-point inspection to those who meet certain criteria’s. If you’ve been denied or underpaid, don’t feel like this is the end. Contact us today!
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