Public Adjuster FAQs
1. Will I lose my coverage if I hire a Public Adjuster?
No, you will not lose your coverage by working with a public adjuster. Hiring a public adjuster is legal and advisable if you are filing an insurance claim. The reason insurance companies do not recommend you hire a public adjuster is because they know they are likely to have to pay out more money in your settlement when you have your own adjuster. But despite it benefiting you, an insurance company cannot punish you by dropping coverage or increasing your rates.
2. What is the difference between a Public Adjuster and the insurance company’s adjuster?
The difference between a public adjuster and the adjuster working for the insurance company is the public adjuster is your advocate. The insurance company’s adjuster is working for the insurance company. There are times it might seem as if the insurance company’s adjuster is trying to help you, but he or she is not. The public adjuster, who is working for you, is there to ensure you are treated fairly and you receive appropriate compensation.
3. Will I get a higher settlement if I hire a public adjuster?
Public adjusters do everything they can to help policyholders receive a fair settlement as soon as possible. This does not always guarantee a higher settlement, but it certainly improves the odds for your settlement being higher. Working with a public adjuster also shortens the period of time it takes to negotiate a fair settlement. The goal of the insurance company is to settle for as little as possible as fast as they can. Often, this means the policyholder gets cheated. Public adjusters protect against this.
4. My insurance claim is underway and I received an offer from my insurance company but I am worried that the settlement amount is too low. Is it too late to hire a public adjuster?
No, you still have time to hire a public adjuster. It is important to have someone review the offer to make sure it is fair before you accept a settlement. Even if further negotiation is not necessary, you need peace of mind of knowing what you are getting is fair. A public adjuster helps you determine a fair amount and can also help you negotiate your claim and quickly settle the claim for the maximum amount.
5. What does a public adjuster do?
A public adjuster handles insurance claims and works as an advocate for the insurance policyholder during appraisal and negotiations. Public adjusters are able to interpret ambiguities in insurance policies. They can also increase the odds that property owners will receive the maximum amount of compensation from a claim. Finally, a public adjuster can prepare cost estimates and interpret insurance policies, helping you determine what is covered and assisting you with getting a fair settlement.
6. Why do I need a public adjuster?
Adjusters work for insurance companies and their goal is to save the company as much money as possible. A public adjuster, on the other hand, works on your behalf. Public adjusters interpret your insurance policy and determine what coverage you are entitled to. They provide analysis of your losses and ensure you get what you deserve from the insurance company. Some public adjusters even have access to resources that can help support claim.
7. Who pays for a public adjuster?
Most public adjusters charge a percentage of whatever settlement the policyholder receives. This means public adjusters are paid by the policyholder, but it does not come directly out of their pocket. They do not need to come up with money for payment and it is in the public adjuster’s best interest to get the policy holder a large settlement. You might not want to pay a third-party when you are trying to maximize your compensation, but you reduce your risk of being treated unfairly by the insurance company when you working with a public adjuster.
8. My insurance company has an adjuster who is assigned to my claim – why cannot I just use him or her to help settle my claim?
You can use that adjuster, but it is not going to be beneficial to you. The adjuster assigned to your claim by the insurance company is working for the insurance company. He or she wants to settle your claim as quickly as possible and for as little money as possible. That adjuster is paid to pay you less. A public adjuster, on the other hand, is working on your behalf and serves as your representative.
9. Can I prepare my own claim?
Technically you can prepare your claim on your own, but it is not advisable. The average policyholder does not understand the intricacies of an insurance policy and does not have the resources or experience to protect his self. As a policyholder, it is important to have someone working for you that have the same level of knowledge and experience as those people working for the insurance company. It reduces your risk and helps you get what you deserve.
10. Are Public Adjusters Affiliated with Insurance Companies?
No. They might have previous experience working for an insurance company, but unlike the insurance company’s adjuster in your case, the public adjuster is not affiliated with the insurance company. They are working for you and are there to ensure you are treated fairly and compensated as you deserve. Public adjusters are not paid by insurance companies. Their payment comes out of your settlement, so it is in their best interest to get you the highest amount of money possible.
11. Are Public Adjusters Trained Specialists?
Yes. Public adjusters have training and experience to ensure they are able to do their jobs well. They must have a detailed understanding of the insurance industry and be able to read and interpret insurance policies. Many insurance policies tend to be complex and insurance companies rely on the fact that the average person will not understand or will not bother reviewing their policy that closely. A public adjuster has the training needed to be able to review a policy and get the policyholder what he or she deserves.