A public adjuster is an independent professional hired by a policyholder (individual or business) to help them navigate the insurance claims process after experiencing property damage or loss. Public adjusters work on behalf of the policyholder, not the insurance company, to ensure the policyholder receives a fair insurance settlement. Here’s how a public adjuster performs their job:
1. Initial Assessment
Review the Insurance Policy: The public adjuster first reviews the policyholder’s insurance policy to understand the terms, coverage limits, exclusions, and the type of loss that can be claimed.
Evaluate the Damage or Loss: They conduct a thorough inspection of the property to assess the damage or loss, including damage from fires, floods, storms, theft, or other events covered by the policy.
Document the Damage: The adjuster takes photos, videos, and detailed notes of all damaged areas, affected items, and the overall condition of the property. They may also consult with other experts (e.g., contractors, engineers) to estimate repair or replacement costs.
2. Prepare a Detailed Claim
Estimate the Value of the Loss: Using their expertise and documentation from the inspection, the public adjuster prepares a detailed estimate of the cost to repair, replace, or restore the damaged property. This includes both building structures and personal belongings.
Submit the Claim: The public adjuster compiles the necessary paperwork, including repair estimates, photographs, and other evidence of the loss, and submits the claim to the insurance company on behalf of the policyholder.
3. Negotiate with the Insurance Company
Meet with the Insurance Company’s Adjuster: After submitting the claim, the insurance company will send their own adjuster to evaluate the damage. The public adjuster meets with this insurance adjuster to represent the policyholder’s interests and ensure that the full extent of the damage is properly assessed.
Advocate for a Fair Settlement: The public adjuster negotiates with the insurance company to reach a settlement that accurately reflects the policyholder’s loss, sometimes challenging undervaluations.
4. Follow Up and Adjust the Claim
Communicate with the Insurance Company: The public adjuster manages all communications between the policyholder and the insurance company, providing additional information if required.
Adjust the Claim if Necessary: If new damages are discovered or costs rise during repairs, the public adjuster can adjust the claim and continue negotiations with the insurer.
5. Settlement and Payment
Settlement Agreement: Once an agreement is reached, the insurance company issues the settlement payment. The public adjuster ensures it reflects the agreed terms.
Follow-Up on Payments: They ensure payments are made in full and on time, continuing to assist the policyholder as necessary.
6. Post-Claim Services
Assist with Repairs or Restoration: They may help the policyholder select contractors for repairs and monitor that the work matches the estimates.
Provide Additional Support: In cases of dissatisfaction, denial, or delayed claims, the public adjuster can help appeal or take further actions to secure the claim.
Benefits of Using a Public Adjuster:
- Maximizing the Claim: Public adjusters are experts at estimating losses and negotiating higher settlements than the policyholder might achieve alone.
- Less Stress for the Policyholder: They manage the entire claims process, handling all the complexities and negotiations, so the policyholder can focus on recovery.
Public adjusters are especially valuable for large or complex claims, such as fire damage claims, flood insurance claims, business interruption claims, or disputes with insurance companies.