The pros and cons of using a public adjuster
Not a lot of individuals understand the role a public adjuster plays, and how impactful they can be. Public adjusters are property loss professionals that evaluate any kind of damage done to your property and work with insurance companies. They often have a background in construction and work with sophisticated technology to survey the destruction. They submit claims on behalf of the policyholder by providing the information they collected when reviewing the damage. This can include fire, flood, wind, hurricane, and even smoke damage. They also take into consideration loss of business income as well. Whether one is required or not depends upon the kind of help you need.
Reasons for or against public adjusters
An honest negotiator
For an unbiased opinion based on knowledge, market prices, and facts, public adjusters advise the policyholder of whether they should file an insurance claim or not. Best of all, they work free of charge for the initial consultation. They provide a second opinion and are unlikely to undercut the amount of loss someone may be due on their claim. It is best to get a second opinion because accuracy is important when trying to place the correct amount on your claim.
There is a fee but initially free
While public adjusters don’t charge for the evaluation of damage, they charge when helping the policyholder to submit a claim. They charge a percentage of the amount the insurance pays you on the claim. So if you are paid $200,000 and the adjuster charges 10%, they receive $20,000. In most states, there is a cap in state or local law. Often it won’t exceed more than 20%. The price may be beneficial if you think you can’t receive the full amount on the claim without the data and information they collected.
There are other adjusters
There are independent and insurance company adjusters as well, which help out businesses, organizations, and the individual homeowner. Some may be more affordable and will require you to do some shopping around. Independent adjusters are only as-needed and usually work around seasons or when in-demand. On hiring an insurance company adjuster, they work more as a consultant to help guide you if necessary and usually work through the insurance company you have a policy with. The insurance company adjusters may be free, while independent adjusters may have their own price range. Whether they are more or less expensive compared to a public adjuster would require more research.
Different levels of experience
While all public adjusters are appropriately licensed for the job, check if the public adjuster is experienced or not. Not all have the same background. The experience required is dependent upon the extent of the damage done to the property, as a more bizarre case may be way over an inexperienced adjuster’s head. Just because an adjuster took on a high number of cases doesn’t mean they have the right experience you seek and might provide the wrong estimate. Also note, a more knowledgeable public adjuster will charge a larger fee.
Consult with a professional
The experts at Hope Public Adjusters recommend consulting with licensed professionals in your area who know exactly what you need and can direct you to rapid solutions. A little research can save you a lot of headaches down the road.