Public insurance adjusters do not work for insurance companies. They evaluate property loss on behalf of the policyholder. They are licensed by the State Department of Insurance and work solely on a contingency-fee-based structure.
Individuals and businesses hire public insurance adjusters to help get all they are entitled to from insurance claims. They are the only property loss professionals who help the policyholder file insurance claims and increase their chances of getting a more fair and reasonable settlement.
They assess damage and estimate rebuilding costs; track the flow of insurance payments; amounts due; and work with insurance companies to expedite their clients' insurance claims.
Claims for flood, fire, smoke, wind, and hurricane damage can be filed and negotiated by public adjusters. Property losses might also result in other types of losses, such as business income or temporary relocation expenses. Public adjusters can also reopen claims that have been settled if the insured feels like they were not properly compensated or subsequent structural or other issues arise.
There are multiple advantages to hiring a public adjuster when you have a claim.
- There is potential for a higher payout. Public adjusters exist because of the inherent conflict of interest that exists when one person or entity attempts to represent two sides of a financial transaction. A recent report by the Office of Program Policy Analysis and Government Accountability in Florida proved that the use of a public insurance adjuster does increase the final amount of the claim payments. There are no upfront costs. A public adjuster doesn’t get paid until you get paid and will manage the process through completion to expedite and maximize your claim.
- You don't fully understand the insurance policy's language or depth of coverage. Insurance claims hold a variety of complex provisions, processes, clauses, legal terms, and issues that need to be addressed in order to maximize your settlement. Public adjusters commonly have prior experience in construction or other related fields, and they use sophisticated software to undergo an independent evaluation of a client's property loss. Public adjusters are better equipped than the average policyholder to estimate the costs incurred from a property loss and local work rates, which lead to higher and more accurate settlements.
- People regularly settle for less than the total cost of their damages because they are exhausted. The process of evaluating, completing, and submitting a claim as a policyholder is remarkably time-intensive. Losing a business or home is a stressful time. It’s a time when you should be focused on getting your business, home, or family back on a solid foundation rather than feeling the pressure of learning the ins and outs of the insurance claims business. Many people settle for less than they are entitled to because they are weary and worn down by the overwhelming process and the time it takes to get any kind of resolution.