What is a public adjuster?
Whenever an accident occurs, the insurance company will issue a homeowner an adjuster whose job it is to represent the company and try to adjust the level of compensation in favor of the insurance company. Though they are bound by the laws of the insurance policy that the homeowner has taken out, they have considerable leeway in matters of judgment, which often renders a decision that is less than what the victim would have received otherwise.
A public adjuster, by contrast, works on behalf of the customer and operates independently from the insurance company. Since a victim may only deal with the insurance companies a few times in their life (depending on the person), they are usually unfamiliar with the process of filing a claim and getting the most that they can to repair their lives. An insurance company, on the other hand, deals with settlements hundreds of times a day, which means they are much more familiar with the process and how to tip the scales in their favor.
Public adjusters have specialized training and expertise that a victim will need in the immediate aftermath of an accident. They are experienced in handling fire, flood, hurricane, tornado or any other kind of disaster that might occur, and are committed to getting homeowners the most amount of money that they are entitled. Even though adjusters are not able to get more than what the policy stipulates, they know how to level the playing field between a homeowner and their insurance company.
Compensation includes 15% of the eventual settlement price, which generally still results in more money for the victim once the adjuster has reviewed and negotiated the settlement, not only includes payment for their services in obtaining a higher settlement but also for filing and pursuing the claim with the company as well – a process that many people are unfamiliar with.
When an adjuster arrives on the scene, they will first conduct a comprehensive view of the policy to identify the different coverage’s they might be able to claim, then will help the victim comply with the various requirements they find. After that, they’ll do a thorough review of the incident itself, noting the damage and valuation that is lost as a result. They’ll present this information to the victim and then serve as an advocate for them in their discussions with the insurance company. Communication is critical throughout this whole process, and a homeowner should expect to hear from their private adjuster every step of the way.
What is the process of a public adjusting claim?
Since an accident happens so rarely, there is considerable confusion about what a public adjuster does to maximize the amount of money a policyholder will get from the insurance company. Typically the role boils down to a simple negotiation; both the public adjuster and the company understand the terms of the policy, so deciding on the exact amount to pay out is the job of both of the adjusters, whether private or public.
To do this, the public adjuster usually follows a specific set of steps designed to give the homeowner the maximum amount of money from the company they can.
Meet With the Policy Holder
The initial meet is one of the more public steps that a public adjuster will take, but it’s paramount to the success of the process. They will meet with the property owner to discuss a strategy that they will use to recover from the disaster as well as review the policy information as thoroughly as possible. They will present a compensation package (usually a straight commission of the settlement), and help the property owner with any paperwork that they may need. If necessary, the public adjuster may also ask the property owner to sign paperwork allowing them to negotiate on the owner’s behalf.
Conduct a Policy Investigation
After a thorough review of the policy provisions and stipulations covered by insurance, the adjuster will then determine the limits and exclusions of the terms to figure out how much is possible to get back; this can vary from state to state and differ even greater between policies. The adjuster will also examine local and state laws in addition to decisions handed down from the state insurance office and any other court cases that may determine how policies and practices work in actuality.
Obtain Documentation
The adjuster will then gather as much information from the homeowner as possible, such as building estimates (if necessary), inventory documentation, as well as pictures or files representing the actual loss that occurred. If the property is a commercial entity, the adjuster will also analyze business-interruption coverage as well, which may include revenue projections and forecasts of what that business will lose during the time that it is not operational. The job of the adjuster is to determine – whether residential or commercial properties – how much of the owner’s everyday life has been interrupted by the storm.
Present to the Insurance Company
After the policy has been examined and the applicable information has been collected, the adjuster will then meet with the property owner to go over their findings and present the case as they see it. After approval, they will then submit the claim to the insurance company for their initial assessment.
Negotiation
The insurance company will most likely request clarification from the adjuster on a few items, which will necessitate a longer timeline. Once the information has been collected and submitted, the negotiations will begin without the property owner being present, but they should be informed of all developments. Once a claim has been settled, the information is presented back to the owner and money is delivered.
What does it cost to hire a public adjuster?
SFIR collects only a small percentage of the insurance’s negotiated compensation settlements. We 100% guarantee that if you don’t recover, we won’t charge. We do not get paid unless you do. We provide loss assessment and damage mitigation (services provided to avoid ongoing damage and further loss to property) with no out of pocket expenses.
Do I have enough damage to file a claim?
There is no claim too small. Property damage is property damage and we provide the same professional service to all our clients. You are family, welcome!
What does my policy cover?
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