Commercial property damage claims can be daunting to file and negotiate. Many times, this leaves the business with an inconvenient choice:
- Hire an attorney to handle their claim, or
- Rely in their insurance company’s adjuster to maximize their settlement.
But there is a third, lesser-understood option: The licensed public insurance aduster.
What Doeas a Public Insurance Adjuster Do?
The adjusters are professionals hired by a homeowner or business owner to assess and manage damages/losses that should be covered by an insurance policy. They manage the settlement of insurance claims on behalf of their clients to ensure proper reimbursement is received, and nothing is left unchecked. In addition, they are especially useful when the insurance company is disputing your claim.
The main difference between a public adjuster and the adjuster your insurance company provides is where the loyalty lies: A company adjuster works for the insurer to minimize payouts of insurance claims, or possibly to deny them as often as possible. On the other hand, public adjusters work on behalf of the policyholders and try to achieve the highest possible settlement for their clients.
Since public adjusters go through the same training and licensing as company adjusters, and are licensed by their respective states, they know the key issue these insurance company employees will be looking for. In many cases, they will negotiate with the insurer for a higher payout. Their job is usually over when the claim is settled, but public adjusters will also help in refiling the claim if additional damages are discovered.
Reasons to Hire a Public Insurance Adjuster
It is easy to see that public adjusters are beneficial in the respect that they are dedicated to the policyholder rather than the insurance company. However, there are several other good reasons to hire one of these professionals.
1. They can save policyholders time
Most people have busy schedules that leave little time for dealing with all of the hassles associated with insurance claims. Public insurance adjusters know what is needed, so they can gather the right data, organize it and submit the claim in a timely manner. They also stay on top of issues as they arise during the process.
2. They negotiate much better payouts
To fully understand why it is worthwhile to invest in hiring a public adjuster, it is important to research statistics.
In the state of Florida, the OPAGGA found that these professionals obtained payouts that were more than 574% larger than what insurance companies would otherwise have paid. Since these adjusters are compensated based on the amount they recover, consumer can expect their best efforts. And since this compensation is only a small fraction of the settlement amount, typically 10%, these professionals can be a much greater value than an insurance claim lawyer, which typically charge up to 40%.
3. They provide a free and objective evaluation
Since they have no reason to lie either way about damages, these adjusters will always provide the most accurate and in-depth analysis. They usually provide a free initial evaluation for consumers’ convenience.
4. They are less likely to overtook damages
These professionals know exactly what to look for, and they often find damages that policyholders would overtook. By finding these damages initially, public adjusters save consumers the hassles and headaches of refiling claims to compensate for damages found later.
5. They are licensed professionals and far cheaper than lawyers
Every reputable public adjuster is a licensed professional with verifiable credentials. These individuals are happy to provide consumers via the information they need to know that their trust is valued.
These professionals can prove to be your biggest asset for your insurance settlement. If you have an insurance claim, find a good adjuster and get what you deserve.