If you need to make an insurance claim for your home or business property you are likely dealing with a lot of stress. Not only do you have to deal with the actual damage incurred on your property, but you may be temporarily living in a hotel, and on top of all of that dealing with the stress of the insurance claims process.
Whether you’re dealing with a fire, flood, storm damage, or mold navigating the insurance process can be time-consuming, confusing, and extremely stressful. You may also be dealing with an independent insurance adjuster. If you are, it’s important to understand who an independent adjuster is and what that means for the claims process.
Another person you may deal with during the insurance claims process is a public adjuster. In this blog, we’ll discuss the role of each and how it may affect you and your claim.
What is the Role of an Insurance Adjuster?
When your residential or business property is damaged due to a storm, flooding, mold, or other accident you’ll need to estimate the cost of repair at some point. You’ll also need to estimate the value of any possessions that may have been damaged such as furniture or electronics. While a homeowner can get quotes from various contractors to estimate the cost of repair, this may not be the final number that is accepted by an insurance company. If the claim is considered to be too high by your insurance company they may send an insurance adjuster to review the claims and write up their own estimate.
This is done to prevent people from filing fraudulent claims and helps keep insurance costs affordable. Unfortunately, this can sometimes result in receiving less from your insurance company than you deserve, in which case you may want to hire your own adjuster separate from your insurance company.
Who Does an Independent Insurance Adjuster Work For?
Now that we’ve identified what an insurance adjuster does, it’s important to understand the different types of insurance adjusters.
An independent insurance adjuster works for your insurance company. While they may come to your property to evaluate damages and write up an estimate for the cost of repair, they are being paid by your insurance company to come and ensure your claim is realistic and that the insurance company won’t overpay for damages.
While they will do their best to provide you with a reasonable estimate there are some situations where you may end up being offered less than what you deserve. For example, if the independent adjuster writes an estimate for replacing damaged appliances they may not take into account you purchased high-end appliances and may estimate for a lower model replacement price.
Who Does a Public Insurance Adjuster Work For?
A public adjuster works for you, the insured party. They will both work for and advocate on your behalf to ensure you get as large of a settlement as possible. This doesn’t mean they do anything illegal, rather they go through all of the requirements of your insurance policy and ensure you receive all of the compensation you are entitled to.
They will also act as a liaison between you and your insurance company. This will ensure that every form is filled out correctly, and nothing is missed while pursuing your claim.
You do not pay an insurance adjuster directly, instead, they receive a fixed percentage of your claim – meaning they get paid when you get paid.
When Should I Contact a Public Insurance Adjuster?
While you can contact a public insurance adjuster for any type of claim, if it is a small, simple claim it may not necessarily be to your benefit to hire one.
However, if you have a larger and more complicated claim you will benefit from working with a public adjuster since it can be very easy to mess up or miss a form which can cause huge delays in your claim. Larger claims also have more money on the line, so unless you are extremely well-versed in the insurance claim process, having a professional advocate on your behalf will help you get what you deserve.
Finally, another situation to consider hiring a public insurance adjuster is if your insurance company has hired an independent adjuster. In this case, it’s in your best interest to have someone you hired to advocate on your behalf for upcoming negotiations.
For tips on hiring a public insurance adjuster check out our blog on this topic.
Contact Maximum Public Adjusters Today
When you experience property damage to your business or home, having someone on your side to help you navigate the insurance claim process is to your advantage. Hiring a public adjuster saves time, reduces stress, and produces a better settlement from the insurance company. Contact us today to learn more or discuss your insurance claim.