|Why do property owners
need a public adjuster?
First, the public adjuster
is hired and works for the property owner, NOT the insurance company.
The highly stressful period following a loss can be a difficult and frustrating
time for individuals and businesses. This can lead to a policyholder
missing critical deadlines and overlooking available/applicable coverage(s).
The typical fire or flood insurance policy has an assortment of complex
provisions and conditions associated with coverage. Public adjusters
know the insurance business and are experienced in the various procedures
and forms that require detailed, timely completion in order to facilitate
a fair and equitable insurance recovery.
What are the general services
public adjusters provide?
A public adjuster reviews
insurance policies in order to present appropriate insurance claims for
the damages incurred. Public adjusters thoroughly examine and document
damages and the associated costs. Additionally, they determine the
financial impact of business interruption losses and extra expense claims.
They help facilitate the gathering of complete documentation and support
of all claimed damages. Finally, a public adjuster negotiates with
the insurance company on your behalf keeping you informed every step of
How is the Public Adjuster
compensated for their work?
Generally, public adjusters
are paid based on a percentage of the total settlement. Some may
charge a flat fee or a sliding percentage based on the size of the claim.
Fees charged are typically covered by the increase in the settlement amount.
In many jurisdictions, the fee structure must be disclosed up front.
Other compensation arrangements also exist such as contingent fee plans,
retainers and hourly basis agreements.
Why shouldn't my insurance
agent/broker or my contractor handle my claim?
An insurance company agent
or rep is well versed in determining proper coverage and selling insurance
policies. Insurance damage claims can require expertise in many disciplines
outside of the insurance agent's capability, such as construction costs,
local building codes or business disruptions for specific industries.
In most states, contractors cannot discuss policy coverages and are not
licensed to negotiate your claim on your behalf. Bottom line is that
we advocate for your interests and have the knowledge to handle both the
insurance and construction issues.