How to Choose a Public Adjuster
How to choose a public adjuster comes down to experience, knowledge and trust.
Owning a property comes with responsibilities and risks. And property ownership is never complete without protection against damage from natural disasters, mishaps, human errors, and the losses they can create.
This is the reason why every property owner has insurance coverage for their property. Home insurance coverage provides not only protection from loss, but also peace of mind … but insurance coverage can also be complicated.
When disaster strikes it does so without warning or prejudice. Hurricane Sandy, for example, — whose loss is estimated to have been over $68 billion — left people homeless and stranded.
Insurance coverage can protect you from loss due to such catastrophe, but you have to understand how to go about filing your claims.
In case of a loss, the first thing people do is contact the insurance company to piece together a claim. This is not as simple as it may sound. This is where experienced public adjusters come in.
Getting the right loss adjuster will determine how much you get in compensation from the insurance company. To some extent the kind of loss adjuster you choose will determine how fast the process will go. And to some extent, also determine how quickly you will be able to receive your claim money and restore your life.
How to Choose A Public Adjuster, and other things to know.
First and foremost make sure the adjuster is licensed to work and operate in your city/state. Interview them as you would any other hired contractor to be sure that they have the experience you’re comfortable with. Experience goes a long way in getting through the insurance maze as quickly and efficiently as possible. So do your homework: don’t hire the first adjuster you meet.
Secondly, you need to understand that a public adjuster acts as a link between you and the insurance world. The adjuster should be able to break down the insurance terms and phrases and present them to you in the simplest form. Therefore you should choose an adjuster who can communicate with you easily and freely. Losing a property is devastating, but it is more stressful when you cannot understand the process through which you can restore your property.
When you contact an adjuster, see if they respond to you quickly. They should also have a comprehensive understanding of your needs. Insurance recovery needs diligence. This is a trait that every good loss adjuster should have. Otherwise you will end up getting very little compensation from the insurance company. If you have dealt with an insurance company, you will realize that they are always on a mission to cut down their payouts. This is regardless of the contract that you had signed in the policy.
The other important aspect to look out for when choosing a public adjuster is the fees. It would be fruitless to get a good compensation and then you end up losing a big chunk to the public adjuster. However, the costing aspect has two dimensions. Most reputable adjusters charge between 5 and 10%. This is dependent on the complexity, type and size of the claim. Anything above 10% might be too high; anything below 5% could be a cause for alarm.
Before you contact a public adjuster, make sure you do your due diligence and seek references. A good one will make sure that you are protected from unscrupulous insurers and ensure that you get the right compensation.