Having an insurance cover as a homeowner is essential, as it extends financial protection against the occurrence of disastrous events. It is vital to know how the claim is to be made and how the damages would be quantified if any of the unfortunate events occur.
You may want to consult an expert who can help you seamlessly throughout the entire process during such times. A public adjuster is such an expert whose services can be hired for the claim settlement process.
However, before hiring a public adjuster, it is vital to understand what is a public adjuster and what are the things that you should be aware of.
What Is A Public Adjuster?
The claim process could be tedious as it involves paperwork and negotiations and the need for some fair understanding of the insurance terminologies. Describing the nature of the damage, quantifying the loss, meetings with insurance adjusters, and reviewing reports can also be a time-consuming process.
Since the policy holder’s personal and professional commitments and some uncooperative insurers, it may not be easy to close the matter independently. You could get in touch with a public adjuster in such a scenario, who renders claim settlement services against some professional fees.
A public adjuster can help settle an insurance claim on behalf of the policyholder. As we know, an insurance adjuster of the insurance company works towards analyzing the impact of damage, repair needed, and cost of such repairs.
The Public Adjuster plays a similar role in an independent capacity as the homeowner appoints them. Thus what primarily distinguishes both is that an insurance adjuster is appointed by the insurance company, whereas the property owner appoints a public adjuster.
Points To Consider Before Appointing a Public Adjuster
Once you know what is a public adjuster, follow these points for hiring the best one.
- A Licensed Practitioner – You may want to check and see the public adjuster’s license before hiring him. At times, some public adjusters do not possess separate credentials and work under other individuals or firms’ license.
- Experience – Knowing about the previous work experience and gaining a few client feedback increases your confidence and establishes a comfort level with the public adjuster. It is okay to ask the public adjuster for at least three local references for whom he has settled claims.
- Personal Involvement – The public adjuster should be involved personally in your claim settlement process rather than delegating it to somebody else.
- Existing Claims – If the public adjuster has multiple claims to look into, they may be unable to give an appropriate amount of time and attention to your claim process. Thus you must be aware of the number of active claims that the public adjuster is currently handling.
- Self-Involvement – If you would like to be personally involved in the claim settlement process, you should discuss it beforehand with the public adjuster and negotiate the terms accordingly.
- Closing The Deal – Public adjusters typically claim contingency fees, which range from 5% to 15% of the claim amount paid by the insurer. The fees may be negotiated according to the nature and amount of claim, the stage of the claiming process, and the type of activities for which the services are being hired. It may be noted that, in some states, these fees are capped, whereas, in a few states, public adjusters cannot charge contingent fees unless they are associated with an attorney.
Thus, appointing a public adjuster shall ease the claim settlement process and help you rebuild your home once again. Hire the certified public adjusters who are also members of NAPIA or the National Association of Public Insurance Adjusters. It assures that they comply with the industry standards for settling your claims.
