No one wants to deal with the hassle of a natural disaster or unexpected property issue. Between trying to salvage what’s left of your home and belongings, and dealing with insurance companies, it can be overwhelming. That’s where public adjusters come in – they’re supposed to help make the process easier, right? So are they worth it? In this post, we’ll take a look at what public adjusters do, how much they cost, and whether or not they’re worth it in the long run.
Do I need a public adjuster? What are public adjusters? How much do public adjusters cost? Are public adjusters worth it in the long term? These are some of the questions that come up when you’re dealing with a natural disaster. The great thing is there’s no one size fits all answer to “do I need an insurance company?” At least not yet… Today we’ll be discussing whether or not hiring a public adjuster is necessary, what public adjusters do, and if public adjusters are worth it.
Will public adjusters save you money?
Public adjusting can be worth it if your insurance company denies, under-pays for your claims and/or if you need help filing a substantially large claim (over 5 figures).
Additionally, public adjusters may take longer to get stuff like repairs done because public adjusters tend to focus more on making sure you’re getting all of your due compensation on claims rather than having a singular focus on getting things fixed on a more timely basis. Insurance companies try to delay claims and will reject payments for items that have been repaired or not documented correctly.
The Office of Program Policy Analysis and Government Accountability (OPPAGA) report found that: Homeowners who submitted claims on their own received an average $2,029 vs. an average of $17,187 when represented by a public adjuster. Using a public adjusting service, homeowners saw an average increase of 747% in their homeowners’ insurance payout.
Is public adjusting worth it?
In short, yes – public adjusters can help you with your claim. In general, public adjusters make sure that claims don’t get underpaid by insurance companies/are adjusted properly based on current market value for cost estimates from contractors.
Having the proper representative is extremely important with the insurance claim process. Many individuals are not licensed public adjusters or simply do not have the experience within the industry to get the results needed. In today’s insurance market, insurance companies make it harder to receive proper compensation and why extensive knowledge in the industry is important.
How does public adjusting work?
Public adjusting works by finding information that either increases or decreases the perceived value of an item or repair. For example – if you were trying to claim for a damaged roof after a heavy wind storm and public adjusters turned up evidence that proved that roofs in your area had been built with faulty material, it would reflect poorly on the insurance company’s claims process and thus increase the size of your settlement.
How much does public adjusting cost?
Public adjusters typically charge a percentage of your total settlement (typically between 15%-20%) as their fee for service. This is usually taken from your insurance company directly as part of your overall compensation package. Also, depending on how expensive some repairs Public adjusters are typically incentivized to find as much compensation for you as possible, so public adjusting fees are usually built into your settlement.
In Conclusion
In short, Yes, public adjusters are worth hiring when reporting an insurance claim. Public adjusters can help maximize your insurance claim compensation. The important part is to find a knowledgeable, experienced, and trusted public adjusting firm to make sure the process is the best possible.
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