Public adjusters can be easily confused with insurance adjusters, but there are key differences between the two. Public adjusters work on your behalf to file insurance claims and negotiate fair settlements, while insurance adjusters represent the insurer’s best interests.
This article will explore the advantages and disadvantages of hiring a public adjuster.
Distinguishing Public Adjusters from Insurance Adjusters
Insurance adjusters work to minimize the insurer’s liability and coverage, not to ensure you receive a fair settlement. Their goal is to save the insurance company money by offering you the lowest possible payout.
Public adjusters, on the other hand, work for you.
They are property claims experts you can hire to file insurance claims and negotiate fair settlements on your behalf. Their aim is to make sure you receive the compensation you deserve and hold the insurance company accountable.
Pros and Cons of Hiring a Public Adjuster
Now that we’ve clarified the difference between public and insurance adjusters, let’s discuss the pros and cons of hiring a public adjuster.
Pros:
Higher settlement: Public adjusters can negotiate higher settlement payouts than if you filed a claim alone. They understand the insurance industry’s language and can effectively advocate for you, often securing 2-3 times more money than you would receive on your own.
Guidance through the claim process: Public adjusters can help you decipher your policy, determine coverage, document losses, and identify potential areas you might have overlooked. They ensure you don’t miss out on thousands of dollars due to misunderstood policy language.
Time-saving: Filing large insurance claims can be time-consuming and stressful. Public adjusters streamline the process by inspecting and assessing damage, estimating repair costs, and handling the paperwork.
Cons:
Fees reduce payout: Public adjusters typically work on a contingency basis, taking a percentage of your settlement. While this reduces your overall payout, remember that the increased settlement often offsets the fees.
Some adjusters don’t handle small claims: If you have a smaller claim, you might be better off filing on your own. Some public adjusters may not work with smaller claims. It’s essential to clarify this upfront.
Timing can delay the process: Hiring a public adjuster late in the process can cause delays. It’s best to involve them as soon as possible to avoid misunderstandings and financial setbacks.
Conclusion
Hiring a public adjuster offers numerous benefits, such as reducing the time and effort spent on the claims process, but the most significant advantage is the potential for a higher settlement.
Public adjusters are there to work for you and ensure you receive the compensation you deserve. If you’re unsure about handling a property damage insurance claim or want to learn more, consider reaching out to a public adjuster today.