In the wake of a natural disaster or event that requires an insurance claim on your home or property, it can be difficult to go about adding up the value of all that was lost or ruined.
You are dealing with the physical and oftentimes emotionally traumatic aftermath of the catastrophe, and at that moment, dealing with an insurance company can be too much to handle on top of everything else.
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Experience Is Key
When you need an experienced professional who knows the ins and outs of the industry enough to advocate for you and the wellbeing of your family, this is when hiring a public adjuster can pay dividends. Just as insurance companies are well versed in how to keep money in their pockets, a public adjuster is well versed in how to do just the same for you, and help you get the most out of your claim. In other words, they will help you get the maximum value of your assets based on your insurance policy.
Based on the evidence of insurance claims statistics, many times it can be at least 10-15% more than what an insurance company will initially estimate and sometimes much more.
Should I Hire A Public Adjuster?
So What’s The Difference?
You may be wondering why is there so much of a discrepancy between the figure an insurance company will generate for repair or replacement of valuables versus what a public adjuster would come up with. Many times it’s just plain and simple research.
In addition, a public adjuster can ask all the right questions. You may all types of specialized and custom built items to account for in an insurance claim. Most of the time, things like these either goes unnoticed, or conveniently ignored by insurance companies.
You May Get More Money For Your Claim
For example, one homeowner who suffered damage from a hailstorm, had to replace custom copper dormers and specialized roofing and tiles among other things. The insurance company calculated the retail value and labor installation costs to replace these items. And their results were less than half of what they would really cost to replace.
This is why you cannot rely upon the logic of their insurance company to account for your losses. We have seen many clients receive much less than what they should.
But, instead, since they hired a public adjuster, they were able to get the full value of damage costs. And the damages ended up being over $200K!
This is only one example of why it’s important to have someone on your side. Most public adjusters are willing to go the extra mile, so you don’t end up paying out of pocket to replace what your insurance policy covers.
When Not To Hire One
In not every case is it necessary to hire a public adjuster though. If you are dealing with a smaller claim, and you can do the research yourself, you may not need an adjuster. In addition, if you have had experience in the past doing claims, then you may already know what you will need.
A public adjuster will usually charge a percentage of the claim, and somewhere in the ballpark of 10-20% of the entire claim, depending on how much it is. But remember, it’s very likely they will be able to get more from the claim that you would.
An Adjuster Will Help With All The Process
The public adjuster should be licensed to work in your state. In addition, he/she should be familiar with the true cost of things, such as hiring a restoration company to do repairs. An insurance company will oftentimes try to cut as many corners as they can– whatever is best for their business. Some times the insurance company can bring in an insurance adjuster who is not familiar with the cost of doing business in your city. Also, their adjuster will look for the companies best interest.
Who will be looking for you best interest?
They may make generic estimates based on outdated figures. Their adjuster may even suggest to replace your damaged items from cheaper sources.
For example, they may suggest you replace your damaged rugs with items from Wal-Mart, when you actually bought them from Macy’s.
Additional Benefits Of Hiring An Adjuster
Catastrophic damage will often result in an insurance claims process that can take up to a year to process. In that time, it’s important to be aware of all the things that your policy covers. If you suddenly find yourself without a place to sleep, you may even be entitled to “additional living expenses”. Your policy may include hotel and food expenses while your home is being repaired.
It’s the little things like this that hiring a public adjuster can help with. If you hire one with many years of experience, they will be able to give you priceless advice that will make all those years of high insurance premiums really pay off. It’s wise to hire a reputable public adjuster early in the process though. This will ensure that they have enough time to assess the damage, and file paperwork according to deadlines so as to maximize the return on your coverage.
We recommend hiring an adjuster for any of the following:
We have personal experience working with clients that do claims with adjusters. They often get more money with less stress.
So everyone wins. If you need help picking an adjuster, we have worked with many in the past. Just contact us and we can help.