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An insurance adjuster is tasked with investigating the damages incurred and determining the amounts to be paid. Insurance companies always hire insurance adjusters, but you can also hire one. Insurance adjusters employed by an insurance company mostly work on a salary, while public adjusters work on a commission or a fee cap.
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Types of Insurance Adjusters
Adjusters fall into three categories, namely;
- Public adjusters
- Company adjusters
- Independent adjusters
The compensation for their work differs for each type of adjuster.
Public Adjusters
Public adjusters are insurance adjusters that represent the public during their insurance claims. These are the kind you can hire as an individual. They usually operate on a commission or a fee cap.
The commission can go as high as 20%, meaning an adjuster gets 200 of every 1000 dollars in your claim. During a state of emergency in Florida, the commission is capped at 10%.
An adjuster can opt for a fee cap. A fee cap normally ranges between 5000 for small-time adjusters and around 15000 dollars for more experienced adjusters. A cap means that regardless of the claim amount, the adjuster gets the agreed amount.
Company Adjusters
These are adjusters under the employment of the insurance company. They are deployed once a policyholder suffers a loss or damage to an insured item. The insurance company uses them to determine fault and the extent of the damage. In Florida, an adjuster makes an average of 69,000 dollars annually, with some making up to 108,000 per annum.
Independent Adjusters
These are adjusters who work on contracts. Their services are requested by insurance companies when there is an overflow of claims. They charge approximately 26 dollars an hour.
Is An Insurance Adjuster Worth it?
You may not have the necessary skills to evaluate your losses or follow up on claims. Insurance adjusters allow you to focus on other matters requiring your attention during a crisis. They are professionals with the necessary experience to guarantee a fair shake with insurance companies.
You can focus on rebuilding your business or home while the professional works on getting you compensated. The adjuster saves you labor and time and ensures you get the necessary funds to restart your life.
Since all payments to adjusters are made after a claim payment is done, they are worth the trouble as they cost you nothing from your pocket.
What Does A Insurance Adjuster Do?
An adjuster gathers detailed information for your claim, which can be difficult for you to compile and present to the insurer. They, at times, use sophisticated software programs to calculate the extent of your damages and the exact amount the insurance company owes you.
They submit the original claim and any other follow-up claims. Furthermore, they negotiate with your insurer and contractors to get you a good deal.
Insurance adjusters are, however, sometimes not sufficient. During severe disasters such as destructive hurricanes, there are many claims, and yours might be thrown out or get a low compensation. In such times, you will require a hurricane lawyer. Make sure to stay updated with the necessary information during a hurricane.
