If you are reading this article, you most probably know what a public adjuster does.
If you don't, here is an overview of what these people do:
- They start by reviewing your property insurance policy and finding out what advantages you have in your insurance claim case.
- Then, they assess the damage to your property and try to negotiate the highest legally possible payout from the insurance company.
- After that, they follow up the claim process and make sure you get the claim money as soon as possible.
So, when do you need to hire a public adjuster?
Here are some cases when you might need the services of a professional public adjuster:
- If you do not understand the legal implications of your property insurance policy.
- If you do not have the time to follow up your insurance claim case.
- If you think your insurance provider is not properly compensating you for the damages to your property.
But any sane person must think what does a public adjuster get out of it and how do they even get paid.
Well, we'll clear all confusions regarding that in this blog post.
How Does a Public Adjuster Charge You
The way public adjusters charge fees for their services differs from company to company.
Mainly one of the following billing formats is used by public adjusters:
For the cases that have a large claim amount and the case has no apparent hurdles, public adjusters normally charge a flat rate.
This rate depends on the nature of the case. The thing to be noted here is that you must clearly discuss all the fees before entering an agreement.
Some public adjusters might charge extra for expert opinions and other such things. So it is better to decide matters beforehand.
Not many public adjusters charge based on an hourly rate, though it is used by some.
The rate will depend on the state where the claim is being pursued, the experience, expertise and operational expenses of the adjuster, and the complexity of the case.
The public adjusters who use this method will tell you how many hours it would take for them to solve your case before you enter an agreement.
There can be a variation of 10 to 15 percent in the expected and actual charges you have to pay.
This is the most common method public adjusters use to charge for their services.
In this method, they do not charge anything directly from the client. They rather get a percentage of the final payout.
This percentage depends on the nature of the case and the experience of the public adjuster. State regulations also dictate how much a public adjuster can charge.
When do Public Adjusters Get Paid?
In most of the cases public adjusters get paid when you accept the final offer from the insurance company.
Normally, the insurance payment case goes through a number of negotiations before you finally accept an offer.
Most of the state laws prohibit public adjusters to charge any fee to the client before the claim is settled.
ACI Adjustment Group ServicesACI Adjustment group provides assistance with insurance claim investigation in storm, fire, water damage, and all other common insurance claims. The services we provide include:
- Insurance policy review to help you understand the terms and conditions of your insurance policy.
- Evaluating damages that are covered under your insurance policy.
- Proving the damages done to your property so that you get claim money according to the damage.
- Following up with your insurance claim process to get it processed fast.