Why should you hire a public adjuster?
Public Adjusters are a common term within in the insurance industry and come in all shapes and sizes, or specialties and backgrounds. What are they exactly? The easy answer is that, in most states, a public adjuster is a licensed professional who is able to represent and assist the policyholder, or Insured, during the settlement process of an insurance claim.
Florida’s definition is a bit a long…
FL ST 626.854: A “public adjuster” is any person, except a duly licensed attorney at law as exempted under s. 626.860, who, for money, commission, or any other thing of value, directly or indirectly prepares, completes, or files an insurance claim for an insured or third-party claimant or who, for money, commission, or any other thing of value, acts on behalf of, or aids an insured or third-party claimant in negotiating for or effecting the settlement of a claim or claims for loss or damage covered by an insurance contract or who advertises for employment as an adjuster of such claims. The term also includes any person who, for money, commission, or any other thing of value, directly or indirectly solicits, investigates, or adjusts such claims on behalf of a public adjuster, an insured, or a third-party claimant.
…but, in layman’s terms, when you file an insurance claim after a loss with your insurance carrier, or Insurer, they will assign an insurance claims adjuster to work with you. The person they assign will be either a staff adjuster or independent adjuster and will represent the interests of the Insurer. On the flip side of that coin, is someone that you, the policy holder or Insured, can hire to represent your interests in the insurance claim settlement process: the public adjuster.
Unfortunately, some event will happen whether at your home or in your business, that will require you to tap into your insurance policy to help cover the damages inflicted upon you. Below is the quick overview of the process and it should be noted that some claims may be settled immediately after the Insurer Review and some may need to go all the way to Litigation for resolution.
The Insurance Claim Settlement Process
Why should you have a public adjuster as a part of the claims process and how do they fit in?
Let’s add some context to the situation. We have already established that the first thing an Insurer will do is assign a specialist on handling the insurance claim, the company/staff or independent adjuster. Behind this adjuster is a $1.28 TRILLION industry where insurance premiums (your monthly payments) are the largest revenue source and insurance claim payments (what you need in a crisis) are the largest cost (expense against that revenue). If it sounds like the profitability of this industry is best served by collecting the premiums and denying/delaying claims, you would be accurate. Read more about how Allstate went from an average of $82 million in pre-tax income pre-1995 to $2.4 BILLION after 1995 despite natural disasters like Hurricane Katrina in the book From Good Hands to Boxing Gloves by David J. Berardinelli or just google the terms for the articles and legal opinions.
In that environment, where deny and delay are weapons, you may need professional assistance to ensure there are no administrative issues in the course of filing your claim correctly and on-time, per the conditions in your insurance policy. These conditions are YOUR obligations and instruct you on what to do after damage or a loss occurs.
A public adjuster may help you by:
1. Documenting the damage or loss that occurred thoroughly, already knowing the level of detail typically required by insurance carriers.
2. Reviewing your insurance policy to determine what coverage exists that may be appropriate for the loss but also what the other coverages such as Business Interruption or Extra Expense may be applicable, ensuring all available funds under your policy are presented and claimed in or to make you whole or limited those losses which may not be covered.
3. Presenting your claim in the best possible manner to eliminate as much vagueness as possible to ensure coverage is opened for your claim. There are common rebuttal tactics used by Insurers in the industry during the claims process when claims are not presented in a complete manner from the beginning.
4. Advocating for you and your interests through the entire claims process to ensure correct measurements are used and payments are made in a timely manner that allows contractors to begin work or businesses to resume operations.
All of that sounds straightforward but missteps in communication, lack of engaging experts at critical moments, or engaging experts that are compromised by self-interests or other means can delay your claim, leaving you vulnerable and more open to accepting a denial or reduced settlement.
You pay your premiums and you deserve to have your claim settled fairly and timely. A public adjuster brings a specialized perspective grounded in relevant training and experience to help you be made whole again.
