When a disaster hits your property, it leaves you grappling with the damage, both financially and emotionally. It's a daunting task to deal with insurance claims and repairs, which is why many people hire a public adjuster for help. But what do they do, and how much do they charge?
Public Adjusters: The Advocates You Didn't Know You Needed
A public insurance adjuster is a licensed professional hired by the policyholder to negotiate their insurance claims. They are experts in understanding the complexities of insurance policies and use their expertise to ensure you get the maximum payout on your claim.
Unlike insurance company adjusters who work for insurance companies, public adjusters work solely for you, the policyholder. Their role involves assessing the damage, preparing an estimate, reading the intricacies of the policy, and negotiating with the insurance company.
Why Does a Public Adjuster Want to Secure the Largest Claim?
The primary reason is simple: the more substantial the claim, the more significant the adjuster’s fee. Public adjusters typically charge a percentage of the total claim, so it's in their best interest to secure you the highest payout possible. But this isn’t just about making money. It's about leveling the playing field.
Insurance policies can be complex documents filled with legal jargon and intricacies. For the average person, deciphering this language to understand what's covered and what's not can be a herculean task. Public adjusters are skilled in breaking down these complexities. They ensure you don’t miss out on what you're entitled to due to a lack of knowledge or a misunderstanding.
Moreover, the aftermath of a disaster can be an emotionally challenging time. The last thing you want is to be stuck in lengthy discussions with your insurance company. Public adjusters take this burden off your shoulders, leaving you to focus on rebuilding your life.
How Much Do Public Adjusters Charge?
It's the million-dollar question: How much does it cost to have this advocate fighting in your corner?
There is no universal standard, but public adjusters typically charge a percentage of the total claim payout. This percentage can range anywhere from 5% to 20%, depending on the state regulations, the complexity of the claim, and the adjuster's experience.
Some states have a cap on the percentage public adjusters can charge. For instance, in Florida, the cap is 10% for non-hurricane claims and 20% for claims due to declared emergencies. Other states, like New York, require fees to be "reasonable" but don't set a specific cap. Thus, it's crucial to know your state's laws before hiring a public adjuster.
It's also worth noting that many public adjusters operate on a contingency basis. This means you only pay them if they are successful in securing a payout. If your claim is denied, you won't owe them anything. This approach ensures that the public adjuster is as invested in the success of your claim as you are.
While the percentage model is the most common, some public adjusters might charge hourly fees or flat rates, especially for smaller claims. The specifics will be outlined in your contract, so make sure to read and understand it thoroughly before signing on the dotted line.
Proper Payouts with Harrell Adjusting Services
Navigating an insurance claim in the aftermath of a disaster can be overwhelming. A public insurance adjuster can take that stress off your shoulders. Our team of public adjusters at Harrell Adjusting Services will advocate for you, making sure you get the maximum payout to which you're entitled. If you find yourself facing an insurance claim, give us a call. We'll work hard to ensure you get a payout that doesn't merely scratch the surface of your loss, but that truly covers your needs.
Needing some guidance with your claim?
At Harrell Adjusting Services, we can help!
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