Public Insurance Adjuster
Even with the downtrend observed in recent weeks, home prices throughout the nation are at all time high and so is your stake in your home. If any catastrophe strikes your home, your home insurance would be the key to your new life. Most people do not face such a situation, but in case such a thing happens like it did in New Orleans a few months back, you will have the unfortunate recourse to facing and negotiating with your insurers on all kinds of clauses that bind your insurance policy. That's where Public Insurance Adjusters may step in.
They know the ins and outs of filing a large claim against a homeowner's policy. They take inventory, hire appraisers and engineers and negotiate with the insurer over your policy provisions. In short, they fight for a bigger settlement from your insurance company and provide peace of mind when you're most vulnerable. In return, they take a percentage of the total insurance settlement, usually around10%, depending on the size and difficulty of the claim. Their percentage may also depend on state insurance regulations, which sometimes cap the public insurer adjuster's fees.
To hire an adjucter you need to check with your state insurance department for the names of licensed firms (40 states license the profession) and ask for references. You may also visit the website of the National Association of Public Insurance Adjusters (NAPIA) which lists its member firms.
We must also point out that some people see public adjusters with lot of skepticism. The insurance industry (obviously!) points out that your insurance company provides its own adjuster free of charge. Some consumer advocates call them a waste of money that could be better spent on a lawyer in the event you are not satisfied with your insurers. However, it's a choice that you can exercise depending on your situation and the amount of your claim.
Labels: HomeRelated, insurance
posted by Igloo @ 11:00 AM
1 Comments:
It must be pointed out that an excellent public adjuster will get the policy holder a much higher settlement, often well more than 35% more than the insurance company offers to pay. After a 10% commission, the owner will still be far ahead not only in money, but in having a professional handle all the arduous dealings with an uncaring, unresponsive insurance company. It's been said many times that havng the insurance company adjust their own claim is like having the IRS prepare your income taxes. It stands to reason that the purpose of the insurance company is to use the policy to their own favor to control their costs and minimize exposure. Insurance company adjusters are not rewarded by paying out the most for claims, they're reviewed and paid to stay within budgets. On the other hand a public adjuster works only for the insured, with no ties to the insurance company. It sounds like a no-brainer to have someone look out for my best interest, not the insurance company's.
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