|
FINDING A CLAIMS ADJUSTER
Are you tired of how slow your carrier is taking
with your claim check? Or perhaps the adjuster's offer
is much less than what you need in order to cover your
losses? Maybe you need your own adjuster.
Public adjusters take on all of the responsibilities
needed to get your claim processed. This includes making
an inventory of your losses and presenting your case to
your carrier. In exchange for their services, a public
adjuster receives a percentage of your claim.
People like using a public adjuster because they enjoy
the idea of having someone work on their behalf vs.
someone working on behalf of the insurance company.
However, the decision of hiring your own adjuster is far
from a sure thing. You will need to take your time and
do research to find a competent one; which is not easy
especially when you need to act fast.
It is important to note that you will be paying the
adjuster, so hiring one should only be done when it is
100% necessary. Finding a good one will be very
cost-effective. However, if there are bad, then you will
be throwing money into the wind.
It is common for public adjusters to justify their fee
by exaggerating their claim.
Also, some insurance company adjusters may bristle if you
bring in your own expert. Your carrier will become
instantly distrustful or even hostile whenever they have
to work with a public adjuster.
Most often, people will utilize the services of a public
claims adjuster when dealing with large property claims.
Smaller claims, those that are less than $25,000, are
normally based on a fairly ordinary formula, making it a
waste of money to hire a public adjuster.
If you property claim that you think would be
suitable for a public adjuster, ask yourself two
questions: Is your carrier responding quickly to replace
your losses? Are they being fair and effective?
Most well known companies are going to be in touch with
you very quickly and will also pay fair for claims.
However, with the current state of the economy, some
companies are going to play hardball with you.
Below are a few more examples when it make sense to to
hire a public adjuster:
- A partial loss has been sustained. For example,
only half of your house has burnt down. This will allow
you to document what items have been destroyed by the
fire and which have been unaffected.
- You are too busy to find the time to follow up on your
claim. No matter what your situation is, following up on
your claim is going to take time and effort, especially
if you are lacking a record of your items and what their
value is.
- Someone you love has been killed or injured. The last
thing you are going to want to do is worry about the
claim process.
- Your loss is related to business. Instead of having an
employer handle the claim, many companies will outsource
the job.
Even though your intent is going to be to move fast, you
will still need to research before you hire a public
adjuster.
Don't be desperate and hire the first adjuster that
comes knocking at your door after a fire or hurricane!
You will regret it!
Here are a few tips on how to find a reputable public
claims adjuster:
- Ask around for a referral. Try and find someone you
know that has already files a claim with a public
adjuster or know anyone who has.
- Get in touch with the
National Association of Public Insurance Adjusters.
They maintain a searchable database of members that have
a minimum of two years of experience while upholding a
professional code of conduct. .
- One you have collected a few names, interview them. Get
references and ask about credentials. Determine rates.
Contact their references and find out if their
adjuster's performance fast, reliable and personable.
Did they deliver what they promised?
- Contact your state insurance office and determine if
your prospect has any complaints against them. You
should also call the Better Business Bureau.
- You can even ask your insurance agent for their input.
They should have no problem giving you their opinion
being that you are hiring an adjuster to represent
you to the insurance company.
What kind of fees to expect
Typical cost is around 10%. This percentage may vary
dependant on the size of the claim.
True, fee is always important, competence and integrity
should be emphasized first. Exaggerated claims will
cross the line to fraud. And the fact that you are
utilizing the services of a public adjuster does not
clear you.
Don't let the adjuster steer you toward particular
contractors, says William W. Baldwin, president of The
Baldwin Company Inc., a Charlotte-based public insurance
adjusting firm.
"There should be no ties to a construction business," he
says. "To me, there's a conflict of interest."
Wonder if your hired gun might damage your relationship
with your insurance company, especially at renewal time?
A more important question might be, "Why was it
necessary to hire a public adjuster in the first place?"
"There has to be an element of trust and confidence
here," Crowley says. "If you don't trust your insurance
company, chances are at renewal time you should be
shopping for someone you do trust."
|
