Difference Between Insurance Adjuster and Public Adjuster
The recent spate of tornadoes and other natural disasters has devastated numerous communities across the U.S.. Along with the large number of lives lost and families who will be grieving over the holidays rather than celebrating, many people will begin the process of trying to rebuild. To do this, they will be working with insurance companies to estimate damage, file claims, and wait on checks that will help them begin anew. As a real estate investor and property insurance policyholder, you may be unaware about the differences between an insurance adjuster and a public adjuster. Learn about these crucial differences and how they may impact any claim you need to make in the future.
Advocating on Your Behalf
When you work with a public adjuster, the biggest benefit is you will have a person who will advocate on your behalf to ensure your claim is approved and that you get the maximum amount of money you need. Unfortunately, insurance adjusters aren’t interested in advocating for you. Remember, whether they are actually employed by the insurance company or have been contracted to work for your insurer, their goal is to save the insurance company as much money as possible, which translates to giving you as little as possible or denying a claim altogether.
Capitalizing on Stress
Sadly, many insurance adjusters realize the people with whom they are dealing are filled with tremendous amounts of stress and may use this to their advantage in terms of offering quick payouts for too little money. However, a privately-hired insurance adjuster is more concerned about doing the right thing for a policyholder, and will examine your property insurance policy to ensure the claim filed will be geared toward gaining maximum compensation.
When an insurance company’s adjuster begins looking over a property following a natural disaster, it is not uncommon for some of them to underestimate or overlook damages. In doing so, a claim may be unfairly denied, or the payout could be short of what it should be. Many investment property owners are not experts in home repairs and estimating damages on a large-scale, it’s only natural you would take their word in these situations. Rather than risk this scenario, you should consider hiring your own public adjuster. Since their goal is to get your claim approved for as much money as possible, they will provide a comprehensive appraisal of your property damage, begin negotiations with your insurance company, and fight hard to reach a settlement that is fair and equitable.
If you hire a public adjuster, they will not only look over your policy in great detail and explain whatever aspects you may not fully understand, but also stand firm during negotiations. Remember, public adjusters work for you, not the insurance company. They act in your interest only. In fact, it is sometimes possible for a public adjuster to get a policyholder not only the maximum amount allowed by their policy, but amounts that exceed those stated in the policy.
Licensed and Certified
Just like traditional insurance adjusters, public adjusters are completely licensed and certified, meaning they have the qualifications and experience needed to serve you in what may be the most difficult experience you have ever encountered. Also, don’t be confused if an insurance company adjuster introduces themselves to you and tells you they are an independent adjuster. It may be that they are an independent insurance adjuster. But if the insurance company is paying them, they aren’t working solely in your best interests.
Do Your Research
Even if your insurance company sends one of their adjusters to your scene, don’t assume you automatically have to accept what you are told regarding the damage estimate and status of your claim. You do have to let them do their inspection, but you don’t have to accept their findings. Doing your research and getting an independent public adjuster to look over your property can be the difference between night and day in terms of the money you receive to rebuild your property. Finally, if an insurance adjuster offers you a check on the spot, don’t endorse, cash or deposit the check yet. Doing so implies acceptance of the claim amount. Hold onto it until you can get a public adjuster out to assess the situation.
Unfortunately, you never know when Mother Nature will unleash her wrath. If your investment property is damaged by a horrific tornado or other disaster, rely on the assistance of a skilled public adjuster.
“I highly recommend working with Antoine and MartelTurnkey. As first time real-estate investor, Antoine gave me a great understanding of an industry I was unfamiliar with. Their properties are in great markets, fairly priced, and are truly turnkey. There were zero improvements I had to make on the property bought from them in Memphis. If you are looking for a good investment opportunity, work with the MartelTurnkey team.”
~ Simon, Long Beach, CA