.png)
If you’ve ever suffered a loss due to a major catastrophe, you know how challenging it can be to work with the insurance company and resolve things.
For most people, it’s just not that simple.
The red tape and bureaucracy involved can be extremely frustrating.
We can all relate to those moments when we feel like throwing our hands up in frustration. But there is good news!
There are third parties who exist solely to help in these situations, specifically public adjusters.
These professionals operate independently of the insurance company and offer assistance at no cost to the policyholder.
They assist individuals, and businesses recover from losses related to natural disasters or other unfortunate events.
Here’s what you need to know if you find yourself in that situation…
If you need to file an insurance claim or would like a free consultation on an existing one, call or text Kevin Godfrey at 516–410–0164
What Does a Public Adjuster Do?
Unlike insurance companies, public adjusters don’t make money when you pay your claim.
Rather, they are paid by your claim for their services.
The client is not hiring the public adjuster but engaging them as an independent third party with the expertise to negotiate and resolve your claim.
Public adjusters can help you through the entire claims process, from making a legitimate claim to getting paid.
They act as a policyholder's representative, so you’re not dealing with the insurance company directly.
This helps you avoid the inherent bias that often exists when dealing with an insurance company.
Public adjusters can help you navigate the claims process and get the full amount due to you.
Since they’re not working directly for the insurance company, they have no qualms about taking action that the insurance company might be hesitant to take.
How Much Does a Public Adjuster Cost?
As noted above, the client pays the public adjuster rather than the other way around.
The amount you’ll need to pay a public adjuster will depend on the amount of the overall settlement; however, the rate in New York is usually between 7–10%, with a state cap being 12%.
Keep in mind that this cost comes out of your settlement and not out of your pocket.
Why Hire a Public Adjuster?
As discussed above, there are advantages to working with a public adjuster.
In addition to being able to help you get the full amount due on your claim, public adjusters can also be very helpful if you’ve been denied coverage.
Let’s look at each scenario separately.
If you’ve been denied coverage by your insurance company, it may be because you’re at fault.
Most insurance companies will deny the claim if they believe you were at fault in the accident/loss that caused the damage you’re trying to cover.
That’s why hiring a public adjuster can be so helpful — they can represent you and help you get your claim covered.
If your claim is legitimate, but the insurance company takes time to process it, a public adjuster can be even more helpful.
They can help you negotiate a quicker settlement.
Who Can Be Served by a Public Adjuster?
All customers can benefit from the assistance of a public adjuster, whether they have been denied coverage or not.
If you’re involved in a damaging incident, public adjusters can help you file a claim with your insurance company, negotiate a claim settlement, and help you recover financially as quickly as possible.
You may wonder who is responsible for hiring a public adjuster if you’ve been denied coverage.
The reality is that, in most cases, you will be responsible for hiring one on your own.
Your insurance company won’t hire a public adjuster on your behalf.
In cases where the claim is legitimate, but the insurance company is taking its time to process it, the adjuster will work to negotiate a settlement on your behalf.
They’ll help you recover financially as quickly as possible.
When to Hire a Public Adjuster?
You may be wondering when you should hire a public adjuster.
Most insurance companies will take longer than you think to process your claim, especially if there are ‘red flags, which could be anything, depending on the adjuster they assign to you.
The best time to hire a public adjuster is before you file a claim.
The sooner you hire a public adjuster, the sooner you settle your claim.
If you think your claim is legitimate but the insurance company is taking too long to process it, hiring a public adjuster can help you speed up the process.
Conclusion
Public adjusters can help you out of a bind if you find yourself in a situation where you’ve been denied coverage or have a legitimate claim that’s taking too long to process.
It’s important to note that public adjusters don’t work for free.
You’ll be responsible for hiring one and paying for their services out of your claim settlement.
The amount you’ll need to pay a public adjuster will depend on the value of your claim but does have a state-mandated cap.
Whoever you work with, do your research to hire an honest, trustworthy public adjuster.
If you need to file an insurance claim or would like a free consultation on an existing one, call or text Kevin Godfrey at 516–410–0164
Comments