.
The Average Public Insurance Adjuster Fees: A Helpful Guide

The Average Public Insurance Adjuster Fees: A Helpful Guide

The losses suffered by Puerto Ricans due to natural disasters in recent years have made the insurance industry hugely important on the Island.

Public adjusters play a significant role in our insurance system. If you’re considering hiring a public adjuster to assist you with a claim, you may well be wondering how much the service is likely to cost.

Read on as we examine public insurance adjuster fees.

What Do Public Insurance Adjusters Do?

Public insurance adjusters are independent professionals that help claimants to settle proceedings with their insurance company.

If you hire a public insurance adjuster, they will take over many aspects of the claims process. They will see to much of the required documentation, and negotiate with the insurance company on your behalf.

Insurance companies provide such an adjuster free of charge. However, because of the obvious benefits of having an adjuster with no connection to the insurance company, many claimants choose to hire a third party adjuster.

Should I Hire a Public Insurance Adjuster?

If you’re making a claim that is complicated or is likely to be contested by the insurance company, a public insurance adjuster might be a wise investment.

insurance companies will do anything they can to deny your claim, or limit its value. Their business model depends on paying out as little in claim money as they can.

Therefore, it is often useful to have someone on your side who knows how to counteract their various tactics. Public insurance adjusters are trained and experienced in this area.

Many claimants feel that the insurance company adjuster does not act with their best interests at heart. In this case, hiring a public insurance adjuster may be the most effective way to secure a fair settlement.

Public Insurance Adjuster Fees: How Much Is the Service Likely to Cost?

Public adjusters often charge commissions rather than fixed fees. This means that, in many cases, public insurance adjusters make no money if your claim isn’t successful.

It also means that the money they make is dependent on the value of their claim. This incentivizes them to get you as good a deal as they possibly can.

They will charge fees in certain circumstances, however. Flat charges may be levied when a claim process is especially long or requires in-depth work.

Fees may also be applicable where the assistance of a third party is required. This will most commonly be a lawyer. Where there is a criminal element to a claim, or a lot of legalistic work to be done in relation to it, the help of an attorney will be required.

The percentage charged as commission is usually between 10-20%.

Making the Most of Your Claim

The benefits of hiring a public insurance adjuster are clear to see. While public insurance adjuster fees might be off-putting initially, it is important to consider the potential cost of not hiring one if your claim becomes difficult.

If you’re thinking about hiring a public insurance adjuster, contact us today for a free consultation.

How Long Does An Insurance Company Have to Settle A Claim?

How Long Does An Insurance Company Have to Settle A Claim?

With tornadoes, floods, storms, and earthquakes causing more residential property damage in American and Puerto Rico than ever before, getting your insurance claim settled in a timely fashion is more important than ever.

Insurers paid out a whopping $1.3 billion in claims last year, a number set to rise in 2020. If you have experienced damage to your home, the last thing you want is to be kept waiting in the dark about when you can expect what is due.

If you’re wondering how long does an insurance company have the settle a claim, read this guide to find out.

How Long Does An Insurance Company Have to Settle a Claim? It Depends on Where You Are.

The first thing worth noting is that the time it takes for an insurance company to settle a claim varies widely from state-to-state. All states have laws that stipulate that every insurance provider must respond to a claim ‘relatively promptly. However, states such as North Carolina do not give a specific time frame.

Others, such as Florida, California, Texas, Ohio, and Georgia, are more strict. In these places, it is mandated by law that a claim must be responded to within 15 days of it being filed.

After this, the time period ranges from between 10 and 60 days for the company to inform you whether or not they will pay the amount requested and begin the transaction process.

Insurance companies in all states also have a right to extend the deadline if they can provide a good reason to, such as a suspicion that a claim might be fraudulent.

Always check the legislation for the state you are filing the claim from before beginning proceedings.

Factors That Can Affect the Time it Takes to Settle a Claim

There are many factors that can affect the time it takes for an insurance claim to be processed. The complexity of the claim is often the biggest factor. Many insurance claims do not appear clear-cut, meaning that the company will often take extra time to investigate to make sure everything adds up.

This is why it is vital to hire a public adjustment handler who can ensure all of your documentation is in order and that the claims process can be as speedy as possible. In addition, if you disagree with a settlement offer or think it unfair, this will naturally add to the time it takes to settle.

If you think an insurance provider is lowballing you with a compensation offer, you have every right to appeal. Using a proper claims adjuster to help you get the amount you deserve almost always leads to a higher offer in the end, so don’t shy away from confrontation.

In addition, there may be a hold-up on the insurance company’s end. Perhaps there had been a major disaster in your area, leading to a lot of claims that must be handled. This is common and often unavoidable.

In this case, you should be patient, but remember that the insurance company should always be honestly communicating with you about the reason for the delay.

Learn More

Now that you know the answer to the question “How long does it take for an insurance company to settle a claim?” you can get started. Make sure to get in touch with our expert team of qualified professionals to find out more about how you can get your claim settled as quickly and conveniently as possible.

Should I Hire a Public Insurance Adjuster?

Should I Hire a Public Insurance Adjuster?

After experiencing property damage or loss, you might be left feeling anxious and worried. You’ve lost something of yours and now you’re not sure how you’re going to repair or replace it. After the damage occurs, your insurance company will send an adjuster out to assess the damage.

However, your insurance company’s adjuster is looking out for your insurance company. This is why you need to consider hiring a public insurance adjuster. Once hiring a public insurance adjuster, you’ll have someone out on the scene who works for you and has you in his or her best interest.

Not sure if hiring a public adjuster is the right decision for you? Continue reading below for everything you need to know about the benefits of hiring a public adjuster.

1. Experience

A public adjuster has the experience and expertise needed to understand the claims process. It’s not difficult to misinterpret something on your insurance policy. Without having an adjuster on your side, insurance companies have the upper hand.

Their experience is going to be what gets you the best results possible. They’ll be able to guide you throughout the entire process ensuring that every step you take is the correct one.

2. Time Savings

Not everyone has the option of putting their life on hold to deal with filing a claim, speaking with insurance companies, collecting all proper documentation, and so on. Hiring a public adjuster will save you time.

An adjuster will manage your claim for you and only contact you when you’re needed. And because your public adjuster knows about the claims process, he or she will ensure that the claim is filed and settled as quickly as possible.

3. Maximized Settlement

Not only will a public adjuster make the process go by much faster, but he or she will be able to maximize your settlement as well. One study showed that public adjusters are able to negotiate with insurance companies. This ultimately increases the settlement amount for you.

Without a public adjuster, your insurance company would only pay out what they decide to. An adjuster on your side will be able to negotiate a larger settlement with them, which can only benefit you.

4. Knowledge of Rights

Aside from knowing how to negotiate with your insurance company, a public insurance adjuster will also know your rights. This is a major benefit when dealing with a denied claim. The adjuster acts as a witness to the scene and damages and can also guide you along the way if more aggressive action is required to get the settlement you deserve.

Do You Need a Public Insurance Adjuster?

After reading through this guide, we hope you now know how important it is to hire a public insurance adjuster.

Have you experienced property loss or damages? If so, be sure to contact us today to see how we can help you!

The Life Cycle of an Insurance Claim: Everything You Need to Know

The Life Cycle of an Insurance Claim: Everything You Need to Know

When you’re in an accident or have property damaged by a fire or other natural disaster, it can seem like an eternity for your insurance claim to complete. You’ve been through a trauma and your car or home can be severely damaged. The insurance claims process can be swift, but many people don’t understand how it works.

Once you make that initial call, the gears begin turning to process your claim. It may feel like forever, but your agent is diligently working to get everything concluded as fast as they can. There are times when the process is easy and other times when it takes longer.

Learn how the insurance claims process works and be prepared.

The Claims Process Begins by Contacting Your Insurance Provider

When the accident happens, contact police and ambulance services, if there are any injuries. Once you know everyone is safe, contact your insurance provider. They’ll have instructions for you to follow.

They’ll want you to take pictures of the damage of both cars and get a copy of the police report when ready. It’s the same for property damage or personal property damage like artwork. Take plenty of pictures.

You may not need all the pictures, but it’s better to be safe than sorry. If you make any repairs to the vehicle to get it working and don’t take pictures, then you may be denied or underpaid without pictures.

The Insurance Adjuster Gets Involved

The insurance provider contacts an insurance adjuster to conduct an investigation into the incident. The goal of the adjuster’s investigation is to understand if your policy covers the damage and how much of the cost is will cover.

The insurance adjuster visits the damaged home or views the damaged car to see how much damage occurred and why. When the investigation is completed, the adjuster goes over what is covered and any deductibles, etc. that you may have.

Adjuster Gets Accurate Damage Analysis

The adjuster needs to know how much the damage will cost to repair. The adjuster may bring in experts such as carpenters, mechanics, etc., to provide a proper estimate of the damage.

Once he understands the costs for the damage, he’ll provide you with a list of contractors preferred by the insurance company. This is a courtesy and you don’t have to use those contractors, but they’ve already been vetted by the insurance company.

Payment is Arranged

The adjuster monitors the progress of repairs on the home, car, etc., and once complete will contact you to arrange payment. Your claim is settled, and payment occurs a short time later. The complexity of the situation determines the payment time.

The entire process can be short, or it could be longer depending on the complexity of the investigation and the severity of the damage.

Insurance Claims are Common

Insurance companies get many claims and they want them concluded as soon as possible. Don’t be frustrated by the claims process because it’s there to protect both you and the insurance company.

If you want to learn more about claims adjusters and the insurance claim process, then please explore our site.