A public adjuster is an individual who represents your interests in a real estate claim and licensed by your state government. When experiencing commercial or residential damage it is a noble idea to have a public Adjuster involved right away. These individuals can really assist you in many ways. First of all they will have knowledge of the laws that apply in your area. They will know how to talk to their superiors and find out what measures need to be taken. It is important to remember that the adjusters have been hired because you are requesting their help and they have no obligation to do so under any circumstances.
Hiring a professional public adjuster will have a vested interest in your claim, and they will always try their best to make sure you get what you deserve. The fact is that loss adjusting is not a glamorous field of work. It does require an education and specialized training. Loss Adjusters are in demand at this time and the Bureau of Labor Statistics reports that the number of claims filed last year was approximately twenty two million. That is a lot of claims.
The Bureau of Labor Statistics indicates that the most common type of claims filed were: Residential, Non-Residential, and General Claims. According to the Bureau of Labor Statistics the most common industry involved in these claims was: Real Estate/UXB, Wholesale Computer Services, Medical, Personal Injury, and General Professional Services. The most common policyholder in these sectors is: Insurance agents, Appraisers, and Lawyers. Therefore if you are dealing with one of those types of professions then you are probably dealing with a qualified and licensed public adjuster.
The basic role of the adjuster is to assess the loss that has occurred and then determine whether or not the claim is justified under the laws of the State and the insurance company. When the adjuster makes his final determination he then submits a written statement to the insured party that details what aspects of the loss must be paid for. Usually the insured party pays their claims up front but sometimes they will settle out of court. The insurance company, on the other hand, will make the claim and submit it to the adjuster. The adjuster then looks into the matter and makes his determination and then makes a recommendation as to who should pay what claims.
When hurricanes are prevalent and there is consistent damage to properties in the area, it is important to have a public adjuster to handle the hurricane related claims. There are several types of claims that can be submitted to a hurricane damaged property insurance company. The first type of claim is when the hurricane destroys large swatches of land. This is usually referred to as a leveling claim. The reason a leveling claim is more likely to be settled out of court is due to the nature of the damaged areas. If the claim amount is too high and the property owner doesn’t have enough money to pay it out of pocket, the insurance company will most likely accept a settlement out of court.
There are different reasons as to why Florida CFO’s decide that a hurricane insurance claim is delayed. One of the most common reasons as to why a claim may be delayed is because of the amount of damage to the property that needs to be examined. It is very common for a CFO to require an appraisal, and when this happens, it can take weeks before the necessary paperwork has been gathered and submitted. Also when the public adjuster isn’t able to inspect the property in person, it takes time for them to figure out the cost of restoration and repairs. There is also the issue of the assessor determining the value of the property correctly.
When there are too many claims to processed at one time, sometimes the insurance company will request that a public adjuster be sent in. This is done so that they can perform their own investigation. The reason behind requesting this service is so that they can determine if a policyholder’s claim is legitimate or not. Now when a policyholder sends in a claim and it is determined that it is valid, then that person’s case will move forward. However if a policyholder wants their case to go to a jury trial or a judge, then that person will have to submit their proof to the insurance company and then it will go into court. Now it is imperative that a policyholder submit all of the proper proof or they could find themselves having their case delayed many months.
Now the question may arise “Why the public adjuster exists?” The answer to this question is that when there are too many insurance policyholders trying to get compensated for losses, then the insurance industry must compensate them through the work of the public adjusters. The insurance industry pays out for the losses that it has caused due to improper underwriting and the loss of business due to too many claims.
