The “Ins and Outs” of Public Adjusters
Residential and commercial disasters happen on a daily basis all over the country. This means insurance companies are constantly assessing damage and how much that damage will cost. Policy holders often times know their home and property insurance coverage very well, yet in times of emergencies you may not be thinking clearly. This is where some public adjusters come into play. There are 3 different adjusters you can deal with during times of disasters.
Company Adjuster – A company adjuster is hired by an insurance company to assess the damages to your property. They are paid by the insurance company and will not charge you a fee.
Independent Adjuster – An independent adjuster is contractually hired by your insurance company to assess damages while representing the insurance companies best interest. The insurance company pays this adjuster and will not charge you a fee.
Public Adjuster – Public adjusters do not work for any insurance companies and do not work on behalf of the State of Illinois or any other agency. They assess the damages to your property while communicating with your insurance company. You hire a public adjuster by signing a contract while agreeing to pay a percentage fee of your settlement.
During times of disaster, public adjusters have gotten a bad rap. When disaster strikes, people are generally vulnerable and are willing to take help from anyone who offers. Public adjusters are perceived as the ones who swoop in on their “pray” and take control on the assessment. Once you sign their contract, you are obligated to pay a percentage of the settlement you receive from your insurance company. While all along a company or independent adjuster would have been given to you by your insurance company for free.
There are restrictions by law that keep public adjusters under control.
-By law they are required to provide a contract stating salary, fee, commission, compensation or other consideration they will receive for services.
– They are not aloud to solicit you or your business while a fire department is on your property.
– They are not aloud to solicit during the hours of 7 p.m. to 8 a.m.
– All public adjusters need to be licensed with the Department of Insurance.
Many public adjusters are very trust worthy, yet you always need to do your research. When purchasing a home or company insurance policy, feel free to discuss the adjusters provided through the company. If you feel that you are better off finding an adjuster on your own, research their credibility through the Department of Insurance.
If you do experience commercial or residential disasters, find a local restoration and cleaning company near you to receive a quote.