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.