Understanding the Difference between Independent and Public Adjusters
When it comes to insurance claims, many people rely on the help of adjusters to assist them in getting the compensation they deserve. However, choosing the right adjuster is often a confusing process, with many people unaware of the difference between independent and public adjusters. If you're dealing with an insurance claim in Hillsborough County, FL, and are unsure which adjuster to choose, read on to find out more about the differences between the two.
Definition of Independent and Public Adjusters
Independent adjusters are individuals working for insurance companies but are not bound to them, whereas public adjusters are licensed professionals that the policyholder hires to represent them in a claim. Independent adjusters are hired by insurance companies to evaluate the extent of damages and to determine the amount of compensation the policyholder shall receive, while public adjusters solely represent the needs and interests of the policyholder in claims settlements
Expertise and Qualifications
Independent adjusters typically have a background or knowledge in insurance and have passed professional exams and insurance courses as a requirement to be an adjuster. On the other hand, public adjusters are required to also pass exams and obtain a license that legalizes them to advocate for policyholders and have the expertise to interpret insurance policies, investigate the loss, and estimate the damage.
Pay Scheme and Fees
For independent adjusters, their pay is usually a percentage of the insurance company's settlement for the claim. Public adjusters operate based on a contract (hourly or fixed percentage), which is agreed and signed by the policyholder and the adjuster before any work can be commenced. Typically, public adjusters charge a percentage fee of the claim settlement which varies, but usually range from 10% to 20% of the total settlement amount.
Claims Handling and Customer Service
Independent adjusters are mandated to handle all claims given to them by the insurance company and can have limited contact with the policyholder during the claim process. Public adjusters, however, are known for offering personalized, professional policyholder advocacy services through the claim process to settlement. They have frequent communication with the policyholder from the initiation of the claim process to the final settlement and appeals.
Conclusion
Choosing the right adjuster is vital when it comes to ensuring a fair and smooth claims process. If you're looking for expert advocates that prioritize the policyholder's interests., then a public adjuster might be your best option. At Five Star Claims Adjusting, we offer free inspections and have a team of professional public adjusters to assist you in your claims process. If you're looking for loss adjuster in Hillsborough County, FL, contact us today to get the best possible compensation for your claim!
