Claims Adjusters, Independent Adjusters, and Public Adjusters: Spotting the Differences
Insurance Adjusters is an umbrella term for different types of professionals that interpret and mitigate insurance policies. From an insurance policy holder’s point of view, they are expected to be credible and reliable allies when it comes to claiming insurance coverage.
Given such circumstance, Insurance Adjusters are expected to protect the rights of every insurance policyholder. But what makes a good Insurance Adjuster? What are the characteristics that you should consider for before entrusting your insurance claims to them?
It is important that you understand the different types in order to avoid having some confusion; and to identify which Adjuster to rely on for your insurance claim.
The 3 Types of Insurance Adjusters;
Claims Adjusters are also referred to as Company Adjusters or Claims Handler. They are usually employed by an insurance company to investigate insurance claims. They conduct interview of the claimant and related parties, check pertinent records, and inspect damages to the property in order to identify the extent to which the company is liable. In general, Claims Adjusters interpret the insurance policy in favor of the insurance company.
Also referred to as Independent Contractors, they are not directly employed by a company, agency or firm. In the event that a major disaster hit a particular area and the number of homeowners claiming for insurance coverage spikes up, an insurance company may seek the services of Independent Adjusters to assess and review the claims of their clients. They are outsourced by an insurance company to speed up the investigation process. Therefore, an Independent Adjuster represents and works for the insurance company.
Public Adjusters are hired by insurance policyholders (consumer) to represent them and negotiate on their behalf in claiming for insurance coverage. They create their own assessments of damages to the property and the report will be submitted to the insurance provider of their client. Public Adjusters work to the best interest of the policyholder and aim for a successful resolution in favor of their client.
Expectations versus Reality on Insurance Claims
Insurance Companies tend to offer attractive and comprehensive insurance packages that would lure property owners to sign a contract with them in a heartbeat. Acquiring property insurance seems to be the wisest decision anyone could make in order to protect valuable property from potential damages caused by natural calamities and other catastrophic events. It also guarantees peace of mind knowing that in such instances that the need arises, insurance coverage and/or sufficient settlement can be relied on.
In the event wherein there are a massive number of insurance policyholders who are claiming for insurance coverage, you can expect your fair share of stress and frustration. A multitude of questions will most likely cross your mind; will I get a settlement for the damages to my property? How long would I have to wait? Will my losses be assessed thoroughly and rightfully?
Insurance Adjusters: Spotting the Good Side and the Bad Side
There are different approaches in claiming for insurance coverage. You can either fully entrust it to your insurance provider or you can do something to gain an advantage. As an insurance policyholder, you have the prerogative to choose your options wisely. You must learn how to play your cards well and to get ahead of the situation. As an eye-opener, here are the good and the bad sides when it comes to insurance claims;
Insurance Adjusters: The Bad Side
At first, it may seem that you would get the attention that you deserve. Your insurance company will most likely send a Company Adjuster or an Independent Adjuster to conduct an investigation and get information from you. This would provide some relief on your part knowing that your insurance claim is getting somewhere. After some time, you would finally receive the result of the investigation – it’s either denied or you’re presented with an unjust and unreasonable settlement.
Such situation can be devastating. It adds further insult to an existing injury. Moreover, it leaves you with a trail of doubt and uncertainty especially when you know that you deserve better. Why do these things happen despite having an insurance adjuster who handles your case? The answer is simple; it’s because your interests are not being represented by anyone. Company Adjusters and Independent Adjusters represent the insurance company. Therefore, it makes perfect sense that the investigation is geared towards the interest of the insurance provider and the resolution is likewise in favor of their company.
Insurance Adjusters: The Good Side
Not all stories about insurance adjusters are tragic. In fact, there are a great number of success stories backed up by sufficient evidences and living testaments. There are also a vast number of insurance policy holders who managed to get a fair and reasonable settlement after they have filed claims for insurance coverage. So how is this possible? In case of denial of claims, how can there be a silver lining in such situation? Is it still possible to turn things around in favor of the insurance policy holder?
The answer is “yes”. How? It’s by hiring a professional and licensed Public Adjuster who can represent your case and your best interests. As a policy owner, you have to be mindful of your options when you’re filing for insurance claim. Be diligent enough to know your rights. Hiring a Public Adjuster who will represent you and will legally negotiate on your behalf can give you a more favorable resolution and fair settlement.
Public Adjusters represent no one else but the insurance policy holders; and that could be you. Their duties and responsibilities are regulated by the state and the focus of their service is to protect the rights of the consumers. They also undergo state licensure, certification and continuous training in order to qualify for their position.
Analyzing the Two Sides in Every Story
A string of frustrations and disappointments should not stop you from purchasing an insurance policy. Having an insurance coverage is still your best ally in times of disaster and it can protect your property in so many ways when the need arises. What you need to do to get ahead in any situation is to expand your mindset and gain knowledge about your rights as a consumer.
It also helps to understand that there are always two sides in every story. In this case, one involves Company Adjusters and Independent Adjusters; and another one that involves a Public Adjuster. Knowing the difference will allow you to spot a more favorable and sensible option that can work to your advantage and to the best of your interests.