The role of a public adjuster is sometimes little-known, but recent news has shown their value to a wide audience. With adjusters helping to negotiate the balance between work and federal sick pay, and CNBC reporting widespread underpaying in the employment insurance sector, the public are taking note of their value. In property, a public adjuster can play a key role in a few key situations.
When you just don't know the law
Law is extremely complex, and insurance policies often reflect this. As a result, insurance companies often benefit when disaster strikes; NPR highlights the $400m profit made by insurers following Storm Sandy. More often than not, this is down to poor understanding and pursuit of insurance claims by the policy holder. Public adjusters make the difference here by pressing insurers where appropriate. Hurricane Michael is an example of this; InsuranceJournal note the work of Orlando claims adjuster firms in addressing this balance and forcing payouts.
Without resources
Pursuing insurance claims can be very time consuming and expensive. When people set out on the path to making a claim, they may not realize the amount of work hours they'll lose, as well as associated court and travel costs. Hiring a public adjuster from the outset helps to get all of that money pooled in one, professional place, and to make certain that every step you take is a sure one. The prospect of an adjuster often nudges insurers into ending any adversarial approach early to ensure that both parties stay in pocket.
With a bad outcome
There are many competent homeowners out there who will have argued their case correctly to an insurer. Despite this, many are left out of pocket. Public adjusters can be a useful medium to ensure that every proper step was taken and a fair outcome created; this is the case in Calgary, Canada, where cross-continent adjusters recently worked on the case of the hail storm that caused property damage through the city.
Whether as a last ditch attempt at proper redress, or the first port of call for people without the resources or nous, public adjusters perform a vital role in property markets. Insurance is not always crystal clear, so having an adjuster on board can help to smooth the ride out and make people more aware of exactly what is owed. In high stakes arenas like property, this can be an invaluable role.
