Public adjusters do not usually handle individual claims. But, they are available to assist law enforcement and the public safety agencies that have need of the services of this individual. The public adjuster will make the final determination on the value of the loss to be compensated. The cost to the company for the adjuster will vary depending on the length of the period between claims. When the period is shorter, the cost to the company is higher.
Public adjusters usually require the assistance of insurance agents for processing their claims. The adjuster will have a computer that can keep files and correspondence of requests and payments. A signed and notarized affidavit of each client will be sent to the client.
Depending on the type of policy, public adjusters may also include the value of personal property in their settlement. This usually happens for household owners. When it is a household, the public adjuster can estimate the value of the contents to be covered. In the case of a household, there is no deductible to be charged. When the policy is for a single entity, there is a deductible for claims.
If an individual is insured on more than one type of policy, the value of the property is estimated. As a result, each claim will have a separate value. This can affect the settlement.
It is the client’s responsibility to keep all papers and documents in order. These include contracts, policies, estimates, and declarations. Any unreturned money will lead to interest charges to the policy owner. The policy owner’s responsibility ends when payment is made. Insurance companies will send out investigators to the home to recover the unpaid amount.
Any unpaid money will be referred to the courts. The company may pursue the owner of the home. Any funds recovered may be given to the client. The public adjuster may not recover money from a customer’s account.
Public adjusters can represent the owner of a home or a unit or the insured. Their fee depends on how long they have been doing this. The higher the claim, the lower their fee will be. The price will depend on how much they have recovered.