Disasters and home accidents occur unexpectedly. Most times, we are not prepared or equipped to deal with such situations and are left in a desperate position when we suffer losses arising from these circumstances. During such times, it is important to make rational decisions and what you do during the first 48 hours are crucial. Insurance companies are always hesitant when it comes to paying claim settlements. Like any institution, their main aim is making as much profit as they can by any means necessary. One of the ways they use to maximize their profit is compensating policyholders with a less amount than they are entitled to.
Most often than not, we get all types of comments and complains from unsatisfied policyholders. Some swear by their life that they will never take out an insurance cover with the same insurance company, others feel like the settlement process is too slow while others think that the claim settlement is too little. Hopelessness and frustration are written in such people’s face in a way that you would not want to look at them in the eye. Doing so only makes your heart sink.
When a policyholder makes a claim, their insurance firm will deal with the issue through a claims adjuster who works in the best interest of the insurance company. Even if the company hires an independent adjuster, he or she will still have the interests of the company at heart. For this reason, policyholders should consider it important getting in touch with a public adjuster to help them smooth the claim settlement journey. Public adjusters work with their clients in mind. They only get paid after successful claim settlements by the insurance company. They get a fraction of the claim settlement meaning that they will not settle for less. With that said, let us go through some of the reasons why it is necessary to hire a public adjuster.
8 Reasons Why to Hire a Public Adjuster
1. Public Adjusters are Trained Professionals
The same way lawyers work with the judiciary and the legal system, doctors work with the health sector, and drivers work with the transport industry, public adjusters have also specialized in their niche and work with the insurance and the adjusting industry. These licensed professionals are dedicated to what they do best; an aspect that makes them the most suitable people to help you out when you are dealing with your insurer in the event of a loss to your property.
2. Public Adjusters Ease the Settlement Process
Policyholders following up on their insurance claim without the help of a public adjuster have a rough time because they end up spending a lot of resources and time and still don’t get a favorable compensation. Public adjusters are there for their clients from the beginning to the very end. They prepare and follow up insurance claims on behalf of their clients.
Public adjusters are there to assist you to get better coverage. They help you through the cumbersome process of filing documents and presenting the claim to your insurer. Every step of your settlement will be more efficient with a public adjuster because they have years of experience of dealing with insurance companies. Furthermore, most public adjusters have worked with insurance companies either as a staff or independent adjuster meaning that they know the loopholes of the insurance industry and how they can use the knowledge they have to their advantage to benefit their clients the most.
3. You Are a ‘Third Wheel’ Without a Public Adjuster
Ideally, an insurance company offers its client security by assuring them that if they religiously pay the required premiums for their goods, property or business, they will compensate them a full or reasonable amount according to the value of the secured chattel. If you look at this business relationship between the insurance company and a policyholder, you realize that it was founded on the basis of promise and trust.
However, an insurance company will hope that you don’t suffer losses so that they can make the most profit. In short, the loss of a policyholder is the loss of an insurance company that risked taking liability by promising to take care or handle the situation in case things went south. So, to make sure that they do not entirely make a loss, they hire staff or independent adjusters to make decisions that will legally help them compensate policyholders with a minimum payout. When you analyze this situation, you quickly realize that the policyholder is shut out as the third wheel or the third party by a tag team of the insurance company and the staff or independent adjuster. Therefore, it goes without saying that a policyholder with zero knowledge about the insurance industry needs a public adjuster to look out for her best interest during the negotiation process.
4. Higher Payouts
Policyholders who work with public adjusters are guaranteed that whatever compensation they get, it will be higher than what they would have gotten if they did not seek the services of a public adjuster. As earlier explained, insurance companies are put in a situation where they have an inherent conflict of interest when a policyholder claims a suffered loss. In as much as they would want to make their clients (the policyholders) happy, they cannot because that would be like signing a death wish to the existence of their firm. So, to make profits, they have to compensate their clients in a way that ensures that their bank account is not significantly affected. This means that they have to propose a lower settlement claim hoping that policyholders accept it. With public adjusters, this cannot happen because they are aware of the rights of their clients. They have to negotiate for a higher payout because the higher the compensation, the higher their cut.
5. Large losses
One of the most common reasons people opt to hire public adjusters is because they have suffered huge losses. When a policyholder incurs losses from a heavily invested project or business or if the insured chattel was too expensive, he or she cannot stomach the idea of getting less compensation than what they deserve. As such, they have no option but to get in touch with professionals who demand nothing but perfection. Public adjusters have a well-known reputation of not settling for less than what their clients deserve. If you are the type of person who cannot fathom why you should get a lower payout after incurring losses from your investments, seek the services of a licensed and competent public adjuster, you won’t regret it.
6. Public Adjusters Saves Your Time
Time is a precious commodity that cannot be reversed. Time is money. If you find yourself making time from your busy everyday schedule to follow up on your claim, know that you need a public adjuster. Not everyone has the luxury of getting away from their jobs whenever they want to follow up a claim. On the other hand, not following up on a claim can result in irreversible consequences that may haunt you for the rest of your life. When you balance the aspect of time and the repercussions of not following your claim promptly and competently, you realize that hiring a public adjuster is both necessary and efficient. Doing so not only saves your time, but it also saves you from the stress and mental anguish of dealing with staff adjusters who lay out almost impossible conditions to policyholders.
7. Lack of Proper Communication
Results of a survey done show most policyholders feel that insurance companies and parastatals have the least or the slowest response rate when it comes to service. Among their main concerns were administrative problems and lack of proper communication. Most people feel that insurance companies are not only slow when it comes to settling claims, but they have poor communication and response rate when it comes to service providing. This uncultured trend frustrates most policyholders because they do not have the time to follow up their claims at their insurers’ offices physically. So, instead of creating an unnecessary hostile atmosphere between them and their insurer, they opt to seek the services of public adjusters because they have a commanding aura when it comes to handling insurance companies.
8. Public Adjusters Have the Interest of Policyholders at Heart
Public adjusters care about their reputation as well as the advancement of their careers. They know the importance of keeping a good profile with their clients. They are also aware that potential clients can check reviews from previous clients. They are aware that a happy client will refer them to other clients. For this reason, they try to be as competent and as efficient as they can. They handle your claim with utmost professionalism through every step. Public adjusters take-up your claim with your insurer and handle the situation as if they are the ones who suffered the losses. Moreover, public adjusters know the value of diligent work; they know that the more the payout, the higher their commission. These reasons prove that a public adjuster will loyally have your best interest at heart.
Conclusion
If you have suffered a loss and are contemplating whether you should seek the services of a public adjuster, do not second guess your thoughts. If you know a person that is constantly frustrated by his or her insurer and is on the verge of throwing in the towel and leaving the settlement in the hands of his or her insurance company, tell them to take heart and consult with 1st Response Adjusters, your claim is our concern.
