Myth vs. Fact: Common Areas of Confusion About Insurance Adjusters
Myth: “I can’t afford a public adjuster”
Unraveling the truth from the misconceptions – let’s dive into the world of insurance adjusters. It’s a common myth that hiring a public adjuster is an expensive luxury. But the reality is far from it. Let the numbers do the talking. According to a report by Florida’s Office of Program Policy Analysis and Government Accountability, policyholders who enlisted the help of public adjusters after hurricanes in 2005 received payments that were a whopping 747% higher than those who went without their expertise. Don’t let the confusion hold you back from getting the compensation you deserve.
With statistics like that, the question becomes – can you afford NOT to hire a public adjuster?
Even in the case of non-catastrophic damage claims, the Florida agency’s report revealed that those who hired a public adjuster to settle claims “received settlements that were 584% higher”. These numbers shed light on just how much margin there is when it comes to insurance companies and their range of payouts when it comes to claims settlements. You don’t have to just accept the figure your insurance company offers you.
Myth: Once my insurance claim settles, the public adjuster is going to take a huge cut
In the state of Florida, the amount that a public adjuster can charge is highly regulated and in the case of an official state of emergency such as Hurricane Ian cannot exceed 10%. This is a declaration by the Governor’s Office of Florida itself.
Florida laws cap the percentage that an insurance adjuster can charge to represent your claim in an out-of-emergency state. A public adjuster works for you and is limited by law to the percentage they can receive from your settlement. A public adjuster is not allowed under the law to take more than that. In our practice at Fraser, we do not take any payment at all until the insurance claim is paid. We don’t get paid unless or until you do. It is in our best interest to get you the highest amount your insurance company will pay for your hurricane damage claim.
Myth: They’re trying to get me to sign over my insurance check to them
In times of crisis, it’s disheartening to know that there are individuals who try to take advantage of the situation. However, it’s important to remember that the state has implemented strict regulations for public adjusters. These regulations ensure that licensed public adjusters operate within the boundaries of the law, providing you with a sense of security and peace of mind.
Every public adjuster and every company operating as a public adjuster firm must be licensed by the state of Florida. You can conduct your own independent search of any person or any company claiming to be a public adjuster on Florida’s Government State Licensure search portal.
As a homeowner and a citizen, you are protected by law when you hire a public adjuster to represent your hurricane damage claim. You are protected in a way that extends above and beyond the protection that extends from general business law when working only with contractors, roofers, and others who may state that they can negotiate with the insurance company on your behalf and ask you to sign forms.
Myth: They add in hidden “fees” – there’s always a catch
Asking about fees when evaluating property adjusters to represent you and your hurricane damage claim is wise and recommended. We welcome the question and stand by our promise. Another question to ask is if the property adjuster handles their property damage claims in-house or if they serve as a middleman or service provider for the actual insurance adjuster. Here at Fraser, we process all of our claims in-house.
Still, have questions?
We have a team of professionals who are happy to help you answer any questions you may have about the process in general or about your specific property at no cost or obligation. We offer a no-cost, no-obligation on-site inspection of your location. No hooks, no fees, no pressure or obligation. We are proud of the work we do in our community and our work and reputation speaks for itself.