Why It’s a Good Idea to Hire a Public Adjuster in Pueblo to Help You in an Insurance Claim Dispute
Few people enjoy spending money on insurance. It may be an expense, but it also prevents unforeseen surprises and secures your finances.
When you are faced with damages from an event, like hail or fire damage to your roof, call your insurance agent as soon as possible. In 2020, about 6% of homeowners filed claims to their insurance company for floods, lightning damage, or fires.
Insurance companies are typically uncompromising when it comes to paying their customers’ claims. In accordance with their shareholders, it is the goal of insurance companies to pay out as little in claims as possible. Given that the insurance industry generates 3% profit, it’s clear why some homeowners find themselves waiting for payments or not receiving their due settlement.
This is why it can be necessary to hire a public insurance adjuster when dealing with large claims. Let’s explore the specialized field of public adjusters and some of the advantages of working with one.
The Insurance Claim Process
The process for filing a claim begins when you speak with your insurance company’s claims department. From there, an adjuster will investigate and assess your claim. This adjuster will be hired by the insurance company who will work in their interest, which is to offer less money on claims.
The adjuster inspects the damages, makes an estimate of work and cost required, then offers a settlement. If you feel an insurance settlement is too low, you should consider hiring a public insurance adjuster.
When negotiating, a public adjuster will work on your behalf to secure the best possible result.
Public vs. Private Insurance Adjusters: What’s the Difference?
Essentially, private adjusters represent the interests of the insurance company while public adjusters are on your side. Private adjusters aim to settle claims for as little money as possible, regardless of how much you deserve or need. Public adjusters, on the other hand, work diligently to get you the proper amount from your claim.
Private insurance adjusters are hired to minimize payouts on claims. Public adjusters, on the other hand, are hired by residents of Pueblo who want to receive fair compensation for their claims.
For many Pueblo homeowners, public insurance adjusters are necessary because of the for-profit insurance industry.
Does a Public Adjuster Have to be Licenced to Work in Pueblo, CO.?
Most states have strict standards for public adjusters, and Colorado is no exception. To be eligible to become a licensed public insurance adjuster in Colorado, an applicant must undergo intensive training and show knowledge of various aspects of insurance policies, claims review, inspecting damages, and identifying hazards. Qualified public adjusters must also be a member of their professional association, which mandates certain skills.
Pueblo public insurance adjusters are required to be licensed in Colorado. The Colorado Department of Regulatory Agency website will let you verify whether a public adjuster is licensed.
What Skills Should I Look for When Choosing a Public Adjuster?
A public adjuster should be well versed in the details of housing and business claims. Adjusters and negotiators should also be skilled in negotiations with insurance companies. In order to be successful, they should know how to work for you.
A Pueblo public adjuster can help to ease the process and provide peace of mind when dealing with insurance claims. An insurance adjuster should be able to tell you what your policy covers, the appropriateness of your insurer’s settlement offer, and other important information that may help you decide how much settlement you would like.
It is also worth considering that significant property loss is difficult to cope with, as it can have a major emotional impact. A good public adjuster can talk about the settlement amount, but they can also offer unbiased guidance as you deal with your loss.
Finding Damages that the Insurance Company’s Adjuster “Missed”
If a disaster hits your home, there could be things that need fixing that you can’t see at the surface. Public adjusters often uncover details that a regular insurance adjuster may have missed.
Pueblo public adjusters can help you determine if your insurance only covers partial or full replacement of damaged or lost items. A full replacement is a type of insurance coverage that reimburses the insured for the cost of replacing or repairing an item (e.g., roof, car).
When you think of ‘full replacement,’ it could mean either a new item or the same thing that was damaged or destroyed. For example, if your roof is made of wood and there are scars from the fire on it, you may have to replace the entire roof with a new wooden one. That would count as a “full replacement”.
Can a Public Adjuster Secure a Larger Settlement for Me?
Public adjusters can sometimes increase a settlement for their clients by leveraging the resources and experience they have. This is because public adjusters have more time to devote to an individual case than staff adjusters with the insurance company.
As a public adjuster is not employed by the insurance company, so they are able to negotiate with the insurance company on your behalf.
Are There Any Reasons NOT to Hire a Public Adjuster?
While hiring a public adjuster is generally a good idea, some drawbacks may apply that should be discussed:
- Some only work major claims. Adjusters might not be willing to take a case unless it is worth a certain amount. Getting public adjusters involved in a claim might be more difficult for claims with relatively little monetary value. Claims of smaller size often aren’t worth their percentage for an adjuster, so larger claims get the attention instead. Before deciding on which public adjuster to hire, research the work they do.
- Paying a public adjuster can be complicated. Public adjusters, in theory, should not cost anything upfront. They will only collect their contracted percentage of the total payment if you receive a settlement from your insurance company. In reality, however, there can be some costs that get added to your bill. One common fee is for service-related expenses like photocopies, postage, or travel to and from client homes. Understand how your insurance provider will be compensated before signing an agreement.
- It can take a longer time to receive your settlement. You must have a public insurance adjuster to get hold of your insurance company and resolve things with them. This means that the process for resolving issues will take significantly longer than if you just accept an offer from your insurer without negotiating.
Will My Pueblo Public Insurance Adjuster Advise if I Need Legal Help?
Public adjusters are not lawyers, so they cannot provide legal advice. However, most adjusters will inform you if an attorney might be necessary to handle your claim. If you are considering hiring a lawyer for your insurance claim, it’s important to discuss this with your public adjuster first. They can only advise or negotiate on topics for which they have experience.
I Think I Need a Public Adjuster for My Claim. What’s Next?
This article has covered a lot of valuable information about the importance of public adjusters. These professionals are an invaluable resource for some because they know the system and can help you work your way through it.
If you need help with a property/casualty claim or project, please contact Public Insurance Adjusters of Colorado today for a proposal. We look forward to hearing from you soon!
450 Lincoln St suite 104, Denver, CO 80203