Nearly a quarter of homeowners filed a home insurance claim during 2022, with an average loss of $20,700 each (Gabriele, 2023). Faced with these damages to a home, whether due to a natural disaster, fire, hail or other unforeseen event, the immediate aftermath can be emotionally and logistically overwhelming.
Amid the chaos, policyholders must quickly navigate the complex process of filing an insurance claim. It's a critical step, and the resulting compensation can be crucial for a return to normalcy. In these circumstances, a licensed Public Adjuster can be an invaluable asset, but many don't understand the service they offer or even realize they are an option. So, why consider a Public Adjuster when you already have an insurance provider?
Despite their commitment to policyholders, insurance companies are still businesses with bottom lines to consider. In 2022, U.S. insurers paid out nearly $100 billion in weather-related claims alone (New York Times, 2023).
The massive increase in losses for carriers means it's becoming more likely for property owners to receive settlement offers that don't cover the full extent of the damage. A licensed Public Adjuster works solely for the policyholder, not the insurance company. Their primary goal is to ensure you receive the maximum amount due under your policy.
Navigating insurance policies can be challenging. According to one survey, as many as 72 percent of homeowners do not understand what their policies do and don't cover (Metz, 2023).
The language used is often technical and filled with industry jargon that the average property owner might not fully grasp. Licensed Public Adjusters bring expertise in insurance policies, state regulations, and claim procedures. They understand the intricacies of policy language and can interpret and apply it to maximize the claim.
It's easy to miss certain damages, especially if they aren't immediately visible. Public Adjusters know what to look for, ensuring all damages are identified and adequately documented. Their detailed evaluations often lead to higher settlement offers, compensating for damages that might otherwise be overlooked.
After a significant loss, property owners are often dealing with personal recovery, temporary relocations, and other immediate concerns. Handling an insurance claim can be time-consuming, and the slow pace can lead to more frustration.
The laws governing an insurer's responsiveness can vary by state as well. In Texas, for example, home insurers have 15 days to acknowledge a claim and an additional 15 business days after receiving all requested information to accept or deny the claim (Texas Department of Insurance, 2023). A Public Adjuster streamlines the process, handling the necessary documentation, communication, and negotiation with the insurance company on the property owner's behalf.
When disagreements arise over the value of the loss, most homeowners will be outmatched by the resources an insurance company can bring to negotiations. In these situations, having a Public Adjuster can be a game-changer.
Since a Public Adjuster carries the clout of expertise, industry know-how, and a deep understanding of policy provisions, insurance companies are more likely to negotiate fairly. Having a seasoned professional represents you as the policyholder makes a world of difference.
Perhaps the most valuable aspect of hiring a licensed public insurance adjuster is the peace of mind it brings. Knowing that a professional is diligently working to secure the best possible outcome for you can be comforting during such a turbulent time. The additional support allows you to shift your focus to other priorities, like your family, health, or work responsibilities.
Tiger Adjusters can put your mind at ease during a difficult time by putting their experience in the insurance industry to work for you. Contact us to learn more.
###
Gabriele, R. (2023, May 31). 2022 Homeowners Insurance Industry Analysis and Statistics. SafeHome.org. Retrieved from https://www.safehome.org/home-insurance/insurance-market-report/
New York Times. (2023, October 12). As Natural Disasters Get Worse, So Do Home Insurance Premiums. New York Times. Retrieved from https://www.nytimes.com/2023/10/12/realestate/as-natural-disasters-get-worse-so-do-home-insurance-premiums.html
Metz, J. (2023, May 26). 72% of Homeowners Don't Understand Essential Home Insurance Coverage. Forbes. Retrieved from https://www.forbes.com/advisor/homeowners-insurance/survey-homeowners-insurance-knowlege/
