Public Adjusters are trained to understand the intricacies of insurance policies and can interpret clauses that seem like gibberish to most property owners. They are experts in determining the settlement you are entitled to based on the terms of your insurance policy.
Public Adjusters do this by extensively assessing your property, gathering detailed evidence to support a fair resolution. With a comprehensive collection of photographs, videos and notes, a Public Adjuster will begin creating an estimate outlining the full extent of the damage and the true value of your claim.
Public Adjusters consider several factors to determine the value of your claim. These are each critical to support a fair payout for the losses sustained.
One of the first things a Public Adjuster evaluates is the extent of the damage. This involves a thorough inspection of the property to assess the severity and scope of the loss. They look for visible signs of damage and also hunt for potential hidden damages that might not be immediately apparent.
Once they understand the work needed to return your property to its previous condition, Public Adjusters use standard construction materials pricing to complete an estimate of the cost of making repairs or replacing, depending on your policy terms.
Your insurance policy's coverage limits and exclusions will significantly influence the claim value. A Public Adjuster evaluates policy language to determine what is and is not covered, the amount of your deductible, and whether any mitigation that could affect the settlement was applicable or necessary.
They will also determine whether your coverage provides Actual Cash Value (ACV) or Replacement Cost Value (RCV). RCV will cover the cost of replacing your property with similar quality new items up to the policy limits. ACV only pays up to the item’s pre-damage depreciated value (Keuren, 2024).
In some circumstances, a Public Adjuster may assist you in filing other types of claims, along with your primary property damage claim. These could include the cost of additional living expenses if your home is not habitable or a flood claim if you have a separate flood insurance policy (South Carolina Department of Insurance, n.d.).
Damage to a commercial property could make you eligible for a business interruption claim which compensates you for loss of income due to the property damage (Wild & Newman, 2022)
Regardless of the specific circumstances, a Public Adjuster can only negotiate a settlement up to the limits of your insurance policy and according to your coverage. They cannot help you seek compensation beyond what your policy coverage provides, even if the value of the damage exceeds this amount. They also cannot negotiate with the insurer to change the policy terms.
Navigating the insurance claim process is a huge challenge. Relying on a Public Adjuster to determine the true value of your claim can make it less daunting.
Don’t leave the outcome of your claim to your insurance company’s adjuster. Choose the talented team at Tiger Adjusters to represent your interests and provide the knowledge and skills you need to get the compensation you deserve.
Keuren M. (2024, March 6). RCV vs. ACV. Bankrate. Retrieved September 23, 2024, from https://www.bankrate.com/insurance/homeowners-insurance/rcv-vs-acv/
South Carolina Department of Insurance (n.d.). Understanding the Claim Payout Process. Retrieved September 23, 2024, from https://www.doi.sc.gov/953/Understanding-the-Claim-Payout-Process
Wild, E. & Newman, A. (2022, October 22). Calculating Business Income Losses for a Business Interruption Claim. ReedSmith. Retrieved September 23, 2024, from https://www.policyholderperspective.com/2022/10/articles/insurance-coverage/calculating-business-income-losses-for-a-business-interruption-claim/
