How Much Will A Public Adjuster Cost?
Suppose your residential or commercial property has sustained damages. In that case, you may have heard that it is a good idea to work with a public adjuster when negotiating with your insurance company. That is because studies have shown that public adjusters have the legal knowledge and negotiating skills to get a larger offer from the insurance company. Something that may be very useful when you are dealing with damage and losses.
However, despite this knowledge, you may be having second thoughts about working with a public adjuster because you might think that doing so will be too expensive. Particularly at a time when you need every cent to take care of the damage that your property has sustained. If this is the situation you are in now, read on to find out precisely how much public adjusters cost.
What You Need to Know About Public Adjusters’ Fees
Depending on the state where you live and where the property is located, you may find that there are certain rules and regulations on how public adjusters should be compensated for their services. You may discover that some adjusters charge a flat fee, others charge you hourly rates, and some work on contingency fees.
Flat Fees
If your case is relatively large but seems to be quite straightforward, and if the outcome seems very predictable, your public adjuster may opt to charge you a flat fee for the job. If this is what you are being quoted, make sure to be clear on what other expenses are or are not covered by these fees. This way, you will not be surprised by any additional costs or charges.
Hourly Rates
It is quite uncommon for public adjusters to charge by the hour in residential or commercial cases. It is more common for them to charge either a flat fee as explained above or use a contingency plan. This is simply because it is extremely difficult to predict how many hours a claim will take. An adjuster might use an hourly rate plan because of your location, their experience with cases like yours, the type of claim your policy falls under, and a variety of other factors.
Contingency Fees
You will find that this is by far the most common way public adjusters charge for the services they provide. This means they will only get paid once you do. However, if the case does not evolve as expected, you may be charged for some minor fees and expenses. Make sure you understand how this works before you sign on the dotted line. Once the case is settled, the public adjuster will take a percentage of the amount you receive. This may range between 5% and 15%, although you may find contingency fees of up to 20% in some locations.
If the case is small and the compensation you receive is low, the public adjuster may charge you a higher percentage than if the case was worth much more. In those cases, the fees might drop to 5%.
Hiring a Public Adjuster
Regardless of the fee structure that a public adjuster might use to charge you, it will be worth your while to do some research before you decide who you want to work with. You may have to get references from family members and friends, read some online reviews, and make sure that any recommended adjusters are certified by all relevant state authorities. You should take the time to interview them and make sure that you do not end up working with someone who is not licensed or who offers you a low rate but delivers mediocre results.
How do public adjusters help you?
An experienced residential and commercial public adjuster can help you review your insurance policy. They will also help you throughout the claim process until you get the maximum payout possible. They will be a great help expediting the restoration of the property and can help reduce your level of stress and frustration. Click hopepublicadjusters.com to have your questions and concerns on working with a public adjuster answered so that you can feel more comfortable making the right decision.
