Many people are not aware that they have the right to hire an independent adjuster if they are making an insurance claim for damage repairs following a storm. Your homeowner’s insurance company will have their adjuster assess your claim to determine the amount they will compensate you for in the event of a loss, but you are not obligated to accept your insurance company’s estimate of the damage. You are entitled to have an independent adjuster take a look at your situation as well. How are they different?
The main difference is that adjusters who work for insurance companies are paid by them, and their base salary is usually not tied to the dollar amount of claims processed. The independent adjuster works as a private contractor who is paid by the homeowner, usually on a percentage of the claim settlement.
The in-house insurance adjuster has a vested interest in keeping his employer’s financial liability to a minimum; the independent adjuster’s motive is to have your claim settled for the maximum amount possible, since what he is paid is directly based on your insurance settlement. Larger claims mean larger commissions.
One other advantage is that oftentimes independent insurance adjusters are retired contractors, and they are more familiar with the hands-on business of damage repairs. With their construction experience they may be able to spot problems an insurance professional might overlook.
When determining whether to hire your own independent adjuster, it’s important to keep in mind that you will be paying a commission; there is no cost to you if you accept the insurance company adjuster’s assessment of your claim. This is especially important in light of smaller, straightforward claims, where it would just make good financial sense to go with your insurance company’s value. But in the case of complicated repairs, it might be wise to retain an independent adjuster.
It’s a good idea to have all of the facts before you sign that claim settlement, because once you accept the check you won’t be able to come back with a request for additional payment for something that wasn’t spotted originally.
If you’re submitting a damage claim to your insurance company and you have any questions about damage claims adjustment, contact Iron River Construction. We’re experienced with storm damage repair and we have extensive experience in dealing with adjusters. Serving the Minneapolis metro area and greater Minnesota – call 952-442-1762.
