People often wonder about the differences between public adjusters and independent adjusters for property claims. We are here to help you understand the difference between these two insurance adjuster types.
Many people think that independent and public adjusters are two different titles for the same insurance professional. This is actually not the case. However, a public claims adjuster in Central Florida is commonly referred to as a private adjuster, so these two terms generally mean the same thing if you were not already confused. However, there is a marked difference between independent and public adjusters, and it is critical to understand. Both adjusters do primarily the same job of managing or adjusting your insurance claim to determine a fair claim settlement amount that applies according to your policy limits.
An independent adjuster, however, is hired by your insurance company. Despite the presence of 'independent' in their job title, independent adjusters still represent the entity that employs them. Their ultimate goal is to express the best interest of your insurance company. Independent adjusters are not obligated to represent your interests. Technically, they should represent the policyholder and insurance company. Still, the bottom line remains that they will represent whoever is paying them, which is your insurer or the claims company hired by your insurer.
It is also helpful to understand that independent adjusters are different than company adjusters. Most insurers have their own adjusters on their permanent payroll called company or staff adjusters. On the other hand, your insurer hires independent adjusters to handle specific claims. They are often employees of an independent adjusting firm contracted by an insurance company. Independent adjusters are usually paid a percentage of the claim settlement like public adjusters.
Like all adjusters, independent adjusters will review the facts of your claim, analyze your insurance policy, and determine adequate compensation for your loss. The independent adjuster's goal is to pay you the lowest settlement they are obligated to pay based on your policy terms.
Public adjusters also work for the person who is paying them: you. A public adjuster aims to assist the policyholder with insurance claims process intricacies. They are ready to help policyholders who have never filed a significant claim navigate the process, especially when a large amount of money is at stake. Your public adjuster will ensure that you get the compensation you deserve based on your policy limits.
If you need assistance managing a claim or think your insurance company's settlement offer is lacking, then hiring a public claims adjuster is wise. Once you hire a public claims adjuster in Central Florida, they will take over most of the claims process and negotiate with your insurance company or the independent adjuster they hired to ensure fair compensation for your loss. Public adjusters may work independently or as a part of a more prominent adjusting firm. Regardless, your public adjuster will not work for free. Instead, they typically charge you a contingency fee based on a percentage of the settlement they secure for you.