Consumption and Real Estate
How can public adjusters get such a larger amount of money on a hurricane insurance claim than the homeonwer?
Question : How can public adjusters get such a larger amount of money on a hurricane insurance claim than the homeonwer?
dealing with the insurance company on his own. Just wonder what is the deal.
hurricane insurance claims
Best answer:
Answer by kckid2
I understand you question, but to the best of my knowledge, your premise is incorrect.
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#2 written by MSAD 1 year ago
The public adjuster’s fee is a % of the final settlement. The fee is spelled out in the contract the homeowner signed when he hired the public adjuster. Usually the fee is about 10% of the settlement. I’m no fan of public adjusters. But the homeowner hired him to render a service and for his insurance expertise/ The public adjuster has the right to get paid for that.
If if make you feel any better — an attorneys fee is usually 33% plus expenses and goes up to 50% if a law suit is filed.
So at 10% of the settlement – the public adjuster is a much cheaper option.
However, since the public adjuster’s fee is based on the amount of the settlement — he has an incentive to inflate the claim.
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The homeowner signs the agreement, giving the adjuster the “right” to whatever percentage they agreed to.
The homeowner gives it to them. Period.