A natural disaster or major home damage will be a stressful event for any homeowner. Public adjusters are private insurance claims specialists who act on the behalf of homeowners to assess damage, investigate, document and negotiate with the insurance company. Therefore, they play a key role in protecting the insurance holders’ interest through ensuring a fair claim settlement amount. Below introduces how the claim representation process works.
The First Meeting
After the initial phone call with explanation of what happened, public adjustors typically arrange for a face-to-face meeting with the homeowner(s). This meeting involves a policy review that will focus on the limits, coverage, exclusions and provisions. The public adjuster will explain the potential outcomes of the claims process and how to obtain the best financial results. Once the homeowner signs an official authorization of representation, the public adjuster will inform the insurance company and begin the claims process. As part of this process, the public adjuster will offer a customized strategy to protect their clients’ interests while maximizing the financial outcome.
The next step is an investigation, which isn’t just limited to an in-depth policy review and inspection of the damages. It also involves a variety of unique actions. For example, investigations involve reviewing recent court cases, legal opinions and even decisions from the state’s insurance department. It may even involve comparing current and past insurance policies to ensure fairness and legal compliance. In fact, a standard homeowner’s insurance policy may be out of compliance with recent state or federal legislation.
The investigation process involves in-depth documentation which results in a final portfolio that will be submitted to the insurance company. The documentation may include the previous legal paperwork, but will also include property evaluations, construction estimates, engineering documents, verified inventory sheets and even technical articles. In the end, the public adjuster will prepare a detailed damage estimate and submit it with other supporting documentation to the insurance company.
Negotiation and Settlement
The public adjuster acts on behalf of the policyholder and continually communicates with the insurance company through the negotiation and settlement process. This may involve providing additional documentation, answering complex technical questions and even attending meetings with the insurance company. Insurance companies typically question the value or legitimacy of certain claims. However, detailed and solid documentation will avoid most of these problems. The public adjuster will assist the policyholder in accepting the best settlement.
In conclusion, public adjustors offer a smooth claims process through meeting with clients, investigating, documenting, negotiating and settling with the insurance company. Learn more about public adjusters, here: http://benchmarkpa.com.