When disaster strikes and your property is damaged, hiring a public adjuster can ensure you receive a fair settlement from your insurance company. However, many policyholders hesitate to sign a contract with a public adjuster. Understanding the reasons behind the hesitation is crucial for policyholders and public adjusters.

Concerns About Fees and Costs

One of the primary reasons policyholders are reluctant to sign contracts with public adjusters is the fear of high fees. Many worry that the percentage charged by public adjusters will significantly reduce their settlement amount.

UNDERSTANDING THE FEE STRUCTURE

Public adjusters typically work on a contingency fee basis, meaning they only get paid if you do. In most states, the fee represents a percentage of the settlement amount, incentivizing the adjuster to maximize your claim. However, some states require the fee to be calculated on an hourly basis. Discussing and understanding both fee structures upfront is vital to avoid any surprises.

Fear of Increased Premiums

Another common concern is the fear that hiring a public adjuster will increase insurance premiums. Policyholders worry that making a claim, especially with professional assistance, might flag them as high-risk to their insurers.

CLARIFYING PREMIUM IMPACTS

Filing a claim, with or without a public adjuster, can affect your premiums.

Suppose multiple claims are filed after a storm. In that case, your insurance carrier may raise the premiums for all policyholders in an affected area to help mitigate the financial impact of the widespread damage. However, a public adjuster’s expertise can improve your claim’s outcome. Public adjusters are motivated to help you make the most of your claim so that your property can be adequately restored, aiming for you to be fairly compensated for your losses. Insurance carriers primarily base premium adjustments on factors such as fault and Catastrophe Area designations. To learn more about what can affect your premiums, read our blog: Will My Insurance Premiums Go Up?

Worry About Policy Cancellation

Policyholders sometimes fear that hiring a public adjuster will cause their insurer to cancel their policy. This concern stems from the belief that insurance companies might view the involvement of a public adjuster as adversarial.

UNDERSTANDING INSURANCE POLICIES

It’s illegal for an insurance company to cancel your policy simply because you hire a public adjuster. Public adjusters work to ensure you receive a fair settlement, and their involvement shouldn’t negatively impact your policy status. Public adjusters exclusively represent the policyholder’s interests, aiming for your claims to be maximized without jeopardizing your policy. Their role as your advocate can provide a buffer between you and the insurer, helping to facilitate a smoother claims process.

Belief That There Is No Damage

Some policyholders hesitate to sign contracts with public adjusters because they believe their property has not suffered significant damage. They might think the damage is too minor to warrant professional assistance.

ASSESSING THE DAMAGE

Public adjusters identify and document damage that policyholders might overlook. Even seemingly minor issues can lead to substantial claims. An initial consultation with a public adjuster can help determine the true extent of the damage. Their professional damage assessment can uncover hidden damages and ensure that all aspects of your loss are documented, potentially increasing your settlement.

Lack of Trust and Transparency

Finally, the hesitation often comes from a need for more trust or understanding of what signing a contract entails. Policyholders might fear hidden clauses or unfavorable terms.

ENSURING TRANSPARENCY

Before signing a contract, you should thoroughly read and understand the terms. A reputable public adjuster will be transparent about their fees, processes, and what you can expect. Don’t hesitate to ask questions and seek clarification. Policyholders should feel comfortable with their public adjuster and verify their credentials and references to build trust. Public adjusters who are open and communicative can help ease these concerns, fostering a collaborative and trust-based relationship.

Addressing these common concerns can help policyholders like yourself feel more confident about signing a contract with a public adjuster. Our team at Premier Claims wants you to make an informed decision and know that we’re here to help every step of the way. Remember, working with a public adjuster aims to make the most of your claim. A licensed public adjuster’s expertise and advocacy significantly benefit policyholders, ensuring professional and effective handling of the claims process.

Steps to Take After Property Damage

As you’re sitting at your dinner table, drinking your coffee, and eating your breakfast, you open up Facebook, and all you see are photos, videos, and news articles about the hail storm that swept through your neighborhood. You see that one of your friends posted a picture of a golf ball-sized hail near one of the office buildings you own. You realize there is a VERY good chance your building has damage. What do you do? Do you know how to navigate the claims process after property damage?

Here’s a comprehensive guide on what to do after property damage:

1. Mitigate Further Damage

First and foremost, prioritize your own safety and that of others. If the damage poses any immediate danger, take necessary steps to mitigate further impact or loss to your property. This could involve actions like boarding up windows, covering exposed areas, or shutting off utilities if necessary. Safety should always be the top priority.

2. Document the Damage

Capture thorough photographic and video evidence of all damage. This documentation is crucial as it serves as tangible proof of the extent of the damage for your insurance claim. Take pictures and videos from multiple angles, including close-up shots and wider views, to capture the full scope of the damage.

Focus on Exterior Components: Inspect and document any damage to the roof, siding, windows, and surrounding landscape features such as foliage. Look for signs of dents, punctures, missing shingles or tiles, and debris accumulation.
Immediate Assistance: If you cannot immediately document the damage yourself, contact our team promptly. We can dispatch someone to conduct a thorough damage assessment and gather the necessary information for your claim.

3. Contact Our Team for Guidance

Reach out to our team as soon as possible for professional assistance. Premier Claims specializes in navigating the complexities of insurance claims and can provide invaluable guidance from the outset.

Assessment and Documentation: Our team will conduct an on-site inspection to gather comprehensive evidence of all recoverable damage under your insurance policy.
Detailed Damage List: We’ll help you create a detailed list of all damage, impacted areas, and any structural issues. This includes a summary of the date, time, and severity of the event that caused the damage.
Compile Records: Gather any relevant records related to your property, such as maintenance records, previous inspection reports, repair receipts, and prior photographs. These documents strengthen your claim by providing a history of the property’s condition.

4. Initiate the Claims Process

After reviewing the evidence and records, if we determine there is sufficient damage covered under your policy, we will initiate the claims process on your behalf.

Notification to Insurance Carrier: We will notify your insurance carrier of the damage incurred and provide all necessary documentation to support your claim.
Advocacy and Support: Throughout the claims process, our team will advocate for your best interests and work hard to get you fair compensation for the damage to the property. Dealing with property damage can be daunting, but taking proactive steps and partnering with our experienced team can make a significant difference in the outcome of your insurance claim. By promptly documenting the damage, compiling necessary records, and initiating the claims process with our guidance, you can lay a solid foundation for a smooth and successful resolution.

Contact us today to learn more about how we can assist you in navigating the insurance claims process and recovering from property damage effectively. Your peace of mind is our priority.

Who are the players in the intake process?

Think of the claims intake process as one big video game, where the decision maker or policy owner plays the most integral part of the claims game. Throughout your quest for a fair claim payout, you’ll meet some additional key figures or characters to help you along the way.

Player Character or Protagonist: The Policy Owner

The policyholder is the main character. They’re the ones whose name is listed under “Named Insured” in the policy. This person is typically the business or building owner who either knows all of the information needed in connection to the property or knows the best person to ask for help obtaining the necessary information.

Ensure you know the differences between signee, named insured, and claimant. Not sure what they are? We’ve got you covered.

Signee vs. Named Insured

- - Signee: The person who signs any document or contract. They acknowledge and accept the terms of the document.
  - Named Insured: The person or entity specifically named in an insurance policy as the primary policyholder who receives coverage and benefits.

Named Insured vs. Claimant

- - Named Insured: The main policyholder identified in the insurance policy who has the legal rights and responsibilities associated with the policy.
  - Claimant: The person or entity making a claim under the insurance policy, which could be the named insured or another party eligible to claim benefits due to an insured event.

Signee vs. Claimant

- - Signee: The individual who signs the document, which could include contracts, agreements, or forms.
  - Claimant: The individual or entity filing a claim for benefits under an insurance policy, regardless of whether they signed the policy.

The Guide: The Property Manager

The property manager serves as a point of contact for the building’s condition. They may provide essential information about the property and assist with gathering documentation throughout the claims process. Their job is to oversee the property and ensure that its condition is up to par. They should have records of any issues with the building and repairs made, the insurance policy, and inspection records. When it comes to providing information on any changes to the property or past issues, they are an excellent resource.

Information Hub: Your Broker or Insurance Agent

Your broker or broker agent is the keeper of policy knowledge. They’re key when trying to track down your policy. That isn’t a problem if you’ve never seen your policy. Your broker is required to give you a copy if the signee asks. If you are getting a runaround when requesting a copy of your policy, Premier Claims is happy to assist.

The Ally: Premier Claims

Premier Claims is your claims team’s muscle and brains. Throughout the intense battle with the insurance carrier, we will always be on your side, advocating on your behalf. We are experts in the claims process and have the tenacity and drive to fight for your rightful compensation.

Your Arsenal

One of the first steps in the claims process is to gather all necessary information about the property. The policy owner should have access to their insurance policy documents, including the declaration pages outlining key coverage details. This readily available information can expedite the intake process and facilitate smoother communication with the insurance adjuster.

You should also have a detailed timeline of the building. Whether it’s recent renovations, prior damage, or maintenance issues, you should be prepared to provide insights into the building’s history. This information can help the adjuster properly assess the extent of the damage.

Once Premier Claims has the primary information concerning your property, we can start investigating and ultimately battling it out with the villain of the claims process: the insurance carrier.

Property inspections are a crucial part of the insurance claims process, providing an accurate assessment of a property’s condition. For property owners, the fear of discovering damage can be daunting. Inspections that lead to no damage can leave a property owner relieved, yet frustrated by the time spent in getting the inspection done. However, receiving a damage-free inspection report is valuable and can lead to more benefits for the policyholder.

Understanding the Inspection Process

Property inspections serve to assess the condition of a property and complete documentation. When conducted by experienced professionals, these inspections help in identifying potential issues that might not be visible to the untrained eye. Insurance companies use these findings to determine coverage and policyholder benefits.

No Damage, No Worries

Discovering no damage during an inspection can provide policyholders with peace of mind. It means that their property is in good condition and doesn’t require immediate repairs. This situation also prevents the hassle of filing claims, which can be time-consuming and emotionally draining.

Proactive Maintenance and Preventing Future Issues

A damage-free inspection is an opportunity to continue proactive maintenance. Policyholders can use this information to reinforce their property’s resilience against future risks. Regular maintenance and addressing minor concerns, guided by the inspection results, becomes a strategic investment in potentially minimizing the likelihood of extensive damages.

Creating Baseline Evidence

A damage-free inspection provides baseline documented evidence of the state of the property. Should the property experience future damage, the prior damage free findings serve as evidence to support future insurance claims filed on the property. Brent Roberts, Inspections Manager at Premier Claims, recommends, “In the event of future damage to a property, it’s ideal to have a prior thorough inspection that resulted in no- or minimal damage to the property. This provides a good baseline of documentation, and photo evidence, can be compared with new evidence to identify all damage.”

Lower Insurance Premiums

Regular inspections with no reported damage can reflect positively on a policyholder’s insurance profile. Proactive property maintenance could lead you to lower premium options. By demonstrating the property’s well kept condition over time, policyholders can potentially secure more affordable insurance rates. In addition, a history of minimal claims reflects responsible property ownership, potentially enhancing the policyholders standing with the insurance company.

Empowerment through Knowledge

Being informed about the property’s condition empowers policyholders to make strategic decisions. Armed with this knowledge, they can better understand their property’s vulnerabilities, improve its resilience, and make informed choices regarding insurance coverage and risk management. Policyholders should view inspections as an opportunity to understand the true condition of their properties.

While discovering damage can be concerning, a damage-free inspection can be equally as valuable. It signifies a well-maintained property, potential cost savings on insurance premiums, and a positive impact on the policyholder’s overall insurance history. If you have any questions or concerns regarding property inspections, claims management, or insurance policies, don’t hesitate to reach out to our team. We are here to educate, guide, and provide peace of mind to policyholders across the nation.

Why Policyholders Hesitate to Sign Contracts with Public Adjusters