THE TAKEAWAYS
- A Public Insurance Adjuster is an insurance adjuster who works directly for you, not your insurance company, in the negotiating and settling of your insurance claim on your behalf
- Public Adjusters are licensed by your state department of Insurance and have a legal duty to serve you in a fiduciary capacity
- Public Adjusters can be hired at any point during the claim process to assist you in documenting, negotiating, and obtaining a fair and timely settlement
What Is A Public Insurance Adjuster?
Most of our clients at True View Commercial explain that they’ve never heard of a Public Adjuster until they had a large insurance claim. In Dallas, Texas, this is a common experience and can be quite confusing for those trying to wrap their heads around the insurance claim process, which, in and of itself, can be complex and overwhelming. The list of new processes and ideas being thrown at you is certainly long and nuanced.
So, what is a Public Insurance Adjuster? A Public Insurance Adjuster, often referred to as a Public Adjuster or a PA, is a state-licensed insurance adjuster who works directly for you, not your insurance company, in the negotiating and settling of your insurance claim on your behalf.
Their primary role is to ensure that policyholders receive a fair and equitable settlement from their insurance company following a covered loss, such as property damage due to a residential fire.
To dive even deeper into defining what a Public Adjuster is, the Texas Department of Insurance, Title 13. Chapter 4102.001, defines a Public Insurance Adjuster as, “A license holder who, for direct, indirect, or any other compensation acts on behalf of an insured in negotiating for or effecting the settlement of a claim or claims for loss or damage under any policy of insurance covering real or personal property.”
Understanding the Basics – Who are the Professionals Involved?
Now that you know what a Public Adjuster is, let's clarify who each player is within the claim process and how they differ from other parties involved in the claims process.
There are 4 main professionals involved when you suffer a large loss such as a house fire, a flood, or a severe storm event:
Insurance Companies: While insurance companies assess claims and make settlement offers, they may not always represent the insured's best interests. Their primary goal is to manage risk and minimize payouts.
Insurance Adjusters (Company Adjusters): Insurance adjusters are employed by insurance companies and are tasked with assessing the damage and determining the amount the insurance company should pay for a claim. Their loyalty is typically to the insurance company.
Contractors: Contractors are responsible for repairing or replacing damaged property, but they're not authorized to negotiate insurance claims. In fact, Texas Insurance Code 4102.163 strictly prohibits contractors from negotiating or settling insurance claims for policyholders. In some cases, the Contractors are hired or incentivized to work as a vendor for the insurance company and are tasked with creating an estimate for the insurance company adjuster. A contractor acting in this capacity is often referred to as a "Program Vendor".
Public Adjusters: Public adjusters, on the other hand, work exclusively on behalf of policyholders. They are licensed professionals who advocate for the insured during the claims process. Their role is to maximize the settlement that the insured receives.
Throughout the entire claim process, including all professionals involved, a Public Adjuster is the only licensed professional with a legal obligation to act in a fiduciary capacity in your best interest.
When Should You Consider Hiring a Public Adjuster?
Dealing with an insurance claim can feel like running through a maze blindfolded, especially when your claim is anything but straightforward. When faced with a complex insurance claim, disputes with your insurance company, or the goal of maximizing your settlement, a public insurance adjuster can add significant value.
Public adjusters are particularly valuable in cases of significant losses, complex claims, or disputes with the insurance company, as they can level the playing field and ensure that policyholders receive the fair and timely settlements they deserve under their insurance policies.
Complex Claims: If your insurance claim is particularly complex, involving multiple layers of damage or intricate policy provisions, a public adjuster's expertise can be invaluable. They can navigate the complexities and ensure you receive a fair settlement. An experienced Public Adjuster is involved in claims and complex settlements every day and should be able to provide a recovery plan with clear goals and milestones.
Disputes with the Insurance Company: If you find yourself in a dispute with your insurance company regarding the scope of damage, coverage, or the settlement amount, a public adjuster can step in as a skilled negotiator and advocate for your interests.
Loss Documentation: Public adjusters excel at gathering and presenting the necessary documentation to support your claim. This includes photographs, receipts, and other evidence that strengthens your case with the insurance company.
Objective Assessment: Public adjusters provide an impartial assessment of your claim. Their loyalty is to you, not the insurance company. This objectivity ensures that your claim is evaluated fairly.
Maximizing Your Claim: Public adjusters have a deep understanding of insurance policies and the claim process. They can help you identify all eligible expenses, ensuring that you receive the maximum compensation you're entitled to under your policy.
Timely Resolution: If you're looking to expedite the claims process and avoid unnecessary delays, a public adjuster can help streamline the steps involved, ensuring you reach a resolution more quickly.
In summary, the Public Adjusters at True View Commercial can be a valuable asset when navigating the complex world of insurance claims. They act as your advocate, working tirelessly to ensure you receive a fair and comprehensive settlement. If you're dealing with a complex claim, facing disputes, or simply want to maximize your claim's potential, hiring a public adjuster could be a wise decision. When it comes to safeguarding your financial interests, having an expert on your side can make all the difference!
If you have questions about whether to hire a public insurance adjuster, don't hesitate to reach out to True View Commercial. Our licensed experts are here to provide insights and help you make informed decisions.
Please note that True View Commercial does not provide legal advice. For questions regarding the legal aspects of your claim, it's advisable to consult with a trusted attorney
