Hiring a public Adjuster to help you with your property taxes can mean big money saved or big losses. Many of the best professional public tax adjusters like to deal with commercial and large-dollar claims due to the fact they typically earn higher rates. Be cautious however, always checking references and making sure the person you’re hiring is not going to stick you with a bigger loss than they’re capable of on a smaller loss. Smaller claims can also be just as frustrating as larger ones, so you need to be certain that the individual you hire is not going to jump you with a larger loss than they are capable of handling.
It’s important to understand the adjusters policies on paying out overage to a policyholder. Public adjusters may choose to pay out overage if the difference between the actual market value and the policyholder’s estimate of fair market value passes a percentage threshold. The threshold varies among insurance companies. So, when your insurance company settles a claim with a public adjuster, it will specify exactly what percentage of your claim you will be paid out if your estimate of fair market value passes the percentage threshold. And that is why we hire a public adjuster.
It is critical to understand what exactly is meant by ‘overage’. In essence, your policyholder’s estimate of the current market value of your home is what they take into consideration when calculating your insurance claim. The adjuster might come to the conclusion that, in terms of damages, your home is worth more than the amount of coverage provided, and therefore they will overpay you. Overages are not only a possibility when you’re dealing with large-scale claims, but often are the deciding factor behind smaller claims submitted by the policyholder against the insurance company.
There are three types of overages that may occur. These include: market value normal deviation, incremental loss, and potential loss. Examples of these are: a building being damaged so badly by fire or wind that it would cost more to replace it than it would to repair it; or a claim submitted by a policyholder where the potential damage to their home exceeds the fair market value. If an insurance company believes, after reviewing your insurance documents, that you have overpriced your home for the claim to be covered, they will likely fine you. They don’t want to pay more than you need to.
When you negotiate with adjusters over claims that might result in a higher payout, there are several things you can do. First, when you negotiate with an insurance company to settle a claim, it’s important to understand their perspective on a settlement. Some adjusters view settlements as a win lose situation, where the insurance company wins if a settlement is reached and the client loses if no settlement is reached.
Other adjusters view settlements as either a net gain or loss. For example, if the insured wishes to pursue a wrongful death claim against the responsible party, the adjuster views the settlement as a loss only if the family does not receive a monetary award. Therefore, the adjuster may settle for less than the total awarded to the policyholder. However, if the policyholder pursued both a wrongful death and a personal injury claim, the adjuster would view the settlement as a win, because he or she receives the highest settlement payout. If you are unsure about which adjuster to approach for your case, it is advisable to contact your insurer and request an estimate of potential savings.
Regardless of what the public adjuster’s opinion may be, it is vital that you and your lawyer proceed with caution. Adjusters have been known to make hasty decisions when reviewing a claim. Some examples include: accepting a lower settlement because of the potential tax benefits from a wrongful death claim; granting more time to a policyholder who has hired an attorney to represent her in a lawsuit; or declining to investigate and file a claim against a business that caused the employee’s death. As a result, many families choose to settle with the insurance company, move on, and trust that their loved ones will ultimately receive justice. However, this often means that the family is without any monetary compensation.
When hiring an adjuster, you must ensure that you are getting a fully compensated, independent professional. There are three types of insurance adjusters – the base local, a national, or regional adjuster. If you choose to hire an adjuster from a local office, it is essential that you confirm that the individual is licensed within your state and that they are fully aware of your legal rights and options. In the event that the adjuster refuses to provide you with the information needed to decide your case, you should seek the advice of a skilled and experienced attorney experienced in handling insurance claims.
