Many people suggest hiring excel adjusters to help with insurance claims processes should accidents occur. But is there really a need to hire one in order to settle insurance claims quickly? Or will it only cause more problems?
Not everyone understands how exasperating it is to lose your property – whether it is from a house fire or a car crash. If you want the insurance company to reimburse you, you must file a claim first. After all, it is the first step to determine the amount of money you will get from the insurance company.
If your property experiences large-scale damage, you will have to move elsewhere and lose all your belongings. Once everything goes back to normal, you can seek the assistance of excel public adjusters regarding your insurance claims and get the amount you deserve. But what exactly is an excel adjuster, and what do they do?
Excel adjusters: What do they do?
An excel adjuster is a licensed specialist who is responsible for recovering and adjusting insurance claims for damage losses to property owners. They work for the policyholder and not for the insurance company.
If the amount of your losses is quite large, making it impossible to file a claim with your insurance firm, you must get in touch with your insurance agent. Doing this will make it easy to get started with the claims process and will answer all your questions about the process. As soon as you initiate the claim, you will mostly interact with a public adjuster during the process.
Excel adjusters are the ones who investigate insurance claims to determine how much you will get from the insurance company, according to your applicable insurance policy.
Below is a list of all the tasks an excel adjuster needs to accomplish:
- Assembling business equipment claims
- Assessing the replacement costs and depreciation values
- Building support data for loss of income claims
- Evaluating the compliance responsibilities of the clients
- Evaluating mold or microbial contamination
- Examining the total loss claims and insurance estimates
- Expediting the insurance claims process
- Investigating and measuring the extent of the loss
- Negotiating final recovery
- Preparing the documents for advance payment requests
- Providing damage restoration services
- Reviewing the coverage of the insurance policy
Do I need to hire excel adjusters?
Policyholders hire a public adjuster for many reasons. Below is a list of the most common reasons why you might need the help of an excel adjuster:
- In case of total or large loss claims, an excel adjuster will help you get the larger sum in rebuilding and repairing your property.
- In situations where there are unresolved disputes during the claims assessment, an excel adjuster will give you their second opinion to help you obtain a fair claim statement.
- When the insurance company does not communicate with you well, it is best to hire an excel adjuster to help you understand complicated documents. They will help investigate how much you will need to replace or repair the structures.
Hiring public adjusters is an excellent idea if you want to maximize your claim payment and settle it as quickly as you can. However, there are a few reasons why you should stick with your insurance agent. Such reasons are as follows:
- A public adjuster may affect how much you will receive from your claim. You will have to pay a percentage to the adjuster, which somehow reduces the total reimbursement amount.
- Public adjusters can perform the same tasks as your insurance agent and an insurance company. In this regard, it will be unnecessary to acquire the assistance of an adjuster.
- If the amount of your losses is greater than the policy limit, you will need a lawyer to help you settle your claim. An adjuster will not be able to help once it involves a lawyer.
- Public adjusters do not work for insurance firms. They might miss a few points regarding the coverage of your policy.
Hiring an excel adjuster sounds like an excellent idea but it isn’t always the best option. If you have insurance but are unaware of the coverage, you should first communicate with your insurance agent. But if you are worried about how the insurance company is handling your claim, you may need the assistance of an excel adjuster.
What should I consider when hiring excel adjusters?
If there is a need to hire a public adjuster, you must consider the following points:
- Consider how much you are willing to pay for the services. Avoid spending too much when hiring an excel adjuster.
- Do not hire someone who goes house-to-house right after a disaster.
- Go for someone who has the license to practice as a public adjuster. You may have to look for a certified professional who has passed the examination and has been working for at least five years. An excel adjuster who has worked for over ten years can certify as a senior professional public adjuster once they have passed the certification exam.
- Hire an experienced, trained, and accredited excel adjuster.
- Perform the necessary assessments and do not hire just anyone. Make sure to conduct interviews to know more about them – how they work and their work experience. Doing this allows you to find the best adjuster for the right price.
- Your contract must have a particular limit. If the adjuster cannot help you settle the claim within a given period, you might as well look for someone else.
Red flags to avoid when hiring public adjusters
Below is a list of other things you must avoid if you are considering hiring a public adjuster:
- No work progress
- Not returning your phone calls
- Pressing for having a particular restoration company or a contractor
- Unable to present their license
- Inflating the claim and asking you to participate
- Asking for large upfront fees and then disappearing without processing the claim
- Trying to obtain your personal information, such as bank account information, SSN, etc.