Loss Adjusters Explained
A loss Adjuster is an expert who works with either the insurer or the policy holder. They give advice and support a complex or contentious claim. They do this by looking through the policy to make sure nothing is overlooked. The loss adjuster should negotiate with the insurer to reach a fair settlement. However some insurance companies are generally reluctant to pay out on large
settlements. So they call upon these loss adjusters to mitigate the claim, so it best suits them.
An Independent loss adjuster however works solely for the policy holder. Many people do not know they can hire their own independent loss adjuster. They will provide you with the same expert
knowledge the insurer has. Also many people believe that loss adjusters who are working for a insurance company are impartial. This is because the loss adjusters wages come from the insurance company. However there are a strict set of codes set out by the Chartered Institute of Loss Adjusters, the General Insurance Standards Council and the Financial Conduct Authority. These attempt to address this concern.
By hiring your own loss adjuster you can guarantee you’re getting everything covered under your policy. But these loss adjusters don’t work for free, Most charge a percentage amount of the settlement. Some companies such as Public Loss Adjusters offer a free of charge service if you use there select building contractors to restore damage done to your property.
Loss adjusters deal with all types of property claims, such as: Fire, Escape of Water or Subsidence and they play a crucial role in the insurance claim process.
Help With Home Insurance Claims
About 79% of all home insurance claims are successful. If you compare this to the 99% of motor insurance claims, you can see a big difference. This is due to policy holders not having the
experience and knowledge that the insures loss adjusters do. Home insurance claims are the most important to the policy holder. Without there home, There left to feel very vulnerable. There are specifics of each home insurance claim that will determine the settlement. If you wish to learn about these specifics click here.
A loss adjuster will then visit your home and they will confirm the loss or damage you are claiming. They will then assess how much the restoration will cost.
Home insurance claims can take as little as 48 hours to over a year. A loss adjuster can help speed up the claims process to reach a fair settlement. There able to do this as they already know the factors that effect the time a claim takes. These factors include the type of damage. For example:- a flood which causes minor damage would take less time than a fire which destroyed the whole property.
Other factors include the time it takes for the insurer to process the claim. The insurer looks at the information given to them by the loss adjuster and then pays out on the claim. Once the claim has closed, there may be a need for surveyors or Builders to restore any damage done to the property.
Appointing a Loss Adjuster
When Appointing your own loss adjuster make sure to check that they are regulated by the Chartered Institute of Loss Adjusters. Being a member means that they have achieved the highest qualification in insurance claims management. Members of CILA are expected to behave in accordance to the CILA Code of conduct. Which is a strict guideline that aims to battle bias and impartialness.
In conclusion, If you are a home owner and you suffer from tragic property damage your best options are to appoint your own independent loss adjuster. Their help will make sure you are getting everything your entitled to and will speed up the process of the whole claim.
Find Out More About Independent Loss Adjusters: www.publiclossadjusters.com…