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Top 5 Myths about Public Adjusters Busted

Posted on April 5, 2019

Myths are one of the most common reasons people miss out on opportunities. They assume that they know about something, and based on that assumption, they make choices that cause them to walk away from chances to save money, grow their business, and eliminate problems as quickly as possible.

Myths about working with public adjusters are a good example of this.

People assume they know what to expect working with a public adjuster and do not bother reaching out when they have a claim. They think they are saving money and protecting themselves, but the truth is they are making their current situation worse than it needs to be.

What are 5 of the most common myths about public adjusters?

1. You Have to Give Up a Huge Part of Your Settlement to the Adjuster

It is true, public adjusters make their money from your settlement, but they are limited as to how much they can take. There are actually caps on how much they can take and these caps are legal restrictions. For instance, during a state of emergency, public adjusters are entitled to no more than 10 percent of the total claim.

The bottom line? Public adjusters will work to get you as much as possible because it is in their best interest to get you a large settlement. You are likely to receive more in the end, even if you have to give a portion of whatever you get to the adjuster.

2. You Cannot Trust a Public Adjuster

Public adjusters are very trustworthy professionals that have your best interest at heart. They must undergo background checks and be fingerprinted before they can work. They are licensed professionals governed by a code of conduct. Criminals cannot get jobs as public adjusters, so you do not need to worry about being scammed.

3. Your Insurance Premiums Will Raise

Insurance companies are legally restricted from “punishing” you for working with a public adjuster by raising your premiums. Granted, your insurance company might not be happy you have chosen to hire a public adjuster, but in the end their opinion does not matter. They cannot charge you more money for doing so.

4. You will Lose Your Coverage

Not only can your insurance provider not raise your rates for working with a public adjuster, they also are restricted from dropping you from doing so. Dropping coverage to retaliate against a customer is illegal. They do have the option of not renewing your coverage once your current policy expires, but they are not allowed to suddenly drop you.

5. You are Doing Something Wrong

Some people believe that public adjusters are not necessary or are not “allowed.”

Not so! An insurance company agrees to pay the negotiated amount in the settlement. The amount you receive in a settlement when working with a public adjuster was an amount negotiated on your behalf and approved by your insurance carrier. There is nothing wrong with working with a public adjuster and it is actually something that can make the situation much easier  for you.

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