Typically, an insurance adjuster works to minimize the amount of money you will be paid in claims. After a claim has been filed, the claim will be taken into consideration by the insurance company’s adjuster. The adjuster will evaluate your loss and determine how much money to pay you. The adjuster will determine the cause of the loss and the amount to compensate you. An adjuster cannot determine what the fair market value of your property is since this is a value determination for the insurance company.
How does an Insurance Adjuster make a determination?
In the simplest example, suppose a tree falls on your house and cracks it. An insurance adjuster will look at the situation and see the estimated cost to repair the house is $20,000. An adjuster will determine that the tree fell from a good tree height and should be replaced at about $20,000. The adjuster will then write a check for $16,000 to the homeowner. The homeowner will have to pay the check to the adjuster. Your claim would then be handled by the adjuster. The adjuster would then check with the insurance company’s adjuster to see if the settlement is fair market value. If the insurance company’s adjuster believes that the settlement is fair market value, the insurance company’s adjuster would then issue the homeowner a check for the amount. This is how most insurance claims are handled in the majority of instances.
What is required of the homeowner?
Many mortgage companies require the homeowner to use their adjuster. They will evaluate your loss and determine how much money to pay you. The homeowner will have to pay a fee to the adjuster and the insurance company. The homeowner has to deal with the adjuster for a significant portion of the claim. Many homeowners have to deal with the adjuster for about 20% to 80% of the claim.
What is the most common process?
Call the homeowners insurance company and inform them of the damage. If it is extensive, advise them of the amount of loss and request an estimate from them. The estimate may be on a per square foot or an average cost. A minimum estimate may be requested. The insurance company will advise you of the process to follow in getting replacement value on a replacement cost basis.
Once the estimate is received by you, you must evaluate it and issue a check to the insurance company for the amount of loss. The insurance company will issue an estimated appraisal that you are required to sign. This is an essential step that must be followed in order to claim payment for your loss. Your adjuster will issue an itemized list of the items that you must take care of. This list will include the purchase price and the sales price, manufacturer’s number, date purchased, and amount paid for each item.
After you have issued the check, the insurance company will send you a check for the amount of reimbursement. Your adjuster will issue an itemized list of the items that you must keep. Your adjuster will also provide you with an appraisal for the value of the items that you must replace. Your insurance company will make a scheduled inspection to ensure that you have followed the claims procedure correctly.
