What is a Public Adjuster?
Public Adjusters are property loss estimating experts. They’re hired by the policyholder to assist in documenting, negotiating and settling insurance claims. Public Adjusters handle every aspect of your claim, working closely with the insurance company to provide you with the most equitable and prompt settlement.
Public Adjusters charge a percentage of the net settlement of the claim, which is established at the very beginning of the claims process. They are paid after the claim is settled, upon you receiving payment of your entitled proceeds.
Will a public insurance adjuster help me receive a more prompt and satisfactory settlement?
Hiring a public insurance adjuster can get you much more than what you would have received from your insurance company. They can assess the facts and prepare your claim quickly, losing no time in complying with the policy requirement. Public insurance adjusters are experts in the field and the efficiency with which they work often saves evidence that may have gone unnoticed or lost. By allowing a professional to prepare and compile your claim, you can expect a proper adjustment much more quickly. The insurance company hires and expert to represent them, shouldn’t you have an expert representing you?
What is the cost to retain a Public Adjuster?
The fee for retaining a Public Adjusters is calculated by a percentage of the net settlement of the claim, which is established at the start of your claim process. Upon settlement of the claim, the customer will receive payment of the entitled compensation and is then responsible for the payment to the Public Adjuster. If we do not succeed in collecting a settlement, YOU ARE NOT responsible for any payment.
Can you prepare your own claim?
Yes anyone has the freedom to prepare their own claims.
The insurance company will send their experts to represent them. Shouldn’t you have your own expert looking out for your interests? North Jersey Public Adjusters has the experience and a professional knowledge that the average policyholder does not. We will evaluate your insurance policy and help you to calculate estimates, take inventory and work on any other conditions of the loss you may need assistance with. We will then meet with your insurance company’s adjuster and prepare an expert claim to insure a great settlement on your behalf.
In case of a loss, what should I do?
Your first step is to report the loss to North Jersey Public Adjusters. We will get the process started, and quickly handle everything. We will notify your insurance company of your loss immediately and arrange a time for your insurance company to inspect the damages alongside a qualified adjuster from North Jersey.
If you are in need of emergency services to prevent further damage to your property, such as board up, water removal, plumbing, or roofing repairs, North Jersey will put you in contact with companies that can help. If you need immediate housing in the event of a major fire or water loss, we will be quick to make sure you have a place to stay.
Should I call my insurance company first?
Calling North Jersey Public Adjusters first and getting them involved in the beginning stages of your claim is easier, faster, and results in much higher policyholder satisfaction. Instead of waiting until you are disappointed by your insurance company, call us to make sure you won’t be. If you have already attempted to handle your own claim, call us now and we will help you get the claim you deserve.
Does my Insurance company want me to hire a public adjuster?
The insurance COMPANY does not want you to hire North Jersey Public Adjusters. Why would they? But most adjusters in the field when asked would prefer you to hire us. They would rather deal with us, because we prepare the claim in a professional and timely manner and are able to present the claim to them so that they can understand the amounts and size of the claim. By hiring North Jersey Public Adjusters, you are not cut out of the claim process. You are still in charge and highly informed of each and every step for your approval.
What if I Have a TOTAL loss, do I need a public adjuster?
The answer is YES. You still have to present a claim to the insurance company. You still have to come up with a value and inventory. Just because you insure your home for an amount, it does not mean that they will ever just send you a check for that amount. You have to prepare a claim and show values and quantities and documentation substantiating those values. Sometimes a total loss is a bit harder to settle.
Example: The Smith family bought their brand new home in 2005 in the peak of the market for $ 900,000.00 They have a $700,000.00 mortgage.
They insured their home for $ 900.000.00.
Their house burns down to the ground. Most people would think, easy case. The insurance company will pay the full $900,000.00.
They would be very wrong in that assumption. They insurance company would come in and try to figure out what it would cost to rebuild the home. Regardless of what they paid or how much the mortgage is for. When the Smith Family bought the home they bought it with the land. And if they purchased the home for an amount they incurred the high market and builders profit cost in their purchase price. In today’s low market, this home would sell for hundreds of thousands less than what they bought it for. So in fact you do need a Public Adjusters even if you have a “ Total Loss”.
Are you aware of how to document your losses?
When you file an insurance claim, it’s important to know exactly what’s been lost. Licensed public insurance adjusters can go take inventory of your property in order to comprehensively survey and record any damage to buildings and property. With this assistance, you can expect a fair insurance claim settlement offer.
What is covered with Homeowners Insurance Policies?
Homeowners insurance will provide you with three basic coverages.
1. Building - It will cover you for your building damage to the building that you own. It will cover the cost to replace the damaged property. Once a settlement is reached you will receive the Actual Cash Value. (replacement cost minus depreciation). Once you repair your home and show proof of expenses you will be returned the amount deducted on depreciation.
2. Contents – This coverage will cover you for the cost of replacing your personal property. Clothes, furniture, etc. The same applies as for as the way they pay you regarding depreciation. The easiest way to figure out if an item is part of the building or contents is to ask yourself, if you were moving out of your home, would you take it with you? If so, it is probably contents. Some items go both ways though, such as refrigerators. You do not need receipts for everything you own. Larger priced items or specialty items that is not common in most homes would require more detailing such as appraisals or receipts.
3. Additional Living Expenses - This section of the policy will cover your cost to live out of the home while it is being adjusted and rebuilt. This section will cover Additional costs of living. Usually the cost of rent and furniture rental at a temporary home.
The above is just a basic explanation of most homeowner’s policies. Each and every policy has different clauses and limits. We will review your policy to better explains your coverage.
What is covered with Flood Insurance Policies?
Unlike all other policies, the flood policy has great limitations.
A flood policy will not cover additional living expenses. Anything below ground level such as in basements have severe restrictions. In the event of flooding, your homeowners policy will afford you no coverage. Most flood policies only afford building coverage. Contents coverage can be purchases at an additional premium.
This policy will cover your building on a replacement cost basis provided the damaged home is your primary residence. Damage in the basement is limited to 17 items. Example: flooring or sheet rock unfinished.
This is just a short explanation as to flood coverage. We will review your policy to better explain your coverage.
Have any other questions?
Give us a call (201) 945-2001