馃攳
Public Adjuster Pros and Cons - YouTube
Channel: unknown
[1]
hey there jeremy goodrich your host for
[3]
the shine insurance youtube channel and
[4]
our video today is
[6]
whether you should hire a public
[8]
adjuster for an insurance
[10]
claim or not so if you're in a claim
[13]
scenario where you've had a public
[14]
adjuster approach you saying that this
[16]
is something you need
[17]
let's go through the process of what the
[19]
pros and cons are and see if it actually
[21]
is something that you need so what will
[23]
we address in this video well
[24]
we'll first explain what a public
[27]
adjuster is obviously we need to
[28]
understand what it is to know whether
[30]
you need it or not
[31]
then we'll talk about the pros and cons
[33]
of a public adjuster
[35]
and we'll finally go into what is the
[38]
right time when
[39]
is the right time to hire a public
[42]
adjuster i'll give you some insights
[44]
about that and then as always we'll dig
[46]
into some rookie mistakes
[47]
at the very end of the video all right
[49]
let's get right to it so first we
[51]
have to understand what adjusters are
[53]
we're saying what role does this person
[55]
play
[56]
in an insurance claim and there are
[58]
individuals charged with applying the
[60]
coverage
[61]
in your insurance policy the policy you
[63]
have to bad things that
[66]
happen and deciding the outcome of
[69]
what to do an insurance policy is there
[71]
to pay out for bad things that happen
[73]
that are covered on the policy
[75]
and so adjusters jobs are to look at the
[78]
policy
[79]
read the policy look at what's covered
[82]
look at the bad thing that happened
[84]
see what that is and see how those two
[87]
combine
[88]
to decide how to pay out that claim
[91]
now there actually are multiple
[93]
different potential adjusters
[95]
involved in a claim and before i get to
[97]
get into the different adjusters i want
[99]
to say that you also have an independent
[101]
agent
[101]
this agent if you work with an
[103]
independent insurance agency does not
[105]
work for the insurance company
[106]
and through this entire process can help
[108]
you as well so just to throw that out
[110]
there so there are really
[111]
three different kinds of adjusters that
[113]
are possibly involved
[115]
in a claim the first is always involved
[118]
in a claim this is the company adjuster
[120]
this is the person
[121]
who works for the company whose job it
[123]
is
[124]
to decide what's covered and what's not
[126]
and write checks for the claim
[129]
very clear very simple that is the
[131]
company adjuster
[133]
now oftentimes there's something called
[135]
a field adjuster
[137]
and this is a person hired by the
[139]
company
[140]
to uh adjust the claim and then finally
[143]
the thing we're here to talk about today
[146]
public adjusters and i'll get into them
[148]
just in a second so like i said
[150]
a company adjuster is the company
[153]
employee who is
[154]
the decision maker this is the one who
[156]
cuts the checks this is the person
[158]
you want to be super kind to throughout
[160]
the process and want to navigate the
[162]
process with because they are ultimately
[164]
the decision maker in the process the
[167]
field adjuster is the person hired by
[168]
the company this may be the person
[171]
you see the company adjuster sometimes
[174]
is just in the office you never actually
[176]
see them maybe you talk with them or
[178]
email with them or whatever
[179]
but you don't actually see that person
[181]
because the company hired a field
[183]
adjuster
[184]
and that field adjuster is the one who
[186]
came out assessed the damage and
[188]
wrote up a report that they deliver
[191]
to the company adjuster so those two
[193]
people are the most common
[195]
company representatives in a claim
[198]
situation
[199]
um like i said sometimes the same person
[202]
as a company adjuster like i said before
[203]
all right let's get into the topic that
[204]
we are here to talk about today the
[206]
public
[206]
adjuster so this person is hired
[210]
by the policy holder to come to your
[213]
property
[214]
assess the damage and write up a report
[216]
that is delivered to the company
[219]
adjuster so this is someone that you if
[221]
you're the one going through the claim
[223]
if you're the policy holder
[225]
you choose to hire this person outside
[228]
of the insurance company this isn't the
[230]
company adjuster not the field adjuster
[232]
someone you hired and that is called the
[234]
public
[235]
adjuster this is not a required
[238]
part of the claim process in fact
[241]
most claims do not have a public
[244]
adjuster involved
[245]
in them so not required in the claim
[248]
process
[249]
importantly and i think this gets
[251]
covered up by a lot of
[253]
particularly covered public adjusters
[255]
who are trying to
[256]
become a part of the deal they get
[258]
compensated and all public adjusters get
[261]
compensated in different ways but
[263]
generally they get compensated about 15
[266]
of the claim payout so once that claim
[269]
pays out
[270]
they are going to take 15 percent and
[272]
then whatever's left
[274]
is what you have to pay for the damage
[276]
that was done
[277]
so you've got a company adjuster a field
[279]
adjuster and a public adjuster so let's
[281]
talk about the pros
[283]
and cons of a public adjusters well the
[285]
pros
[286]
are you have representation by someone
[288]
who is on your side
[290]
and it could potentially be less work
[292]
for yourself
[293]
the cons are that 15 of the claim loss
[296]
like i talked about
[297]
and it can very much clog up the process
[299]
so let's talk about each of those
[302]
first a pro you have representation a
[304]
public adjuster should be
[306]
able to look at the scenario with a
[308]
professional eye
[309]
and make sure you're getting every penny
[311]
you deserve
[312]
from the insurance company so they are
[315]
looking at this they're a professional
[316]
you're not a professional so they're
[318]
able to look at it
[319]
with a different eye and look at it from
[321]
your side trying to get every penny they
[324]
can
[324]
for you in the claim all right that's
[326]
pretty fair and having that kind of
[328]
representation could make sense
[331]
pro is also less work so they may be
[334]
able to
[335]
take some of the work off your shoulders
[337]
especially in bigger claims
[338]
there is some work that comes with it in
[341]
analyzing the situation
[342]
and knowing what you had when you lost
[344]
knowing what the loss was
[346]
all those kinds of things there is no
[348]
doubt that there is some work in a claim
[349]
scenario on your part
[351]
to be able to present to the insurance
[353]
company what you
[355]
lost right you've got to be able to show
[356]
what you lost as a part of that process
[358]
sometimes a public adjuster can help
[360]
with that so it is less
[362]
work what are the cons well the huge one
[365]
to me the biggest one to me is the 15
[368]
of the claim is lost this is the biggest
[370]
issue with hiring a public
[372]
adjuster is you just hand this money
[374]
over to them
[376]
and this is the big problem with it
[378]
especially with
[379]
property claims insurance policies are
[382]
made
[382]
to replace what you lost
[385]
and no more they also shouldn't replace
[387]
less depending on how the policy is set
[389]
up but
[390]
they're they're there to replace what
[392]
you lost right
[394]
so even the best public adjuster is only
[396]
going to be able to get the policy
[399]
to replace what you lost but now you
[402]
have to replace it and if they take
[404]
15 of that payout you now have 15
[407]
percent less
[409]
to replace what you lost and especially
[411]
when it comes to a building
[413]
if you insured for the total value of
[415]
replacing that
[416]
building and then 15 of that is gone now
[419]
you can't replace that building anymore
[421]
and so
[422]
that's where the big con comes and uh
[425]
the big problem with
[426]
public adjusters is the cost associated
[429]
with them
[429]
pulling out of money that you would have
[432]
had to replace
[433]
the things that you lost another thing
[436]
that
[437]
i think folks don't really realize but
[439]
is so true and i see every time a public
[442]
adjuster is involved is that it clogs up
[445]
the process i want you to think about a
[447]
scenario that you've gone into
[449]
where you were sitting and talking with
[450]
some people and then someone in that
[452]
room
[453]
brought a lawyer and said hey i have a
[455]
lawyer here with me
[457]
what happened in that situation how did
[459]
the conversation
[461]
change how did it become less
[464]
open right the vibe completely changes
[466]
now that doesn't mean there's anything
[467]
wrong with lawyers it just means that
[470]
when you bring representation
[472]
into the room the vibe changes the
[474]
experience changes and
[476]
everyone involved comes at it through a
[479]
different lens it's just the reality of
[481]
how things work
[482]
a public adjuster is going to have this
[485]
same effect
[486]
on a claim experience so what does that
[488]
look like well first
[490]
you have an independent agent that agent
[492]
is going is there to help you through
[493]
claims processes so you had someone
[496]
who was free um as soon as a public
[498]
adjuster
[499]
is involved they will no longer be able
[501]
to help you anymore so that person
[503]
out of the picture not able to help you
[505]
anymore you're really no longer
[508]
allowed to work directly with the
[510]
company adjuster
[511]
the public adjuster is going to take
[513]
over that communication relationship now
[514]
there's some positives to that
[516]
like i talked about in the pros they can
[518]
maybe take some work off of your
[519]
shoulders
[520]
but you lose the direct communication
[523]
route and you're completely trusting
[525]
your public adjuster to be able to
[527]
communicate to that person
[529]
in the way that benefits you best if
[531]
they are not doing that if they can't do
[533]
that
[533]
not only to take they take that 15 but
[536]
now the company adjuster is not happy
[538]
with you
[538]
is not going to be doing the things that
[541]
they probably would have been able to do
[543]
had you been directly communicating so
[545]
that becomes a problem
[548]
and uh what was a service provider
[550]
following through with a promise
[552]
then becomes a more combative struggle
[556]
look i understand that insurance
[558]
companies are not like
[559]
heroes and angels that do everything
[561]
right all the time but
[562]
most insurance companies and most
[564]
insurance adjusters are trying to do the
[567]
right thing based on the policy
[569]
that they have to work with that is a
[571]
service provider
[573]
paying out a claim that you have been
[575]
paying in for
[576]
over the course of time as soon as this
[579]
public adjuster comes in it becomes
[580]
combative and that simply
[582]
changes that is something i've seen over
[585]
and over and over again
[587]
and i rarely have seen it not be that
[590]
way
[590]
except in incredibly large claims uh
[593]
with big commercial buildings that
[595]
sometimes can be a
[596]
little bit of a different story so uh
[599]
this fact will generally increase uh
[601]
yeah
[602]
so it's clogging the process right so
[604]
it's going to increase the time that
[606]
everything
[607]
takes it increases the time for every
[610]
step of the process
[611]
and so what i've seen over time is that
[613]
a public adjuster oftentimes
[615]
makes the process last 30 or 40 percent
[618]
longer
[619]
than it would have lasted without a
[621]
public adjuster
[622]
involved all right so when is the right
[625]
time to hire a public adjuster well
[627]
if you have a reason to distrust the
[629]
insurance company and believe they won't
[632]
follow through with their agreement
[635]
if they are not going to pay what they
[636]
were supposed to
[638]
or you believe they were not going to
[639]
pay what they're supposed to then having
[640]
someone
[641]
represent you from a profession
[643]
professional space that pushes them to
[645]
do
[646]
what they should be doing that probably
[648]
makes sense so that would be one time
[650]
if you're already in that position if
[652]
the company has not followed through
[654]
with what you feel they should have and
[656]
you feel you have no
[658]
other options but to bring someone in
[660]
and if the company does pay out
[662]
you're giving them you know 15 but it
[664]
doesn't look like the company was going
[665]
to pay out anyway
[666]
so you know that potentially could be a
[668]
scenario where hiring a public
[670]
adjuster makes a lot of sense and then
[672]
finally the claim is going to be
[673]
incredibly complicated and you're
[675]
willing to pay for someone to be on your
[678]
side and walk you through the minute
[680]
details so uh that certainly is a
[683]
scenario where a
[684]
public adjuster could make more sense in
[686]
where i've seen a public adjuster come
[688]
in and i've walked away feeling okay i
[691]
understand why that individual was
[692]
involved here there's so many times
[694]
when i feel frustrated by public
[696]
adjusters because they come in
[697]
when they really aren't needed and just
[699]
end up taking money
[700]
from a person who was just trying to
[702]
experience a claim and would have got it
[704]
in it anyway
[705]
if there's any scenario that i have seen
[707]
where i'm like okay i understand why the
[709]
public adjuster was there
[710]
this would be one example so what are
[713]
some rookie mistakes well
[714]
i think i've kind of led to all those at
[716]
this point the biggest one is hiring a
[718]
public adjuster with no
[720]
real clear reason to do so
[723]
if you just hire a public adjuster
[725]
because you have some property damage
[726]
and you think you should
[728]
that is going to be a mistake 9 out of
[730]
10
[731]
times and not something i would suggest
[733]
doing that is a rookie mistake
[735]
hiring a public adjuster without
[736]
multiple positive referrals
[739]
from reputable sources look there's bad
[743]
people in every type of business i'm
[744]
certainly not bad mouthing public
[746]
adjusters
[747]
but there are a lot of people out there
[749]
a lot of public adjusters out there
[750]
who are out to take your money and
[753]
you've got to make sure that if you are
[755]
going to hire a public adjuster that you
[757]
hire a
[758]
reputable one that has positive
[761]
reviews from people who you trust do not
[764]
hire the first person that comes to your
[766]
door or something like that it's just
[768]
not going to go well and then the last
[771]
rookie mistake is believing a
[773]
public adjuster when they paint a
[775]
picture of a huge
[776]
payout you would have never gotten
[780]
otherwise this is a scam and generally
[783]
speaking
[784]
it is absolutely not true the only
[787]
example would be if the insurance
[788]
company was truly trying to do you wrong
[790]
and they weren't going to pay you out at
[791]
all and the
[792]
public adjuster got them to do so okay
[794]
well that's a payout you got
[796]
that you wouldn't have got before but so
[798]
often the pictures painted that they're
[799]
going to get you all this
[801]
more money than the insurance company
[802]
would ever give you i just don't think
[804]
it's true
[805]
and i don't think that's a good way to
[807]
lead a relationship
[808]
with someone anyway so what did we
[810]
address well what is a public adjuster
[812]
that is a person hired by the policy
[815]
holder
[816]
to represent him in a claim scenario
[817]
what are the pros and cons went through
[819]
those
[820]
what's the right time i think if you
[823]
feel you truly need them
[824]
is the right time or if you have an
[826]
incredibly complicated claim
[828]
all right well what is next if you would
[830]
like to reach out to shine if you'd like
[832]
to have an
[832]
independent insurance agent to really
[835]
help you walk through the insurance
[836]
process to be
[837]
on your side uh without any cost
[841]
please give us a call we'd be more than
[843]
happy to help you out or book a call
[844]
with us
[846]
right there and then finally if you want
[847]
to watch more vl videos about real
[849]
estate and real estate
[850]
investing uh we've got that right there
[852]
all right well until the
[854]
next time don't forget to shine
Most Recent Videos:
You can go back to the homepage right here: Homepage