Most public adjusters charge contingency fees that range from 5% to 15% of the money the insurer pays for your claim. These rates are limited in some states and are negotiable in all states. The fee you agree to pay to a public adjuster must take into account the size and type of your loss and the status of your claim. Once you accept your insurance company's final offer, the public adjuster will be left with a pre-established portion of the final payment. The only way the public adjuster is paid is when you, the policyholder, accept a final offer from your insurance company.
The hourly rate will depend on the state you are in, the experience and knowledge of public experts, your operating costs and the type of policy your claim is subject to. They must inform you in advance what their rate is and what method they use; this must also be included in the contract signed with the public adjuster. An experienced public claims adjuster should be able to tell you how many hours you will have to work on the claim. The most common rate structures for public adjusters include fixed rates, hourly rates, or contingency charges. Always remember to set the rate and payment method with your public adjuster before entering into any agreement.
Some states have specific laws and regulations about how public insurance adjusters are compensated for their services. This means that you don't have to pay your public adjuster until you decide to accept your insurance company's final offer. Whether you simply don't have time to process the slow payment process, or if you think your insurance company has offered you less than what it owes you, it's recommended that you hire the payment services of a professional public adjuster. For example, Florida public adjusters are not allowed to charge more than 20% of the final fee in a situation that is not declared a disaster, nor more than 10% if a disaster has been declared. A public adjuster is not affiliated with the insurance company and is only there for your benefit.
Thanks to this fee structure, which is usually a percentage of the final settlement, your public adjuster will be more motivated to request higher compensation. If you're not happy with your insurance company's final offer, you can tell your public adjuster to keep pushing for a higher settlement. You can check with the state's public adjustment agency for more details; in Georgia, this would be GAPIA. Most public adjusters will charge between 5 and 15%, and this amount may decrease if the amount of money paid to the claimant increases.
