How Public Adjusters Help Maximize Fire Insurance Claims

When a property owner’s property is damaged by a fire, they often turn to their insurance company to recover their losses. But what many people don’t realize is that the process doesn’t always work in their favour. This harsh reality often comes as a shock to many, and usually, it’s too late. In most cases, the insurance adjuster assigned by the insurer ultimately undermines the property owner’s claim, resulting in the loss of their investment.

Studies show that a significant number of insurance claims are underpaid or denied due to errors made by the insurance company’s adjuster. This is why it’s highly recommended to hire your own public adjuster. Let’s explore how a fire damage adjuster can help you maximize your fire insurance claim!

What is a Fire Insurance Claim? Who helps you file it and get it?

A fire insurance claim is a formal type of request that a property owner makes to their insurance company post experiencing damage to their property in a fire accident. The insurance company to which this claim is made is supposed to make up for the loss of the property owner. 

A property owner can file a fire insurance claim by contacting the insurance provider directly after the fire disaster takes place. And your compensation will be based on the principle of indemnity, which means you only receive the actual value of the loss or the sum insured, whichever is lower.

Who files the claim, and how does the process go on?

Now, let’s look at who can file the claim:

You, the Policyholder

You are responsible for reporting the fire accident to the insurance company. Make sure to do this as soon as possible. The later you report the incident, the more difficult it may be to process your claim. Delayed reporting could raise suspicions of fraud, and in some cases, your claim might even be denied. Insurance companies typically have specific time frames within which claims must be filed, so it’s important to act quickly to ensure you’re within those limits.

The Insurance Provider

After you report the incident, your insurance company will handle the claim process. They will appoint a surveyor to assess the damage.

The Insurance Adjuster/Surveyor

The assigned professional will come to the site to assess the extent of the damage and its cause.

The Insurance Agent/Broker (Optional)

If you choose to work with an agent or broker, they can guide you through the process, and they work for free. But it is advised not to work with them as they work for the insurance company.

A Public Adjuster (Optional)

It is best to hire a public fire adjuster to represent your case and protect your interests. But this service has a cost.

What is a Public Adjuster?

A public adjuster is a licensed professional who works on behalf of the property owner and helps them ensure the fire insurance claim is handled fairly and accurately. Unlike the insurance company’s adjuster, whose primary responsibility is to protect the insurer’s bottom line, a public adjuster advocates for you, the policyholder. Their goal is to maximize your claim settlement and ensure you are fully compensated for your losses.

Why Should You Choose a Public Adjuster Over an Insurance Adjuster?

Insurance adjusters are hired and paid by the insurance companies, so their primary job is to serve the insurer’s best interests, not yours. While hiring them might seem like an affordable option, many people fail to realize that they are paid commission based on how much they are able to reduce the amount of money the company has to pay out. So if you choose to rely on an insurance adjuster rather than a public adjuster, you might end up with unjust compensation or even claim denial.

Public adjusters, on the other hand, act as your personal advocate. They work exclusively for you as they don’t have any relation with the insurance company. So they ensure that your interests are protected throughout the claims process. Their expertise can help you avoid the pitfalls that many policyholders face when dealing with their insurance company on their own.

How Public Adjusters Help Maximize Fire Insurance Claims?

Let’s understand in detail how a public adjuster helps you maximize your claim:

They conduct a thorough damage assessment

After a fire, it’s hard to assess the real extent of the damage. The insurance company’s adjuster will be looking to conclude the matter quickly and make you settle for the lower payout, so they might not take every damage into account, and you, being a non-professional, might not even know how to get that noticed. But if you have a public adjuster by your side, they can leverage their experience and expertise and uncover the hidden structural damage to your property that may not be obvious initially. This thorough assessment will ensure no damage goes unnoticed.

Accurate Valuation of Losses

One of the most important reasons to hire a public adjuster is to get an accurate valuation of the losses. As a professional, a public adjuster has skills and tools to determine the true cost of repair or replacement for the damaged property. They can factor in everything that you might miss out , otherwise, such as labour cost, material prices, and even depreciation. This is a tricky part that you cannot deal with without a professional by your side. 

When Should You Hire a Public Adjuster?

It is recommended to hire a public adjuster as soon as possible after the fire damage occurs. You should ideally not wait for the insurance company to assess the damage first. This is because their assessment might not be as thorough as that of a public adjuster. So it is highly advised to hire a public adjuster before filing the claim so they can guide you through the entire process and ensure you are doing everything right from the very beginning.

If you are currently looking for a fire damage public adjuster in Toronto or Vancouver, we are here to lead you through the process. We have successfully helped numerous property owners and business owners secure the compensation they rightfully deserve. If you have any questions regarding the process or the costs involved, please feel free to reach out. Let us begin with a free consultation to discuss your case and how we can assist you.