Be sure to shop around for a public adjuster. You can find high quality public insurance adjusters that do not max out your costs. Let’s look at what the law mandates and break it down:
Florida law requires that public adjusters charge no more than 20% for non-disaster related claims. And no more than 10% for disaster related claims. Additionally, insurance claim payments made by the insurer do not include policy deductibles, and public adjuster compensation may not be based on the deductible portion of a claim. Florida Statute 626.854
Rate Based on Claim Type
- 20% maximum for non-disaster related claims
- 10% maximum for disaster related claims
First, you must understand the difference between disaster related and non-disaster related claims. A disaster related claim, sometimes referred to as hazard or catastrophe related claim, is due to events that are the subject of a declaration of a state of emergency by the Governor. These events are unpredictable natural disasters that can damage or destroy your property. Typically, they are floods, hurricanes, earthquakes, tornadoes, and other natural events that place people and property in duress. Then, all other claims filed are non-disaster related.
Example – How Much Does a Public Adjuster Charge?
Let’s say the insurance company awards $12,500 to repair damages following water damages to your interior from a burst pipe, a non-disaster related claim. And your deductible is $2,500. Let’s assume the public adjuster fee is 17%. How much does a public adjuster charge would look like this:
| Claim Payment Amount | $ 12,500 |
| (-) Less Your Deductible | ($ 2,500) |
| Total Claim Payments To You | $ 10,000 |
| (x) Adjuster Percentage | x 17% |
| Adjuster Fee | $ 1,700 |
Public Adjuster Contingency Fees
Most public adjusters work on a contingency fee basis. It’s considered best practice, so you don’t pay before work is complete. A contingency fee, means that the public adjuster takes no fee from the client but gets paid a percentage of the finalized claim settlement.
Contingency fees can unfortunately result in some public insurance adjusters becoming selective with the size of claims they support. Some public adjusters will only assist in large damage situations because a claim of any size follows the same timeline, process, and very similar amounts of effort from an adjuster.
Not Typical Public Adjuster Fee Arrangements
Hourly rates, flat fees, and retainers are three other, less-likely ways a public adjuster charges. These fee arrangements usually depend on how the public adjuster operates, the size of the claim, type of loss, and the complexity of damages. Regardless of whether or not a public adjuster utilizes one of these less than typical methods of payment, your spend should not exceed the maximum percentages stated by Florida law, mentioned above.
To Us, Size Does Not Matter
At Fair Claim Experts, we place people over profit and believe you are worth far more than the size of your claim. If you are impacted by damages, our team of expert public adjusters can review your situation and help obtain the fair compensation you deserve. We will give you a no obligation, free consultation and answer any questions you might have. You can call us at (877) 213-2372 or visit our website at www.fairclaimexperts.com.
