How Much Will A Public Adjuster Cost? Understanding The Basics
If you’re thinking about hiring commercial or residential public claim consultants in Georgia, you may be wondering how much it will cost to hire a public adjuster. What fees will you have to pay? How is the overall cost calculated? In this article, Strategic Claims Consultants will explain how public adjusters are compensated.
Fee Structures For Public Adjusters – What You Need To Know
Each public adjuster is different. Some states have specific laws and regulations about how public insurance adjusters are compensated for their services. You may want to consult with the state public adjuster agency for more details – in Georgia; this would be GAPIA.
The most common fee structures for public adjusters include flat rates, hourly rates, or contingency fees. Let’s discuss each fee structure below.
- Georgia residential and commercial public adjusters occasionally charge flat rate fees. For example, if you have a relatively large case that appears to be very straightforward with an apparent outcome, the public adjuster may take the project on for a single, flat fee. Make sure you know what expenses are – and aren’t covered – by this fee to avoid any additional charges or costs.
- Hourly – This is a relatively unusual way to charge fees for both commercial and residential public adjuster. The vast majority of public adjusters will charge a flat rate or, more commonly, contingency fees – partly because it’s often hard to predict how many labor hours a particular case will take. Still, you may come across public adjusters that charge hourly. This rate may vary based on their location, experience, the type of policy your claim falls under, and other factors.
- Contingency – This is, by far, the most common way for public adjusters to charge for their services. The adjuster does not take a direct fee from you at all, though you may be responsible for some minor fees and expenses. In this method of compensation, your adjuster takes a percentage of the compensation that is awarded – usually somewhere between 5-15%, though 20% is not uncommon in some areas.
- Usually, the fee is higher if the compensation is lower to ensure the public adjuster covers their costs. A claim worth $50,000, for example, will have a fee of 15% – while a claim valued at $200,000 may have a fee of 5%.
No matter what type of compensation structure your public adjuster uses, do your research. Look at their past reviews, ask for customer testimonials, and get proof that they are certified by all relevant authorities in your state – working with a cut-rate or non-licensed public adjuster could result in severe difficulties with your claim.
Need A Residential Or Commercial Public Adjuster In Georgia? We’re Here To Help!
As experienced commercial and residential public adjusters, the team at Strategic Claim Consultants can help you get the help you need to maximize payout, expedite restoration, and reduce frustration. Contact us now to get started.