An insurance adjuster assesses claims and ensures fair compensation for insured items. They have specialized knowledge and prevent insurance fraud. If a claimant disagrees with the assessment, they can request an independent adjuster.
An insurance adjuster is an employee of an insurance company or sometimes an independent agent. The adjuster’s job is to ensure fair compensation to the insured in the event of an accident, theft or other forms of loss. The insurance adjuster does this by determining the value of the insured item, the amount of damage to the item, or both. An appraiser must have detailed and specialized knowledge of the item being appraised and the cost of its repair or replacement.
The property insurance industry is all about protecting valuable items. Insurance customers take out policies on these items, including cars, houses, valuables or personal items. They pay the insurance company a monthly or annual premium to maintain the policy; the insurance company bases the premium on the value of the item. If the item is damaged or destroyed, the insured file a damage report, called a claim, with the insurance company. Once the company determines that the claim is correct, it pays the policyholder to repair or replace the item.
The person who assesses the claim is called an insurance adjuster. The adjuster handles all aspects of the claim, including proper documentation and ensuring that the claim complies with laws and company policy. The fitter relies on experts for any specialist knowledge that may be required. One such specialist is the insurance adjuster. The appraiser knows, or can quickly determine, the value of the insured item and its cost to repair.
Insurance fraud was a huge problem in the early days of the industry. Claimants and repair workers often increase repair costs and pocket the extra money. The insurance adjuster overcomes this problem as an expert in his field. Consider, for example, a qualified appraiser in the field of auto repair. This appraiser can determine whether a shop’s estimates of damage and repair costs on a vehicle are accurate. Other appraisers will be able to determine the value of homes, electronics, collectibles, or other specialist properties.
The adjuster is an employee of the insurance company and will work to protect the company when necessary. In some cases, an applicant may not agree with the assessor’s determination. In such cases, the claimant may request an independent insurance adjuster. This person is not employed by the insurer and can give an unbiased second opinion of the claim. This can prevent the claimant and the insurer from engaging in a tedious and expensive legal battle.
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