Public Adjusters charge a percentage of the net settlement of the claim, which is established at the very beginning of the claims process. They are paid after the claim is settled, upon you receiving payment of your entitled proceeds.
The insurance company will send their experts to represent them. Shouldn’t you have your own expert looking out for your interests? AllStar Property Adjusting Adjusters has the experience and a professional knowledge that the average policyholder does not. We will evaluate your insurance policy and help you to calculate estimates, take inventory and work on any other conditions of the loss you may need assistance with. We will then meet with your insurance company’s adjuster and prepare an expert claim to insure a great settlement on your behalf.
If you are in need of emergency services to prevent further damage to your property, such as board up, water removal, plumbing, or roofing repairs, AllStar Property Adjusting will put you in contact with companies that can help. If you need immediate housing in the event of a major fire or water loss, we will be quick to make sure you have a place to stay.
Example: The Jones family bought their brand new home in 2005 in the peak of the market for $ 800,000.00 They have $600,000.00 mortgage.
They insured their home for $ 800.000.00.
Their house burns down to the ground. Most people would think, easy case. The insurance company will pay the full $800,000.00.
They would be very wrong in that assumption. They insurance company would come in and try to figure out what it would cost to rebuild the home. Regardless of what they paid or how much the mortgage is for. When the Jones Family bought the home they bought it with the land. And if they purchased the home for an amount they incurred the high market and builders profit cost in their purchase price. In today’s low market, this home would sell for hundreds of thousands less than what they bought it for. So in fact you do need a Public Adjusters even if you have a “ Total Loss”.
1. Building – It will cover you for your building damage to the building that you own. It will cover the cost to replace the damaged property. Once a settlement is reached you will receive the Actual Cash Value. (replacement cost minus depreciation). Once you repair your home and show proof of expenses you will be returned the amount deducted on depreciation.
2. Contents – This coverage will cover you for the cost of replacing your personal property. Clothes, furniture, etc. The same applies as for as the way they pay you regarding depreciation. The easiest way to figure out if an item is part of the building or contents is to ask yourself, if you were moving out of your home, would you take it with you? If so, it is probably contents. Some items go both ways though, such as refrigerators. You do not need receipts for everything you own. Larger priced items or specialty items that is not common in most homes would require more detailing such as appraisals or receipts.
3. Additional Living Expenses – This section of the policy will cover your cost to live out of the home while it is being adjusted and rebuilt. This section will cover Additional costs of living. Usually the cost of rent and furniture rental at a temporary home.
The above is just a basic explanation of most homeowner’s policies. Each and every policy has different clauses and limits. We will review your policy to better explains your coverage.