Safeguard Investment Property Value with Regular Public Adjuster Inspections

Safeguard Investment Property Value with Regular Public Adjuster Inspections

Nicholas Kusters
October 16, 2024
Commercial Property Help
Claims Handling

Investing in real estate is more than just a financial transaction; it's a commitment to a long-term wealth-building strategy. As a property investor, your primary goal is likely to maintain—and optimally increase—the value of your investments over time. However, the unpredictability of storms or unforeseen damages can disrupt this plan, potentially jeopardizing both your property and the significant resources you've poured into it.

A single extreme-weather event can knock your plan completely off course. Imagine spending years cultivating a property, ensuring it meets market demands, adheres to regulations, and provides a steady income stream. Then damages incurred from a catastrophic event like a hurricane, severe hailstorm, or unexpected fire derails your carefully planned investment strategy.

The Role of Public Adjusters: An Essential Partnership

By establishing a relationship with a licensed Public Adjuster at Tiger Adjusters, you can help ensure the viability of your property, increase its longevity and secure your return on investment. Public Adjusters act as advocates for property insurance policyholders in negotiating insurance claims.

Working with a Public Adjuster can provide critical advice, accelerate the claims process, and result in a larger settlement for the insured individual (Loht, 2023). 

If you are building a portfolio of multiple properties in a specific region, it is even more important to consider a Public Adjuster—the impact from one major storm could do serious damage to several of your assets and leave you with the huge headache of handling multiple insurance claims simultaneously. 

Your Passive Income Is Paused

Your investment property generates a valuable stream of income for you. That can mean there’s additional pressure to resolve claims quickly and fully. A faster settlement with an adequate payment allows you to repair the damaged property sooner, lessening the impact on your tenants and on your bottom line. 

Opting to hire a Public Adjuster can also eliminate the inherent conflict of interest that occurs when an insurance company is responsible for both assessing damage and reimbursement for repairs (Watrude, n.d.). Owners of multiple properties can find the aftermath of a catastrophic event overwhelming, making it easy to accept a low-ball offer out of frustration and be shortchanged on a settlement. 

Protect Your Investments

Ultimately, the expense of insurance coverage should protect your investments, not make it harder to maintain your returns.

Adding a Public Adjuster to your property damage claims is one of the most effective ways to minimize these risks. A 2009-2010 review of non-catastrophic claims in Florida (those unrelated to a declared state of emergency) found average payouts were more than 500 percent higher when a Public Adjuster assisted (FAPIA, 2010).

Juggling multiple properties is no easy task. Public Adjusters can support your efforts to monitor properties throughout the year and spot damage before the opportunity to file a claim passes by. They even have the ability to pull historical reports to see if any significant events might have impacted your property to ensure no damage goes unnoticed. 

The Tiger Adjusters team is experienced in both residential and commercial property insurance claims. Reach out today to learn how our services can strengthen your property management plan. 

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BIBLIOGRAPHY

Loht, T. (Host). (2023, April 17). Reduce Your Risk – How Public Adjusters Help Investors Use Insurance Policies with Andy Gurczak [Audio podcast episode]. The Passive Wealth Strategy Show. NT Capital LLC. Retrieved from https://www.passivewealthstrategy.com/epoisode-526-andy-gurczak/

Watrude, B. (n.d.). How Public Adjusting Works for the Real Estate Investor. Fort Wayne REIA. Retrieved from https://fortwaynereia.com/how-public-adjusting-works-for-real-estate-investors/

FAPIA. (2010, January 13) OPPAGA Report No. 10-06. Retrieved from https://www.fapia.net/value-of-a-public-adjuster.html

Nicholas Kusters
With a professional background in public adjusting, project management, business consulting and corporate strategy, Nicholas takes great pleasure in learning and optimizing business processes for long term scaling solutions.
CONTACT AUTHOR

FAQ

Can I hire a Public Adjuster after I've settled with my insurance?
Can I hire a Public Adjuster after I've settled with my insurance?
Yes, negotiations can be reopened, especially if you feel you've been shortchanged. Beware that state law effects the timeline for how long after a claim is closed that it can be reopened. Most claims have a five year period after closing in which they can be reopened.
How much can I expect to pay a Public Adjuster?
How much can I expect to pay a Public Adjuster?
Most Public Adjusters work on a contingency fee basis. Typically, they charge a percentage of the settlement, often ranging from 5% to 40%. That means they only get paid if you do. Rates can vary, so always clarify upfront. Tiger Adjusters has created a 50 State Public Adjuster Database that provides fees, fee caps and legal information.
When should I hire a Public Adjuster?
When should I hire a Public Adjuster?
Minor damage does not normally require a Public Adjuster. But for significant insurance claims, such as roof damage, flooding, or fire, or when you feel the insurance company isn't playing fair, it's wise to bring on a Public Adjuster. You can hire a Public Adjuster before a claim is filed, during an open claim and after a claim is settled (state law varies on the timeline to reopen a settled claim).
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