Q: How much does everything cost?
A: It varies from project to project. The public adjuster fee can either be 10% of the entire claim or a range of 10% to 20% of the supplement increase. The supplement fee depends on the complexity of scope. Appraiser, umpire, and expert fees will be in addition to the public adjuster fee.
Q: How long does everything take?
A: The process can be as quick as 2 weeks from the time that I send my estimate and letter of representation to as much as years. The timeline depends on the insurance company, the adjuster that the insurance company sends, and the difference in scope.
Q: Can I receive my money back from the insurance company for the expenses to get a fair settlement?
A: Unfortunately, no you cannot. This is an expense incurred by the customer to reach a fair settlement.
Q: Do I have to do the entire scope of work?
A: Yes you do have to do the entire scope of work. Anything that you choose not to repair will not be insured by the insurance company.
Q: Will the insurance company stop insuring me because I hired a public adjuster?
A: No they will not. It is your right to hire a public adjuster.
Q: What is ACV?
A: An ACV policy is the Actual Cash Value. To determine, the amount is the recoverable cash value minus depreciation. Your first check should be the ACV amount minus your deductible.
Q: What does RCV mean?
A: RCV is the Replacement Cost Value. Meaning, a product at 100 percent, with no use or diminished life span. The difference in price between an item’s actual cash value (ACV) and its replacement cost is its coverable depreciation.
Q: What is the appraisal process?
A: The appraisal process is when the public adjuster and the insurance company cannot reach an agreement. The customer will have to hire an appraiser. The appraiser will send the public adjuster estimate and appraisal demand letter to the insurance company. The insurance company will have 20 days to name their appraiser, and 15 days to agree on an umpire.