Why you need an Insurance Adjuster on your team!
Let’s be honest – unless you are an insurance adjuster you have no idea how to read, review, choose, or decipher an insurance policy that is best for your property. Sure, you might have an agent you trust to get your policy underwritten, but, they work off of premiums. Adjusters work off of salary. So taking on additional coverages is not necessary for them.
Why is this important? Do you know the difference between a Fire Policy, DP1, or a DP3 policy is? How about an Actual Cash Value policy or a Replacement Cost policy? Are you familiar with what Business Personal Property is or just Personal Property is? How about Additional Living Expense? Medical Payments coverage? Do you know what endorsements you need to coverage an underground pipe, a mechanical breakdown, or loss of income?
This might all sound like a bit much if you are not familiar with insurance lingo. But, I can assure you that this is just the tip of the iceberg. The company I work for alone has hundreds of endorsements that can add or take away coverage for the slightest change in occurrence.
Property adjusters have very unique skillsets and experience that is hard to find in other jobs.
Customer Service: the ability to calm upset clients or claimants when the claim turns negative.
Correspondence: creating and writing documents that are shared with clients, attorneys, doctors, law enforcement, claimants, contractors, etc.. You name it and the adjuster has likely communicated with them
Project Management: I’m sure many of you have managed or hired someone to manage remodels, construction, and groups of employees before. Adjusters do that on a daily basis with different groups and people – local and distant.
Self-Motivated: at least for those of use who work out of our home 100% of the time. We need to be task oriented while also being self-driven and having exceptional time management ability.
Property Inspections: as a property adjuster we are familiar with construction practices, material, local labor costs for residential and for some of us, commercial properties. The ability to create an estimate for remodels and repairs for exactly what you want can be vital when you are receiving bids from contractors in the 10’s or even 100’s of thousands or dollars.
Familiarization of the local area: as an adjuster we are in and out of neighborhoods all over the area in which they live/work. Every week adjusters perform inspections, property walks, and create estimates for properties all throughout the market. We see the good, the bad, the up-and-coming, and the declining neighborhoods.
Freedom: most field adjusters work 100% from home making our own hours and schedules. Which allows us to inspect and check in on properties on a weekly basis. I know I do with mine!
You might think a property adjuster to be an unlikely partner or team member. But looking at all of the skill sets and job functions of what was just listed, can you tell me one person who has this much knowledge and experience?
Though an insurance adjuster likely isn’t necessary for someone just getting started. I would highly suggest considering one for larger portfolios or larger properties. Could very easily save you 100’s or thousands and even millions of dollars over time.
-BJ Durel