Understanding the Insurance Claims Payment Process - Public Adjuster Training

Understanding the Insurance Claims Payment Process - Public Adjuster Training

How are you paid? Who gets the check? Do you need to replace items immediately?

After a disaster, you want to get back to normal as soon as possible. You may get multiple checks from your insurer as you make temporary repairs, permanent repairs, and replace damaged belongings.

In most instances, an adjuster will inspect the damage to your home and offer you a certain sum of money for repairs, based on the terms and limits of your homeowner policy. The first check you get from your insurance company is often an advance against the total settlement amount, not the final payment.

When both the structure of your home and your personal belongings are damaged, you generally receive two separate checks, one for each category of damage.

If you're offered an on-the-spot settlement, you can accept the check right away. Later, if you find other damage, you can reopen the claim and file for an additional amount. Most policies require claims to be filed within one year from the date of the disaster.

Watch the whole episode and find out all the most important steps about the insurance claims payment process.

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SOCIAL MEDIA:

[incredibleperson]

Our HOA Board for our condo complex hired a public adjuster to assist with handling a hail storm claim. The adjuster received checks from State Farm written in his name, just as you described in your video. Following that, he automatically deducted his commission from the total insurance reimbursement and issued checks to the Board for the remaining funds. Does that happen often with adjusters? In addition, the adjuster paid the roofer directly for some of the work that the roofer did. Is it common for adjusters to pay contractors directly from the claim? Thanks for your help!

[andrealicciardi]

Hi do you have any informative videos on how to assess values to items in the home for a total loss as a public adjuster inventory specialist to submit to their insurance company? Re sentimental items or antiques that appreciate in value, etc.

[Lifewithvik]

How the insurance company pay when u r not at fault?? By cheque or bank deposit??

[Daniela]

What about the scenario where the mortgage is holding check because of the amount and will be releasing funds in multiple disbursements. Does the homeowner write 2 or 3 checks to you? It seems when the homeowner gets their first disbursement it wont be enough for your full fee and still have enough to get the contractor started.

[lmebqnp]

Is it illegal for an adjuster to keep money from their clients when they are owed that money?

[stevenrod]

Hi Vince. Question why not have the Insurance Company write two checks one to the Firm PA Company and the other eighty percent to the client? I guess a statement and contract copy would have to be sent to the Insurance or do they cry about writing more then one check?

[pinkjely-bean]

Do a video on how you guys steal the clients money