How Much Does A Public Adjuster Charge?
N.Y. Comp. Codes R. & Regs. tit. 11, §§ 25.7 (Regulation 10), “No public adjuster shall charge any insured a fee in excess of 12.5 percent of the recovery for services rendered by the adjuster.” Thus, a public adjuster may not charge a fee in a retainer agreement that exceeds 12.5 percent of the insured’s recovery, for services rendered by the public adjuster. This provision governs fees charged by a public adjuster for services that are within the scope of its license. If the services rendered by an outside expert directly relate to the adjusting function of the public adjuster, then the fees for such services may not be separately billed to the insured but must be included in the public adjuster retainer agreement and, consequently, would be subject to the 12.5 % fee limitation.
Our Public Adjuster Service Rates
Our rates may vary based upon the size and complexity of the claim, however our normal rate is 10% of the amount recovered.
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How Does a New York Public Adjuster Get Paid?
Quite simply, a public adjuster gets paid when the policyholder gets paid. In most cases, the public adjuster will be paid directly by the insurance company. The amount paid to the public adjuster will vary, but in New York state it can be no higher than 12.5% of the total claim settlement.
When Should a Policyholder Hire A New York Public Adjuster?
As a policyholder, if you’ve sustained damage to your property and have questions, a Licensed Public Adjuster can be a tremendous asset. They can assist as you navigate the treacherous waters of the claims investigation process, as well as help avoid common pitfalls and missteps that can lead to denials or underpayment. It’s not always necessary to hire a public adjuster for every property insurance claim, as they generally handle those that are larger or more complex. However, smaller claims can sometimes have more extensive damage than what can be observed by the untrained eye. If you have questions about your property damage, you can get a free, no-obligation consultation with a Licensed Public Adjuster at Claimly Public Adjusters by calling 1-800-624-3840.