Durham, North Carolina
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Public Adjusting Terminology
If you've suffered damage to your self, home, or vehicle, a public insurance adjuster can help you get the most out of your policy as you work to recover. However, be an informed consumer and be certain to familiarize yourself with key terminology before beginning the process.
Actual Cash Value - Actual cash value refers to the monetary value of an item that has been lost or damaged. It takes into consideration depreciation and wear.
Replacement Cost - The actual cost to replace a damaged item. This does not take into account depreciation or damage. Your independent licensed public adjuster can help calculate these figures.
Claims Adjustment Value - In more challenging cases, a fee is charged for the processing of a claim. This fee will go to the independent licensed public adjuster.
Flood Insurance - Flood insurance must be purchased separately from traditional homeowners insurance, and only covers limited property damage.
Period of Interruption - Whether it's from an earthquake or fire, the period of interruption refers to the amount of time it takes to get your home or business back in previously working order.
Occurrence - This is a more generalized term that applies to accidents, burglary, and natural disasters.
Exclusion - An exclusion refers to items or causes that are not covered by insurance. There are often exclusions for flood and fire, since they are covered by separate insurance.
Valued Insurance - Valued insurance will settle your claim for a fixed amount, if you're filing for loss of a personal item. Depreciation and wear will not be factored.
Public adjusters are licensed insurance adjusters that assist policy holders with claims regarding property, injury, or personal loss. These experts can be found in most parts of the United States. Most people need a public adjuster to aid them when a natural disaster happens, such as an earthquake or flood, and has caused damage to their home. The adjuster can assist the policy holder by helping them get the right sum of money that is due to them. This money comes from the insurance company with which the individual or family has a policy.
There is a certain process involved when people try to settle with an insurance company after a home fire or loss of a loved one. A lot depends on the type of home, life, or auto insurance coverage you have. When the public adjuster or professional firm works to prepare your case, it is important to give all the details regarding personal loss, the coverage you have in place, and the cost of repairing or replacing lost possessions. Policy holders do have certain civil rights and protection from insurance associations. There are files put in place to keep records of your insurance policy. This way the licensed public adjuster can make certain each policy holder gets the insurance money they deserve for their claimed damages.
By speaking with a public adjuster in your area, you can get further information on insurance plans and policies for home coverage. It is always smart to take care of this ahead of time so that you do not have to worry when something occurs.