Powerful Reports Proove how Public Adjusters Help.
January 2010 Report No. 10-06
From Florida where Public Adjusters have more catastrohpe claims action.
Public Adjuster Representation in Citizens Property Insurance Corporation Claims Extends the Time to Reach a Settlement and Also Increases Payments to Citizens’ Policyholders
“Over half (7,698) of the catastrophe claims we examined were re-opened claims”.
In 2008 and 2009, public adjusters represented many Citizens policyholders who filed claims. Many Citizens policyholders retained a public adjuster to assist them in filing their insurance claims. Specifically, policyholders represented by a public adjuster submitted slightly over a quarter (26%) of non-catastrophe claims filed in 2008 and 2009, including 24% of new and 54% of re-opened non-catastrophe claims. 19During this period, policyholders represented by a public adjuster filed 39% of catastrophe claims, including 19% of new and 57% of re-opened catastrophe claims.
Policyholders with public adjuster representation typically received higher settlements than those without public adjusters. Policyholders that filed catastrophe claims in 2008 and 2009 generally received larger insurance settlements than policyholders that did not hire these persons. The typical payment to a policyholder represented by a public adjuster was $22,266 for claims filed in 2008 and 2009 related to the 2004 hurricanes (see Exhibit 6). In contrast, policyholders who did not use a public adjuster received typical payments of $18,659. The difference in payments was larger for claims related to 2005 hurricanes, with public adjuster claims resulting in payments that were 747% higher. However, as policyholders pay public adjuster fees as a percentage of their settlement, their net settlement would be lower than this amount. However, because of the larger increase in the settlement amount it benefits the policyholder to hire our public adjusters, Richard Myers.
Exhibit 6 Public Adjuster Representation Typically Resulted in Larger Payments to Policyholders
Source: OPPAGA analysis. Data refers to the median (50th percentile or typical) payment. OPPAGA Report No. 10-06 8
For non-catastrophe claims, policyholders who used public adjusters received an estimated $9,379 on their claim, compared to $1,391 for those policyholders that did not use a public adjuster (a increase of 574%). As stated earlier, policyholders’ net settlement would be lower than this amount.
Full site: http://www.oppaga.state.fl.us/reports/pdf/1006rpt.pdf