Why Investors Need a Public Insurance Adjuster?

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  Insurance losses will change people’s lives, and whether it means floods or fires, or something that is going to kick a tenant out of the properties, we make sure that we handle the process from start to finish and as quickly and as efficiently as possible.     Why hire a public adjuster?   Every…



Insurance losses will change people’s lives, and whether it means floods or fires, or something that is going to kick a tenant out of the properties, we make sure that we handle the process from start to finish and as quickly and as efficiently as possible.  


Why hire a public adjuster?


Every single time you have a loss, you can make a claim. Public adjusters make that process smooth. They know every single part of it to help guide you along the way. Even for someone who has done it a hundred times himself, Jarrett Lau, our founder, always likes to have them to help our clients get the most money possible.


When you have an insurance loss, the first thing that we will do is call our public adjuster. We will let them know what happened. The public adjuster would let us know immediately if it’s bad. As property managers, we will go to the property and see what’s going on. 


We will take as many pictures and videos as possible, then we will let our insurance agent, as well as the carrier, know that you have a loss. They will automatically assign an insurance adjuster. An insurance adjuster and a public adjuster are completely different things. An insurance adjuster works for the insurance company. Sometimes they are in-house, and sometimes they are third-party adjusters that work for the carrier.


Who are the parties involved?



There are multiple parties involved, the insurance carrier, us the property manager, our public adjuster, and the adjuster from the insurance company. Our job is to work together to get the claim made.


We will then do some mitigation. Mitigation is any type of work that is going to help prevent any more damage as well as any type of clean-up that might be involved with the property. Examples are sucking up water or demolishing drywall that’s been wet.


After the mitigation has been done, we’re going to work with the public adjuster together with the insurance carrier to get a loss estimate. The software that is used is called Xactimate, and both people have that.


Everybody will try to figure out exactly what needs to be covered, as well as repairs later on. This will determine how much money we get. The goal is to be able to get as much money as possible for that loss. The public adjuster usually is the most detailed and the highest out of everything. The insurance company is going to make their own and they’re going to find a middle ground that they agreed to in between.


Along that whole process, they will communicate with us, the property manager to make sure that we’re good with the type of things that are covered. Once they agree, they’re going to pay out that loss. Then we will be able to do the repairs to minimize the vacancy for you, the landlord as well as potentially get the tenants back in, if the loss is not too bad.


Let’s recap!


Again, we hire a public adjuster because they have the knowledge and the background. Most importantly, they know all insurance companies.


It’s important to know that they can read through the insurance policies. They have attorneys to take a look and determine what will be covered, recovered, and to make that estimate for you.


If you did it yourself, the insurance company will tell you what will be covered. A public adjuster will be anywhere between 8-10%. Of course, the bigger the loss, the lower the percentage you potentially negotiate. We use Jeffrey Winnick of Swerling Milton Winnick. He is the best person we could ever work with. We can count on him. He always fight for every single dollar of our clients and makes the process smooth. He’ll be there every step of the way to make sure that everything is being done correctly.


There are tons of public adjusters out there and you’re more than welcome to use whoever you can.


We use them for every insurance loss. No matter how big or small, they make the process so easy. That 8-10% is usually something that they get more than that, and they pay for themselves with their fees. That’s why we use a public adjuster, and that’s why we highly recommend that you hire a public adjuster.


If you or anyone else, you know is experiencing an insurance loss and needs an experienced property manager or a public adjuster, we will be more than happy to help you out. Remember, with Green Ocean Property Management, you get more than a property manager, you get peace of mind.


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