Frequently Asked Questions
Why do I need a Public Adjuster? The insurance company is sending out their adjuster.
The insurance company’s adjuster represents the insurance company and not you as the policyholder. A public adjuster represents you, in your claims process with the insurance company.
If you are in doubt as to any of your rights and responsibilities in the claims process hire a public adjuster. Never accept an unreasonable amount for settlement because you are not sure what you are entitled to.
How are Public Adjusters paid?
At Waterfall, our fee is a percentage of the total claim amount received. If your claim isn’t settled no fee is paid.
Should I let the restoration company file my insurance claim?
No, they may not possess the knowledge or licensing required to represent and advocate for your claim. In Maryland, Public Adjusters go through training and pass state mandated test to become licensed.
If I have an insurance claim how does it affect my mortgage company?
Your mortgage holder is likely listed as a “loss payee” on your home insurance policy, so payments for rebuilding may be issued to both you and your lien holder. You shouldn’t immediately expect your mortgage holder to sign the check over to you.
Policyholders “have to endorse and send the check to the mortgage company, and it will sit in an escrow account until repairs are made.” Mortgage banks typically release the funds back to you in three or four installments over the course of your reconstruction. Mortgage companies want to be sure your property is repaired before releasing payment to you. As a result, you may have to advance your own money for constructions costs until the mortgage company verifies the repairs are complete.
What types of adjusters might work on my claim?
- A company adjuster is an employee of the insurance company. This type of insurance claims adjuster is the one most people would be dealing with for their insurance claims.
- An independent adjuster is an independent contractor that the insurance company pays to handle the claim for the insurance company. Sometimes when an insurance company has a lot of ongoing claims, doesn’t have in-house adjusters or needs extra help they will hire reputable independent adjusters to take care of claims for their policyholders.
- The third type of adjuster, the public insurance adjuster, works for the policyholder. The public insurance adjuster is an independent insurance adjuster but they are hired by the policyholders who are filing the claim.
Company/staff and independent adjusters are hired and paid by and report only to insurance companies, not policyholders. They will be assigned by your insurance company to work on your claim, but they are there as the insurance company’s representative… not yours.