What should I know about licensed public adjusters in New York?
Public adjusters are a very important part of the insurance claims process. In order for a public adjuster to do business in the state of New York, they must be licensed by the Department of Financial Services. A public adjuster represents the homeowner to take inventory of any loss or damage that has occurred to a house. Public adjusters do not represent the insurance company and therefore, are paid by the homeowner. New York State doesn’t allow public adjusters to charge more than 12.5 percent of the amount that the homeowner recovers from the insurance company.
Public adjusters are important because they can make sure the insurance company is giving the homeowner the appropriate amount of money for the damage that occurred to the home. Sometimes, the insurance company will try to give the homeowner less money than the damage is actually worth. This is because the insurance company is looking to make a profit because of course, it is a company that needs to make money just like any other for-profit company.
If you believe that your insurance company is trying to take advantage of you, it may be a good idea to consult with a public adjuster. If you have questions about public adjusters, contact our firm today.
The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered property loss, please contact our firm to schedule a free initial consultation.