Insurance Adjuster Pay! Wanna know? …
Really! How much can the Insurance Adjuster Pay or Claims Adjuster’s Salary? After reading this blog, you will know how much an Insurance Adjuster Pay and can calculate how much an Independent Adjuster can make per year?
When a disaster hits, the Insurance Adjusters are the professional loss experts, who inspect damaged property and establish how much should the insurance company pay? The secret lies in how many claims Insurance Adjuster handles in a day.
How to determine Independent Insurance Adjuster Pay?
After the strike of a disaster such as the Florence Hurricane, the Insurance Adjusters inspect damages. You should understand that no guarantees can be given when it comes to independent adjusting.
The pay varies because of different factors. You may get paid on an hourly or salary basis. Sometimes it will pay hourly, If working on salary, you need not worry about CAT deployments pay changes. Typically, you will be expected to work that CAT at the same rate. However, bonuses are paid – sometimes. Whereas, Independent adjusting will pay to be the percentage per claim.
Independent Insurance Adjuster Pay
Getting more you may want to get paid on a fee basis that enables you to get a percentage of each claim.
Let us understand how it works?
If you work as a CAT Adjuster there will be an hourly rate. In auto claim adjusting, there is s pay rate of $25/hour & you work 70-80 hours a week. For the property field, it is $37.25/hr w/ an overtime payment & you work 70-80 hours a week.
In the property field (ropes and harness) you are expecting $42.50/hr with overtime pay and have to work 70-80 hours/week. Lastly, the Desk Adjuster gets $37.50/hour w/ 70-80 hours of work in a week.
How does the Fee Schedule work?
NFIP fee schedules demonstrate that if the claim reaches a certain amount, the claim adjuster company would receive a fee, which is mentioned in the NFIP fee schedule. It will help to determine the Insurance Adjuster Pay.
Normally as per FEMA, the Average Flood Claim is $52000 by NFIP, and property claims most likely 80 % are generated from roof claims. The adjustment work begins by identifying the roof that the firm changes or fixes. It could be a damaged roof, has ceiling leaking, or rain gutters.
For example:
| Average Property Claim | Average Flood claim |
| If the claim amount is $ 10000
The fee amount is $ 1035 (60 % will go to Adjuster and 40 % to Insurance Adjuster Firm) As an adjuster, you will get 1035 x 0.6 = $621 (Per claim) |
If the claim amount is $52000
The fee amount is 3.4% (60 % will go to Adjuster, which is equal to 2.04 and 40 % to Insurance Adjuster Firm) As an adjuster, you will get 52000 x 2.04% = $1060.80 (Per claim) |
Typically, you will be handling approximately three claims in a day, so you can figure out how much will an independent claims adjuster salary be?
Here is the link to a YouTube video of Ebahi, a Professional Independent Insurance Adjuster. She has very well explained how to calculate Insurance Adjuster Pay.
by xotatech.com