Most public appraisers charge contingency fees that range from 5% to 15% of the money the insurer pays for your claim. These rates are limited in some states and are negotiable in all states. The fee you agree to pay to a public appraiser must take into account the size and type of your loss and the status of your claim. Once you accept your insurance company's final offer, the public appraiser will be left with a pre-established portion of the final payment.
The only way the public appraiser is paid is when you, the policyholder, accept a final offer from your insurance company. The hourly rate will depend on the state you are in, the experience and knowledge of public experts, your operating costs and the type of policy your claim is subject to. They must inform you in advance what their rate is and what method they use; this must also be included in the contract signed with the public appraiser. An experienced public claims appraiser should be able to tell you how many hours you will have to work on the claim.
The most common rate structures for public appraisers include fixed rates, hourly rates, or contingency charges. Always remember to set the rate and payment method with your public appraiser before entering into any agreement. Some states have specific laws and regulations about how public insurance adjusters are compensated for their services. This means that you don't have to pay your public appraiser until you decide to accept your insurance company's final offer.
Whether you simply don't have time to process the slow payment process, or if you think your insurance company has offered you less than what it owes you, it's recommended that you hire the payment services of a professional public appraiser. For example, Florida public appraisers are not allowed to charge more than 20% of the final fee in a situation that is not declared a disaster, nor more than 10% if a disaster has been declared. A public appraiser is not affiliated with the insurance company and is only there for your benefit. Thanks to this fee structure, which is usually a percentage of the final settlement, your public appraiser will be more motivated to request higher compensation.
If you're not happy with your insurance company's final offer, you can tell your public appraiser to keep pushing for a higher settlement. You can check with the state's public appraisal agency for more details; in Georgia, this would be GAPIA. Most public appraisers will charge between 5 and 15%, and this amount may decrease if the amount of money paid to the claimant increases.
