A public adjuster is recommended for any insurance claim that totals over $250,000 and $250,000 can be a drop in the bucket when it comes to insurance claims for multi-unit properties or homeowner’s associations (HOAs.) A public adjuster can be a property manager’s best friend – let’s explore how with three reasons an HOA needs a public adjuster.
Three Reasons an HOA Needs a Public Adjuster
HOA Insurance Claims Can Be Overtly Complicated
An insurance claim for a single-family residence can be a complicated manner, but the claim for a multi-unit property like an HOA is a whole different beast. Insurance documents for HOAs can be several pages long and loaded with codes, numbers, and abbreviations that are difficult to make sense of. There’s also the hassle of dividing the different claims among the different homeowners including whom owes what type of deductible and more. Instead of driving yourself crazy trying to figure out the insurance code, hire a claims expert to do it for you.
Weigh Cost vs. Time
If you weigh the amount of time, you’ll spend on your HOA’s insurance claim with the amount of money you could save doing it yourself you’ll quickly find hiring a public adjuster is a much more efficient option. Though you may have basic knowledge of insurance claims, the claims for large properties and multi-unit properties can take hours of your time if you choose to do it yourself. Considering the workload of a typical property manager – is doing it yourself worth it?
You Need a Professional Looking Out for Your Best Interests
Any insurance claim is only as good as your insurance agent’s field adjuster so look out for the HOA’s best interests by hiring a fiduciary service like a public adjuster that will always look out for your best interests. A public adjuster will closely examine every number and letter, and while they can’t inflate your claim, they can point out if you deserve more in a certain area or are otherwise being treated unfairly. One mistake by a field adjuster could cost you thousands, but an adjuster can catch it.
If you need someone to assist in complicated insurance claims for multiple homeowners and look out for the best interests of your HOA you need a public adjuster. Hire an adjuster with plenty of HOA experience and a seasoned adjuster license in your state for the most positive experience. With Colorado public adjusters, you can drop a giant to-do off your list and breathe easy.