Homeowner ship is the reward promised by the American Dream, but that reward is not without risks. As real estate professionals you are relied upon not only to find your customers dream home, but also to assist them in exposing, transferring and minimizing the risks of homeownership.
After closing the primary risk management tool used by your customers is homeowners insurance. When you buy a tool at the hardware store it comes with instructions so that you can use the tool to complete the task at hand. When you buy homeowners insurance it does not come with user friendly instructions.
Once your customer gets insurance they typically do not learn to use the tool unless they have a catastrophe that causes them to file a claim. Not the best time to learn how to use the tool, its like learning to use a life jacket when the ship is sinking!
In trying to understand the claims adjustment process I sought the expertise of Mark Goldwich, author of the book “UNCOVERED”. Mark has been intimately involved in the adjustment of thousands of claims for more than two decades, including the claim on my own home after Hurricane Mathew. What makes Mark’s expertise special is his varied perspectives having been an adjustor for a major insurance company, worked as an independent adjustor and for more than a decade as a public adjustor and founding President of Gold Star Adjusters.
UNCOVERED reveals insider information on the claims process that I had no idea could so dramatically impact the speed and amount of my insurance claim. Even as a homeowner for over 30 years as well as having done thousands of 4-point insurance and wind mitigation inspections, I was shocked.
To my surprise all adjustors are not created equal. Beyond the differences in experience and expertise is the question “who does the adjustor work for”? It is most common that the adjustor who is sent to settle your claim is an employee of the insurance company. That does not make that person evil or dishonest, but they are clearly not your advocate.
Mark’s book describes another common type of adjustor known as the “independent adjustor”. Due to the word “independent” this sounds better, but Mark explained that this an adjustor who is hired by numerous insurance companies as an independent contractor, rather than as an employee of a single insurance company. Again, not evil or dishonest, but they are clearly not your advocate.
Lastly is the “public adjustor”. These are adjustors that are hired by you to represent your best interest in the claims process. Not evil or dishonest, but clearly YOUR advocate! And there is typically no out of pocket expense, payment to the public adjustor is made as a part of the insurance settlement.
When I asked Mark Goldwich why most claims are not settled with the help of a public adjustor, Mark’s answer was that most people have never heard of a “public adjustor”! But, now you know.
Reading “UNCOVERED” will forever alter the way you prepare yourself as well as your customers to purchase homeowners insurance or file an insurance claim. The book should be on the required reading list for every real estate professional and every homeowner. A copy of “UNCOVERED” is an awesome closing gift for every homebuyer!
For your copy of UNCOVERED visit Amazon.com or ask Mark to bring his book and expertise to your office for an informative education session contact Mark directly Mark@GoldStarAdjustors.com or 904-406-7232.
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