If you’ve ever experienced damage to your automobile or home, you’ll most likely meet an insurance appraiser. These individuals help to estimate the value of these damaged items after an insurance claim has been filed.
While some appraisers work in-house for insurance companies, many work outside these organizations as independent adjusters, or IAs. Learn the key differences between in-house insurance appraisers and independent insurance appraisers here.
Employee vs Independent
Employee appraisers hold a more typical type of employment with insurance companies. They are employed by the insurance company itself and work on claims on their behalf. The definition of an employee appraiser is narrow compared to that of an independent appraiser.
Although independent appraisers also adjust claims on an insurance company’s behalf, they are not considered salaried workers of the company. That doesn’t necessarily mean that they aren’t salaried workers at all, however. Some independent appraisers are employed through an independent adjusting firm. Others may work as freelancers or are associated with a third-party company. Regardless, independent adjusters remain representatives of the insurance company itself and are knowledgeable about all types of claims and coverage.
Duties of an Independent Insurance Appraiser
If insurance companies employ in-house appraisers, why do they hire independent appraisers, too? Well, many insurance companies require more help depending on how many claims are being filed by insurance carriers. Hiring independent appraisers allows insurance companies to keep up with the large volume of claims without overworking – or overpaying – their own in-house adjusters.
Additionally, you can hire an independent appraiser if you’d like a second opinion on your claim outside of the insurance company appraisal. An independent appraiser can help you with the following:
- Give you an overview of your insurance policy and how it covers the loss
- Investigate the claim, evaluate the loss, and help you reach a settlement agreement
- Help find additional information from police reports and medical reports to support your claim
- Keep a thorough inventory of claims records and keep them organized
- Negotiate claim settlements with the insurance company
- Authorize claim payments to the insurance company
- Estimate cost of repairs
Hiring an Independent Insurance Appraiser
Overall, insurance companies can experience many benefits when hiring out an independent insurance appraiser. Their efficient claims process ensures a quick and easy turnaround for client’s claims. Plus, their claims knowledge allows them to work on any type of claim regardless of the client’s background. For more examples of excellent resourcefulness and customer satisfaction, contact MCS. Our team is happy to help meet all your independent insurance appraiser needs.