The largest obstacle we face in the loss assessment business is the question “Do I need a loss assessor?” Dealing with insurance claims after property damage can be confusing. You may wonder whether engaging a loss assessor is truly necessary or worth the additional cost.
This article explores when loss assessors prove useful, typical Ireland-based fees, who cover their charges and answers the age-old question “Do I need a loss assessor?“. Read on to determine if appointing these independent claims experts could be beneficial for your situation.
Table of Contents
Do I need a loss assessor?
Loss assessors are most valuable for substantial, complex claims where payouts will be high. Their expertise shines in negotiating claim amounts in the thousands or more and managing intricate details an average person may miss.
You needn’t hire an assessor for minor claims or damages clearly meeting deductible thresholds. But they can still help if you feel overwhelmed, want an advocate dealing with insurers, or fear being shortchanged despite having basic coverage.
An experienced loss assessor possessing strong attention to detail likely increases your payout versus going it alone. Their working knowledge of insurance policies also allows for capitalising on obscure clauses you may overlook.
If you would like to know who pays for a loss assessor then you can find out more by clicking the link.
How much does a loss assessor charge in Ireland?
Typical Ireland loss assessor fees range from 8% to 12% of your claim’s final settlement value. Simpler claims warranting less work may fall on the lower end, while highly complex cases could exceed 12% depending on the attention needed.
Rates can also depend on property type, with commercial claims generally costing more than standard home policies. Get quotes from multiple firms detailing your unique claim before deciding.
For more information on Who pays for a loss assessor?
The claimant hiring the loss assessor pays their fee, not the insurers. However, the assessor’s charges should ultimately come out of claim earnings rather than upfront. Verify details in writing first.
Firms believing your claim holds strong merit may work on a “no-win, no-fee” basis. Here they only collect if successfully win an acceptable settlement, while you pay nothing if unsatisfied.
What percentage does a loss assessor take?
Standard loss assessor percentages range from 8% to 12% of the claim’s final settlement, though more complex cases requiring greater effort may exceed 12%. Simpler claims conversely could fall below 8%.
When requesting quotes, ask firms to give their precise percentage fee for your specific situation. This allows proper comparing options. Also, confirm fees solely come from eventual claim winnings.
What are the pros and cons of hiring a loss assessor?
When determining if you need a loss assessor, weighing potential advantages against drawbacks helps decide:
Pros
- Increase payout amount – Their expertise typically extracts thousands more from insurers
- Navigate confusing process – Assessors handle all documents, negotiations, contractors
- Access policy obscure clauses – Extra entitlements get utilised
- Ensure overview doesn’t occur – Loss assessors find damages you may miss
- Save time and frustration – They quarterback everything so you can focus on recovery
Cons
- Added cost – Their 8-12% fees come out of settlement winnings
- No guarantee – Hiring an assessor can’t guarantee increased payouts, although more often than not they will provide a more favourable outcome for the claimant than the insurer would ordinarily offer.
- Need to share details – Assessors require access to all claim-related paperwork
- Percentage not hourly – Simple claims mean you pay more compared to effort expended
Carefully weighing these factors helps determine if engaging a loss assessor is right for your insurance claim situation. Get a free quote from Insurance Claim Solutions outlining potential costs against likely claim increases.
Why use a loss assessor & do I need a loss assessor?
Insurers appoint loss adjusters to minimize claim costs. You need an advocate to ensure full entitlements without undue stress. Assessors have the expertise to compile complete claims so nothing gets overlooked.
What is a loss adjuster?
Loss adjusters represent insurers’ interests. They confirm policy compliance, assess coverages and aim to reduce payouts. This inherent conflict demonstrates why appointing an assessor early matters.
What happens when you make a claim?
Insurers assign adjusters to confirm claim validity, estimate costs, and control expenses. They serve insurers, not you. While adjuster fees come via insurers, they don’t prepare detailed claims to help you maximise value.
When should I appoint a loss assessor?
Engaging an assessor straightaway lets them influence the entire claim process. But at any point, their expertise can still aid in unsatisfactory claim handling.
Should I call my insurer or assessor first?
Insurers appreciate prompt loss notices. However, contacting Insurance Claim Solutions first allows for fully assessing damage. We can then officially log the claim and estimate repair costs to progress to settlement.
What should I do after a loss event?
Contact immediately 24/7 365 the best loss assessor in Ireland.
Loss Assessors in Dublin
Insurance Claim Solutions is Dublin’s top choice for expert loss assessors. With over 20 years of experience, director Trevor Kelly leads a skilled team known for getting the best and fairest payout for the claimant.
As Chartered Building Surveyors, their evaluators hold advanced designations in property damage assessment and repair scoping/costs. This technical know-how allows precisely quantifying every aspect of your loss.
Contact our friendly team today for more advice.