If you are reading this, it means that the worst has happened, and you now need to claim on your insurance policy. If your property has suffered substantial fire damage, flooded, or worse, you need a loss assessor to act in your best interests. Think of them as solicitors acting for you.
Before you can consider repairing a fire-damaged house, you will need the insurance company to accept liability – and this can be easier said than done, as most insurance companies tend to look for exclusion clauses.
Don’t be an insurance victim twice; hire a loss assessor to act for you. Life is risky! However well we plan our lives, we sometimes meet with unforeseen circumstances and incidents that leave us almost shattered. How we prepare and handle the things that happen to us is crucial.
In a serious incident like a fire or flood, the last thing you would want is to go through the stress of dealing with a complicated insurance claim. Filing an insurance claim is one thing; correctly assessing the damage and getting compensation is a different thing.
This is where the need for employing the services of a loss assessor comes in.
A loss assessor is an independent entity the policyholder hires to protect their interest and negotiate an insurance claim with the insurance company. They’re responsible for establishing the reason for the loss.
They manage a claim on behalf of the policyholder and ensure he or she receives his or her insurance entitlement. They meet with insurance company representatives, or their loss adjuster, to negotiate the best claim settlement for a policyholder.
The role of a loss assessor is to establish the incurred loss, approach the loss adjuster acting for the insurance company and come up with the best settlement for your loss.
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What Does a Loss Assessor Do?
A loss assessor is a licensed professional who represents policyholders in the insurance claims process. Their primary role is to manage and negotiate the claim on behalf of the policyholder, ensuring that they receive a fair and equitable settlement from their insurance company. This includes assessing the extent of the loss or damage, documenting the claim, and negotiating with the insurance company to secure the best possible settlement.
How Can a Loss Assessor Help?
Using a loss assessor can be incredibly beneficial, especially in complex or high-value claims. They provide immediate support, arrange emergency repairs, and secure your property.
They also offer expert guidance, managing the entire claims process and ensuring all necessary requirements and deadlines are met. In addition, they assess and document damages, handle negotiations with the insurance company, and expedite the process to ensure a speedy resolution
When might a loss assessor be appointed?
It is essential to appoint a loss assessor as early as possible in the claims process. This ensures that they can guide you through the entire process, from preparing the claim to negotiating with the insurance company. By involving a loss assessor early, you can increase your chances of securing the maximum settlement for your claim.
In a situation where the property is a total loss, the loss assessor can help you calculate the cost of rebuilding a home and put in your claim.
To get compensation, it’s essential to appoint a loss assessor. A loss assessor works for the policyholder to:
- Quantify, prepare a claim and ensure a realistic settlement.
- Present a claim to the insurance company.
- Meeting with the insurance company’s Loss Adjuster to negotiate your claim
- Manage a claim on behalf of the policyholder.
- Negotiate the type of settlement that favours your circumstances, whether it is reinstatement or a cash offer
- Obtain interim claim settlements for their clients.
- Assists in cases of a declined claim or delayed settlements.
How much do loss assessors charge?
Loss assessors typically charge in one of two ways:
- Percentage fee: Up to 10-15% of the final insurance settlement amount.
- No upfront fee: The loss assessor works for free but requires you to use their recommended contractors for repairs. They then take a cut from the contractors.
Key points:
• Fees vary based on claim complexity and assessor policies
• Some offer “no win, no fee” arrangements
• Always check fee structures before appointing an assessor
• Fees are usually paid by the policyholder, not the insurer
What’s the difference between a loss adjustor and a loss assessor?
Imagine you’ve just experienced a devastating fire or flood that has left your home or business in shambles. You’ve filed a claim with your insurance company, but now you’re faced with a complex and often overwhelming process. This is where loss assessors and loss adjusters come in, but it’s essential to understand the difference between these two professionals.
Loss adjusters are appointed by the insurance company to investigate and assess your claim. Their primary goal is to minimise the payout, ensuring that the insurer pays out as little as possible. They work in the best interests of the insurer, not you, the policyholder. For example, if you’ve suffered a fire, the loss adjuster might downplay the extent of the damage or question the value of your belongings to reduce the settlement amount.
On the other hand, loss assessors work exclusively for policyholders, ensuring that their interests are protected and that they receive a fair settlement. They are experts in the insurance industry and know how to navigate the claims process to get you the maximum entitlement under your policy. If you’ve suffered a loss, a loss assessor can help you compile and present your claim, negotiate with the insurance company, and ensure that you receive a fair and reasonable settlement.
To illustrate the difference, consider the following scenario: Bryan’s home was damaged by an electrical fire, and the loss adjuster estimated the cost of rebuilding at £150,000, but the policy only covered £100,000. The insurer settled the claim proportionately, leaving Bryan with a significantly reduced payout. However, Bryan disputed the loss adjuster’s valuation, arguing that his home was built using a timber kit, which was much cheaper than traditional brick buildings. With the help of a loss assessor, Bryan was able to challenge the loss adjuster’s report and ultimately received the full payout he was entitled to.
How to avoid problems with an insurance loss adjuster?
For a policyholder, the only way to know how much your loss is worth and to get successful compensation for your insurance claim is to hire a loss assessor to handle your claim. A loss assessor is pivotal to MANAGING all aspects of your claim and ensuring you have a favourable settlement.
The loss assessor will assess the damage, estimate the loss and push for adequate compensation. A loss adjuster will act for the insurance company and, therefore is very likely to offer you substantially less money.
- RECOVERY: The use of a loss assessor saves you stress from dealing directly with your insurers and enables you to get on with your life and recover from your loss.
- PROFESSIONALISM: Loss assessors are very knowledgeable in negotiating with claim adjusters, making them more likely to achieve a prompt and full settlement.
- ACCOUNTABILITY: A loss assessor aims to ensure a policyholder receives what they are entitled to, so, they can be TRUSTED to work in your best interest.
- REPRESENTATION: A loss assessor represents the policyholder, not the insurance company. They coordinate insurers, and loss adjusters negotiate your claim to ensure you receive your full settlement.
- SAVE RESOURCES: employing the services of a loss assessor will save you precious time, money, and stress. Pushing for claim settlement without a loss assessor will subject you to unquantifiable stress and loss of valuable time.
- SECURITY: The loss assessor secures your property and arranges for emergency and alternative accommodation.
- INSPECTION: They engage in fieldwork to assess the extent of damage, compile data of their findings and reports, and use this in pushing for settlement for you.
- SPEED: When an insurance company is made aware that your claim is managed by a loss assessor, it makes it difficult for them to refuse your claim. Also helps to facilitate speedy compensation
Who pays for a loss assessor?
Loss assessors take their fee from your insurance settlement normally 10% of the value of the claim. This may seem a lot but in reality, if you did not have a loss assessor working with you, you are likely to receive a substantially reduced payout.
“It is common for a Loss Assessor to secure a 20 – 30% increase on an Insurance Company’s settlement offer.”
What are the disadvantages of not hiring a loss assessor?
The disadvantages of not hiring a loss assessor in managing your claim can affect you in many ways. For examples:
- Your claim could be dismissed.
- You’ll lose valuable time.
- Dealing with an insurance adjuster can be tiring and stressful.
- It is challenging to prepare and present a successful claim.
Is it worth using a loss assessor?
Using a loss assessor can be highly beneficial when dealing with complex or large insurance claims. Loss assessors are experts in insurance policies and claims procedures who work on your behalf to thoroughly assess and document damages, negotiate with insurance companies, and maximize your claim value. They can save you time by handling paperwork and communications, reduce stress during an already difficult situation, and allow you to focus on getting your life back to normal.
Loss assessors often help achieve faster claim settlements, higher compensation amounts, and more comprehensive coverage of damages. It’s particularly worth using a loss assessor for complex claims (e.g., extensive property damage), high-value claims, situations where you’re unfamiliar with the claims process, or cases where there’s a dispute with the insurance company.
While there’s a cost involved, many loss assessors work on a “no win, no fee” basis, making their services accessible and potentially cost-effective in the long run. By leveraging their expertise and advocacy, loss assessors can ensure you receive a fair settlement and navigate the claims process more effectively.
Who hires the services of a Loss Assessor?
Loss assessors are hired by homeowners after substantial damage to their property to help them get an insurance claim settled at the best possible price.
Settle Your Claim & Sell Your Property
Property Saviour can put you in touch with an experienced loss assessor who has successfully acted for us. You can sell a house after a fire once your insurance settlement has been agreed.
We will buy your property if you consider selling it after your successful claim. Not only will we pay £1,500 towards your legal fees, but we can also act quickly to buy your home within 10 days therefore enabling you to start a new chapter in your life.
Find out why Property Saviour is rated one of the best house buying companies in the UK by reading our customer success stories.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
