How much do insurance adjusters make as income yearly in Florida? Here is everything you must know about the salary scale of insurance adjusters. In order to have an idea of the amount an insurance adjuster in Florida is expected to make, you should clearly define the service offerings of an insurance adjuster. An insurance adjuster or claims adjuster is responsible for evaluating insurance claims on behalf of insurance companies in order to determine who is liable.
They investigate the circumstances of insurance claims by consulting with witnesses, reviewing police reports, and compiling evidence from other sources. In essence, they verify insurance claims and determine a fair amount for settlement. These can be any type of claim, from personal injury to property damage. In property damage claims, the main role of the insurance adjuster is to carry out a detailed investigation into the claim by inspecting the damage.
Please note that, before you can practice as an insurance adjuster in Florida, you will be a United States citizen or a legal alien with a valid work authorization. You must be a resident of the state of Florida. You must be at least 18 years of age. You must have a diploma or GED equivalent and lastly, you must mass pass Florida’s licensing exam or a state-approved adjuster pre-licensing course (and included exam).
With that in mind, we can estimate what an insurance adjuster is expected to make. It is important to point that there is no one-mold-fits-all when it comes to how much an insurance adjuster in Florida is expected to make. There are some factors that we are going to look into before giving an estimate of how much an average insurance adjuster can make yearly.
Factors That Determine How Much Insurance Adjusters Make in Florida
Table of Content
- The Capacity of the Insurance Adjuster
- The Location the Insurance Adjuster is Covering
- The Type of Insurance Policies Serviced By The Insurance adjuster
- The Management Style of the Business
- The Business Approach of the Insurance Adjuster
- The Advertising and Marketing Strategies Adopted by the Insurance Adjuster
- The Number of Years the Insurance Adjuster is in Business
The Capacity of the Insurance Adjuster
One cannot conveniently state the amount an insurance adjuster in Florida is expected to make yearly if you do not know the capacity of the business. As a matter of fact, you can not equate an insurance adjuster that is just starting out in business with an experienced insurance adjuster that offers robust complimentary consulting and advisory services.
The Location the Insurance Adjuster is Covering
We must not rule out the fact that the location the insurance adjuster is covering is a major factor that will determine the amount he or she is expected to earn monthly. The truth is that you will struggle to make good money as an insurance adjuster if you locate the business in an area filled with low income earners or in a ghetto. If you work as an insurance adjuster with an insurance company that operates close to a highbrow area or an area with loads of insurance companies, you are likely going to make good money.
The Type of Insurance Policies Serviced By The Insurance adjuster
Another important factor that will determine how much an insurance adjuster in Florida is expected to make yearly is the type of insurance policy covers offered by the business. You will agree that the money an insurance adjuster that works with all the available insurance companies in the United States and also sells a wide range of insurance policy covers will make will be far larger than what an insurance adjuster that only works with limited insurance companies and sells limited insurance policy covers.
Please note that the primary way an insurance adjuster earns money is commissions and fees based on insurance claims processed. These commissions are typically a percentage based on the amount of annual premium the policy is sold for. In addition to connecting clients to the right policy, the insurance adjuster will continue to have obligations to his clients.
The insurance adjuster provides consulting services to help determine whether policies should be changed, provide assistance with compliance, and help with submitting claims and receiving benefits. A standard insurance adjuster that offers other complimentary services will make more money since they are going to be fixing the price of their services without recourse to a regulating body.
The Management Style of the Business
Another key factor that will determine the amount an insurance adjuster in Florida is expected to make yearly is the management style of the business. Trust me, the results you will get when you are good manager will be far different from an insurance adjuster with a poor manager. The idea is that a good insurance adjuster will not just retain their old customers, they will also keep getting new customers especially through recommendations.
The Business Approach of the Insurance Adjuster
There are different business approaches that an insurance adjuster can choose from and it will greatly influence the amount they are expected to make monthly and yearly. Of course, we know that an insurance adjuster may decide that they want to work alone and do their marketing alone and they may decide to partner with other businesses that will recommend clients to them.
It is easier to find an insurance adjuster that offers robust services partnering with automobile registration companies and key players in the insurance services industry. In essence, a well – organized insurance adjuster who works with others will surely make more money than a solo insurance adjuster.
The Advertising and Marketing Strategies Adopted by the Insurance Adjuster
Another key factor that will determine the amount an insurance adjuster in Florida can make yearly is the advertising and marketing strategies adopted by the business. Trust me, there are several advertising and marketing strategies that can help a business increase their earnings, but you may be expected to spend more.
But the results you will make will far outweigh the amount you spent on advertising and marketing. Of course, you don’t expect an insurance adjuster that is engaging in aggressive advertising and marketing to make same amount yearly with an insurance adjuster that is passive with its advertising and marketing.
The Number of Years the Insurance Adjuster is in Business
In business, the number of years you are in existence will go a long way to determine the amount you will make especially if the business is well – managed and creativity always come to bear. This is because over the years, you would have been able to gain the trust of your customers and it will be easier for you to have them coming back.
For example, in Florida, an Insurance adjuster with 1 to 2 years experience is expected to earn $52,262 annually, an insurance adjuster with 3 to 5 years experience might earn slightly above that depending on their bargaining power and qualifications, while an insurance adjuster with 6 to 9 years is expected that earn about $65,785 and, an insurance adjuster with more than 10 years will be expected to earn $66,657 and above.
Please note that independent adjusters work on a contract basis, with their pay based on a fee schedule rather than a salary or hourly wage. An insurance company pays the independent adjusting firm a certain fee per every claim closed; the percentage paid is based on the final claim settlement.
These adjusters get paid a percentage of the amount that they recover for you, usually between 5 percent and 20 percent of your claim payout. Fees vary based on the size and nature of the loss, and they are usually negotiable. In some states there is a cap on what independent adjusters can charge, such as 10 percent to 15 percent.