Adjustable Back

Claims Adjuster – How Much Money Does an Insurance Adjuster Make?

How much insurance claims adjusters can make per annum is the subject of considerable interest and speculation to those interested in a career in claims. As unstable weather continues into the fall, and the Atlantic hurricane season reaches its stride, its important to correctly understand the financial landscape of the adjuster industry.

Some folks have heard from their girlfriend’s brother or an estranged uncle that claims adjusting is a money tree. The money tree sits there blooming Benjamins, apparently just waiting happily to be plucked by any newcomer with the inside scoop. And as an added bonus, you really don’t have to do work. The opposite extreme is my own previous misconception of the monetary compensation for claims adjusters which is that they made next to nothing and it was essentially a dead end job. This is as far from the truth as the money tree concept but, I would hazard to guess, a much more prevalent misunderstanding. So how much money does an insurance adjuster really make?

According to the U.S. Department of Labor, claims adjusters earned an average of $44,220 in 2004. The top ten percent earned more than $72,620. The bottom ten percent earned less than $27,220. This seems like a fairly significant disparity. What type of adjuster is at the bottom and what type at the top?

The answer to this question depends largely upon the type of claims adjuster you are referring to. In general, there are two types of adjusters: staff adjusters who are salaried employees of an insurance carrier, and independent adjusters who are independent contractors working for adjusting firms. This initial difference will make as much of a difference in pay structure as the type of claims actually handled – from worker’s compensation to multi-million dollar commercial properties.

Staff adjusters are typically going to be earning less than independent adjusters and in some cases dramatically less. $25,000-$60,000 is a reasonable salary range for a career staff claim adjuster. An independent adjuster in a good year, however, especially if he or she works catastrophe claims, can make well in excess of $100,000.

Staff adjusters can make a good stable living. For independent adjusters, the opportunity can be a little more interesting and, I think, exciting. Independent adjusters working catastrophe claims make essentially a percentage of the amount of each claim they settle. This system of payment is known as a fee schedule and is formulated differently for each insurance carrier represented and storm situation confronted. For example, an independent adjuster handling hurricane claims may receive a fee schedule that pays $500 for claims between $3,000 to $5,000, $650 for claims between $5,000 and $7,500, and $750 for claims between $7,500 and $10,000. An adjuster will receive between 60-70% with the other 30-40% going to the adjusting firm they work for. Hurricane adjusters can easily average $10,000 settlement per claim and thus average between $400 and $500 dollars in their pocket per claim. A good adjuster should be closing 2 to 4 claims per day with superb adjuster closing 4 to 7. Making over $1,000 a day as an independent adjuster working catastrophe claims is common and very attainable. In this way, a good independent adjuster can surpass six figures income in less than six months. So, is this the money tree after all? Well, not so fast. Remember that catastrophes, especially catastrophes sufficient to employ significant numbers of adjusters, are relatively few and far between. During “dry” spells for independent adjusters, work can be scarce and competition fierce for the claims that do come along. That said, there is a tremendous and exciting opportunity for very real, very lucrative money when disaster does strike.

Whether its operating on staff or as independent contractor, claims adjusting offers potential for solid and, in some cases, spectacular income.

About the Author

In addition to his blog “Well-Adjusted”, Mr. Kerr co-owns and operates AdjusterPro LLC, a rapidly growing business providing training and licensing to insurance adjusters. To find out more about how to become an insurance adjuster, contact AdjusterPro directly at (214) 606-8370.

Office Chair for Bad Backs-Heavy Duty-Adjustable-Blue © £658.30

Office Chair for Bad Backs-Heavy Duty-Tilt-Adjustable © £658.30

Aidapt VG872 Winsham Height Adjustable High Back Chair £349.99

High Back Fully Adjustable Operator Chair with Headrest £319.00

High Back Fully Adjustable Operators Chair £289.00

Longfield Adjustable High Back Chair Blue £285.00

New Operator Office Chairs Computer PC Desk Swivel Adjustable Luxury Home Chair £264.99

Clap Tzu Massage table PHYSIO ONE GERMAN back stand adjustable head rest height £250.00

New Operator Office Chairs Computer PC Desk Swivel Adjustable Luxury Home Chair £229.99

Seat Package #8 Ladder back Pilot chair W/ Adjustable Pedestal 263508 £232.78

CHIRO HIGH BACK – Chrome Base Adjustable Arms Chair £228.00

CHIRO MEDIUM BACK – Chrome Base Adjustable Arms Chair £215.00

BMW R1200RT Adjustable Handlebar Risers 25 up 35 back Plus 15 degree Pivot £208.76

Sonix Support S3 Office Chair Asynchros Lumbar Adjust High Back Slide Seat Grey £202.99

GUCCI Men’s classic cap with grommets, adjustable back and horsebit buckle £205.61

Adjustable Bed Back Rest £20.00 This Adjustable Back Rest is very strong and secure to give you the perfect rest.It is covered in a breathable Nylon fabric to allow air flow and is supplied with a small head cushion for extra comfort.This back rest can help you to rest and get a better nights sleep.It can be used as a strong comfortable prop so you can eat or read whilst in bed.With fantastic value and quality from Key Mobility …

Office Fitness Exercise Ball Chair with Adjustable Back Rest (Black) £99.99 Created by Wellness experts, the Office Fitness Exercise Ball Chair builds core strength, improves posture, and eliminates back pain. Wherever you spend time sitting – in the office, at your computer, or even in front of the television – simply replacing your conventional chair with the Office Fitness Exercise Ball Chair will enhance your balance and strengthen your lumbar and abdominal muscles,…

Adjustable Back Rest – SmitCare Bed Support £18.00 Secure and comfortable backrest which can be adjusted from a low lying angle to an upright sitting position. The overall width of the item is 60cm and the width of the supportive part of the backrest is 55cm…