How Much Do Insurance Adjusters Make In 2023? [Check Now]

If you are looking for a career in the insurance sector as a claims adjuster, it is important to know how much do insurance adjusters make in a month. A successful insurance agency is as strong as its insurance agents. Along with financial support, a victim also needs mental and emotional support during times of distress. 

Most individuals interested in becoming a claims adjuster must understand that an insurance company needs to hire the top insurance adjusters with the necessary education and skill set. To know how much money insurance adjusters make in salaries in this rapidly expanding industry, read on.

What Is An Insurance Adjuster? Explained

An insurance adjuster or insurance claims adjuster is the insurance agent you file a claim with after an accident happens, resulting in damage to your property or harm to your health. His job is to determine the compensation, assess the damages in a situation, and inform the company so that they can pay for the repairs. 

insurance adjuster salary
Insurance adjuster salary

They are also known as insurance claims adjusters, and their main job is to pay the money back as soon as possible to prevent you from suffering significant losses.

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3 Types Of Insurance Claims Adjusters Explained [2023]

Types Of Insurance Claims Adjusters
Types Of Insurance Claims Adjusters
  • Staff Insurance Claims Adjusters: These insurance adjusters work for a single insurance agency. They are salaried staff members who are not to be paid by you separately.
  • Independent Insurance Adjusters: Independent claims adjusters also go by the name of third-party administrators, who simultaneously work for various insurance firms. If you hire an independent insurance agent, be cautious when assessing the fee because it varies according to the company and the contact.
  • Public Insurance Adjusters: These representatives work on behalf of a policyholder. They are generally paid 20% of the insurance settlement. The main advantage of hiring a public insurance agent is that they are effective in increasing the reimbursement amount and reviewing the situation repeatedly.

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How Much Do Insurance Adjusters Make? [2023]

Independent Insurance Adjusters, Public Insurance Adjusters, and Staff Insurance Adjusters are the three primary job categories of those employed as insurance claims adjuster. How much insurance claims adjusters make annually is typically determined by the category they fall under and their experience level in the job.

How Much Do Insurance Adjusters Make In Salary
How Much Do Insurance Adjusters Make In Salary

In this career, the employers determine the salary for a claims adjuster according to his experience and educational qualifications. With the right experience and qualifications, the annual wage after becoming a claims adjuster can go up to $100,000.

Insurance Adjuster Salary Breakdown

It is crucial to understand the following categories of insurance adjusters in order to learn more about insurance adjuster fee schedules: 

1. Independent Adjusters’ Annual Salary:

The salary of a claims adjuster at the entry-level is between $50,000 and $60,000; the salary for a public adjuster or a claims adjuster at a mid-level independent insurance level is around $65,000 to $75,000 per annum, whereas a senior-level insurance adjuster salary ranges between $80,000 and salaries can go up to $90,000. Since independent insurance chooses when and where to work, they can even go to places hit by natural disasters. For example, during the 2017 hurricane season, a claims adjuster with a license earned money ranging from $65,000 to $100,000 per month.

2. Public Adjusters’ Annual Salary:

The salary of a claims adjuster at an entry-level position would be between $11,000 and $40,000. Once the insurance adjuster reaches the mid-career stage of employment, the salary and benefits of an insurance adjuster would range from $75,000 to $80,000 annually, and a senior public insurance adjuster can expect to earn somewhere between $75,000 and $90,000.

3. Company/Staff Adjusters’ Annual Salary:

At the beginner’s level, the salary of an insurance adjuster would range from $55,000 to $75,000, whereas the salary of a mid-level staff insurance adjuster would be around $75,000 to $85,000. A senior management adjuster would earn between $90,000 and $100,000 per year. Staff adjusters enjoy perks like vacation, health insurance, sick leave, and company equipment that independent adjusters don’t.

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Which Is The Highest Paying States for Claims Adjusters? [2023]

Highest Paying States for Claims Adjusters
Highest Paying States for Claims Adjusters

Recent data suggests that with the highest average insurance claims adjuster salary of $87,680, Connecticut is the most lucrative state for insurance claim adjusters. The second highest claims adjuster salaries are available in New Jersey, with an average salary of $86,760, followed by New York, which occupies the third position, where the average wage is $79,760. In fourth position is California, where the average wage is $78,270, and Rhode Island is in fifth place, with an average wage of $77,500.

How Much Does A Claims Adjuster Make? How Are They Paid?

The salary of a claims’ adjuster depends on what kind of insurance carrier or claim adjuster he or she wants to work for. The following are the ways in which an insurance adjuster is paid in the insurance industry:

salary of a claims' adjuster
salary of a claims’ adjuster
  • Independent adjusters: An independent adjuster is paid a portion of each claim’s settlement sum. This process is referred to as ‘fee schedule’ which depends on the insurance companies and independent adjuster firms. For example, if working on catastrophe claims, these independent adjusters can charge a percentage of the amount of each claim settled by them.
  • Public adjusters: Some public adjusters are paid salaries on an hourly basis from their employer, some have a flat rate while many have a contingency fee based on the outcome of the insurance claims. Similar to independent adjusters, some insurance agents charge a percentage of the settlement, and the policyholder pays the amount to the firm directly. 
  • Company/Staff adjusters: These employees charge fixed annual salaries from their firm or their respective employer irrespective of the claim settlement. They are eligible for annual bonuses. Nevertheless, a staff adjuster can earn more if they have to handle catastrophe claims.

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How To Get Started As Insurance Adjuster?

To be licensed to work as an insurance carrier or claims adjuster in an insurance company, you must have the following certifications and qualifications:

Get Started As Insurance Adjuster
Get Started As Insurance Adjuster
  • Educational Requirements: The minimum educational requirements include a high school diploma along with a bachelor’s degree with a major in business, finance, the management or communication studies. The full-time employees in insurance companies must have proper knowledge of claims software.
  • Pre-licensing courses: To work as a licensed auto Insurance Adjuster, you have to have a license for which you can complete a pre-licensing course. Not all states have the same insurance rules and regulations, so you will have to study accordingly.
  • Decide which Insurance Adjuster you want to be: The course that you select also depends on what kind of an Insurance Adjuster you want to be. There are many online as well as offline courses available to get a certificate.
  • Maintaining the validity of your license is of utmost importance: To work as a successful Insurance Adjuster whose prime job is to settle all types of claims, it is vital to keep yourself updated with the changing laws and regulations. Gaining educational credits to maintain credibility is another important prerequisite for an Insurance Adjuster.
  • Skills: Typically, such jobs require good communication skills because you will be indulging in problem-solving and reassuring policyholders of their safety and security. Therefore, you must be very careful with your tone, and your vocabulary.

Becoming a claims adjuster is not easy because a claims adjuster has to be prompt and well-informed. Being well aware of the law and being responsive to insurance investigators are essential qualities to expect of expert auto insurance examiners. In this career path, you also need a license to seek employment in the insurance industry.

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Before entering the field of the insurance sales industry, you must know how much do insurance adjusters make. To determine the fundamental professional educational requirements and earning potential, you must research how an insurance adjuster works. They are salaried employees for insurance companies who have to be polite, knowledgeable, and active so that the client can contact him or her immediately after a mishap or a natural disaster.

Kudrat Sandhu

Kudrat Sandhu

Author @ Mount Shine | Talks about Finances, Investment, Insurance

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