Insurance Adjuster Salary

Insurance Adjuster Salary – How much money an insurance claims adjuster makes each year is a source of great interest and speculation for those interested in a career in claims.

Many people have heard through the grapevine – perhaps from a girlfriend’s brother or a roofer – that insurance claims adjusters are money trees. And the money tree is just sitting there, a blooming Benjamins, waiting for a newcomer with a cup inside to pluck it. And as an additional bonus, you don’t have to work!

Insurance Adjuster Salary

Then there are the rumors on the opposite side of the money tree story: those who say adjusters make next to nothing and those who adjust it are dead-end or low-level jobs.

Claims Adjuster Salary

As with many careers, there is no single, clear-cut answer to the salary of a claims adjuster. But if we look at the data, we can find some clues. The latest numbers available from the US Department of Labor for May 2021 provide an overview of the clearest wage/salary statistics for benefits adjusters, examiners and investigators.

The top 10% of claims adjusters earn more than $101,000 a year. And the bottom 10% of adjusters earn more than $41,000 a year. That seems like a pretty big mismatch for one job category. So why the difference? And who’s on top…and who’s on the bottom?

There are generally two types of adjusters: staff adjusters, who are salaried employees of the insurance carrier, and independent claims adjusters, who are independent contractors who work for an adjusting company. These early differences affect the structure of payments and the types of claims handled, from workers’ compensation to multi-million dollar commercial property.

Salary: Independent Contractor Claims Adjuster (dec, 2023)

A staff adjuster will typically earn less than an independent adjuster, and in some cases significantly less. $40,000-$70,000 is a reasonable salary range for a career personnel claims adjuster.

However, staff adjusters enjoy some advantages that independent adjusters do not. They often receive standard job benefits such as insurance, vacation and sick leave, and company gear. The independent regulator is responsible for all of this.

Independent adjusters, on the other hand, can make over $100,000 in a good year primarily handling catastrophic claims. For example, during the peak of the 2017 hurricane season, adjusters earned between $65,000 and $100,000 in a single month.

Salary: Workers Comp Claims Adjuster In Baton Rouge, La

It is also worth noting that independent adjusters can work when and where they choose. After all, they are independent contractors. This makes it particularly difficult to define the concept of “salary” in the traditional sense of the word. Some adjusters we know work a standard 12 month a year, but many “make hay while the sun shines”. They will work like crazy for 6-8 months and then take a few months off to travel or spend time with family. Then the same adjuster could choose the opposite next year, choose more time or split the difference. An independent adjuster’s salary cannot be calculated as a standard Monday-Friday 40-hour work week.

So, while it’s difficult to determine a standard annual salary for an independent adjuster, here’s saying it’s pretty good.

Also, an HR adjuster can really make a solid living. For independent regulators, the opportunities may be a bit more interesting as the industry and their goals ebb and flow.

Salary: Claims Adjuster In South Dakota (december, 2023)

Insurance adjusting is a lucrative career with few barriers to entry. See how you can be up and running in just a few weeks.

It’s not just the type of adjuster that affects your pay, but also how claims are paid out.

Independent adjusters who work on catastrophic claims earn a percentage of the amount of each claim processed. This payment system is known as ”

How Much Do Claims Adjuster Jobs Pay Per Hour In 2023?

Independent adjusters handling hurricane claims can receive a fee schedule that pays $500 for claims between $3,000 and $5,000, $650 for claims between $5,000 and $7,500, and $750 for claims between $7,500 and $10,000.

The adjuster will receive 60-70% of the fee and the remaining 30-40% will go to the company he works for.

Hurricane adjusters can easily average $10,000 per claim, which will net them between $400 and $500 per claim.

Salary: Work From Home Claims Adjuster (dec, 2023) Us

Adjuster closed from 4 to 7. Let’s do the math: With $400 earned per claim and up to 7 claims per day, its adjusters are working on catastrophe claims that typically exceed $1,000 per day and sometimes more.

But remember that these percentages can change depending on your needs and experience. Veteran adjusters with years of experience can provide a better fee schedule. Or when demand for adjusters spikes after a series of disasters, such as in 2017, employers can create a more favorable fee schedule to lure adjusters away from competitors.

! But unlike our tale of the money tree… It actually takes a LOT of hard work. During an incident, adjusters are deployed to the most difficult locations and can be there for months, working 7 days a week, 10 to 14 hours a day. But for many, it’s worth it because there’s a pay light at the end of the tunnel.

Insurance Adjuster Salary

Remember that disasters, especially disasters large enough to employ a significant number of adjusters, are relatively few in number. But the potential to make money during this period is considerable.

During a “dry” period for independent adjusters, there can be little work and competition for claims that come together is fierce.

In the event of a disaster, there is an incredible and exciting opportunity for real and profitable work. (And disaster is getting stronger and more frequent.) If you take a chance during a disaster, budget accordingly and prove you’re valuable to an employer? You can set yourself up for real, lasting success by making 6 figures in this industry.

Salary: Crop Insurance Claims Adjuster (dec, 2023) Us

If you’re interested in learning more about a career as a claims adjuster, we can help. Join one of our FREE claims adjustment webinars. We’ll talk about the job, the industry, how to get started, what to expect and answer any questions you may have.

Learn what you need to know about getting licensed and working in a free webinar or call a career counselor at (214) 329-9030.

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