The income of independent field adjusters can vary widely. Influenced by their skill level and experience. It’s important to note that experience doesn’t necessarily correlate with age. Younger field adjusters who diligently study their craft, enroll in courses, and embrace technology can often outperform their more seasoned counterparts.
Previously, field adjusters working with independent adjustment firms could expect to start at an hourly rate. Typically around $42 to $45. Working 12 hours a day, seven days a week. This rate could result in weekly earnings of approximately $4,452 (based on $42 an hour for 84 hours, including overtime for 44 hours past the 40-hour mark), which amounts to about $17,808 every four weeks.
However, due to instances of poor performance among Independent Adjusters (IAs) – such as failing to close claims or not showing up for work, leading insurance companies to incur significant costs without corresponding results – there’s been a shift away from hourly pay. Instead, insurance companies are now favoring a commission-based model. This model typically allows adjusters to earn 60% to 70% of the component pay scale for the claims they handle. This model reduces the financial risk to the insurance company from underperforming or fraudulent individuals.
This commission structure is generally not a concern for focused and quick-learning adjusters. IA firms often provide support, and a new IA closing two claims per day at a conservative $250 per claim can make $500 daily. Working six days a week (with one day reserved for administrative tasks, known as a “paper day”) can lead to weekly earnings of $3,000. More efficient adjusters closing four claims per day can potentially earn $6,000 weekly or $24,000 monthly. Some adjusters can close five or more claims per day.
These figures are conservative estimates. I personally know adjusters who have earned as much as $58,000 in two and a half weeks. Also during events like Hurricane Katrina, some were making over $500,000 annually. It’s also common for high-level independent adjusters to work intensively for two to three months, earning up to $150,000, and then take the rest of the year off due to the travel and enjoy their time off until the next big storm.
In summary, the income of skilled independent field adjusters depends largely on their skill set and available work opportunities, as these are inconsistent throughout the year. Alternatively, becoming a staff field adjuster offers a more stable income and company benefits, including a company vehicle. Salaries for these positions can initially range from around $48,000 to $73,000, with potential earnings up to $120,000 annually.
Staff Adjuster Income: https://caneiadjusting.com/2023/11/07/staff-adjusters-income/