Entering into the field of adjusting offers high income potential with only a small investment of money and time. You’re able to prepare yourself adequately for most jobs as an insurance adjuster. Now let’s focus on the earning potential, or how much can you make?
Just like most successful careers, insurance adjusting is for people who take initiative. It’s for people who are willing to work a little harder than everyone else and understand that their income is directly related to their effort.
Most traditional jobs have a salary or hourly wage based on the task at hand. It usually doesn’t change much based on the employee’s effort as long as the job gets done. Some types of adjusters have more traditional jobs, but we’re focusing on the Catastrophe (CAT) adjusters. Why? Because that’s where the money is.
As a catastrophe adjuster, the more you work the more you get paid. The great news is that its not hard work, but it is work.
Catastrophe adjusters work as independents for various CAT companies. They’re called out to storms when companies are trying to handle a large amount of claims in a short amount of time. Even in large disasters, the insurance companies have strict deadlines to respond to all claims in a short period of time.
CAT adjusters will travel to a location and work up to several weeks before moving to the next location. It can be constant travel and high volume of claims. Their favorite storms are hail storms. The damage is easy to identify and the reports are easy to file, making them very profitable as an adjuster.
Pay is based on a pay table that correlates to the amount of the claim written. Generally speaking, the larger the insured’s claim, the larger the check is for the adjuster. You’ll almost always work through a CAT company which is supplying a pool of adjusters to any given insurance carrier.
As an adjuster you get a percentage of what is billed back to the insurance carrier. It is not uncommon to get $150 for a simple adjusted claim.
Think of the difference it makes when you adjust 5 properties a day instead of 3. Most would argue that $450 a day is pretty good money, but you have the ability to make $750 that same day if you learn to work smart and be efficient. This kind of work is rewarded directly with money.
If you’re given 30 claims to process, do you want to be there 10 days or 6 days? Knowing that you’re covering your own living expenses, working faster and smarter will make you a lot more money in a shorter amount of time.
Business Not Hobby
Many professionals make well over $150,000 a year by treating it as a business and not a hobby. You won’t need to be working 52 weeks a year to achieve this.
They figure out how quickly they can finish in one location while lining up the next deployment. As you get more senior in the industry, you’ll see many things open up for you. There are CAT adjusters deployed to locations that don’t even hit the news, but the insurance carriers need the help.
While you work claims you get paid extremely well. Yet you need to plan for the times you are between deployments. Manage your money and manage your work. Where else can you make six figures within a few weeks of time investment?
Adjusters have a small investment for which they can earn substantial income. The amount of education required is specific to the work and can be handled in a small amount of time rather than years for other degrees. You can start now and be licensed within a couple of months.
We can also show you how to align yourself with CAT companies to seek assignments and participate in the high income potential.
And next we’ll discuss how this is also a recession proof career!