How Much Do Insurance Adjusters Make in 2024?

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how much do insurance adjusters make in 2024

This article will examine how much insurance adjusters make and the factors affecting their salary.

If you are considering a career in the insurance field or switching from another industry, it is essential to know what an insurance adjuster makes on average. This information can be helpful both to determine whether the industry is the right spot for you and to ensure you are paid fairly for your time and experience.

Understanding the Role of the Insurance Claims Adjuster

An insurance adjuster is a person who examines the evidence of a claim and determines how much the policyholders should be paid for that insurance claim settlement. They may work as an independent adjuster or for an insurance business. They may also work mainly in the office or could be on the road evaluating claims, depending on the type of claims adjuster they are. They are the examiners of paperwork and investigators of property damage. They will need to be licensed to settle claims on behalf of insurance companies and have at least a high school diploma.

Factors that Influence How Much Claims Adjusters Get Paid

There are few accurate national average salary numbers for a claims adjuster working for an insurance company because many factors influence payment in the insurance industry. These factors are discussed below.

Location

Location is often one of the biggest factors in the overall salary for adjusters. If you live and work in a high-cost-of-living area, you will likely be paid more than a person living in a low-cost area. An insurance carrier or company must attract qualified candidates by paying them well enough to live in an area.

Top Locations for Adjuster Salaries

According to the Bureau of Labor Statistics, the states with the highest-paid claims adjusters are Connecticut, New Jersey, Washington D.C., New York, and Maryland. The average salaries in those areas are above $79,000.

Type of Insurance Adjuster

Another factor that will affect an adjuster’s salary is the type of adjuster they are, whether they are independent, public, or staff.

Independent Claims Adjusters

Independent adjusters are adjusters who work as independent contractors for insurance companies. These adjusters often charge a higher hourly rate than salaried employees, but they do not get the same benefits from an employer. They are often responsible for certain taxes and health insurance, but they set their schedule and answer only to themselves in many cases.

However, it is worth noting that because these adjusters are often in high demand and the pay is determined by a schedule set for themselves, independent adjusters often make the most money, even after they pay for other benefits. They work on a fee schedule, where they are paid a percentage of the claim that they process. With these fee schedules, independent adjusters can make well over $100,000 yearly, especially if they are processing catastrophic claims after natural disasters. However, most entry-level adjusters make around $50,000.

Public Adjusters

Unlike independent adjusters who are hired by insurance companies, public adjusters are hired directly by the consumer, often to combat the estimate or review the insurance company’s claims. Those who work for adjusting firms may make an annual salary, but most are independent contractors and will not get paid as well as independent adjusters. For example, an entry-level public adjuster may make at least $11,000 annually in some industries or areas.

Company Adjusters

Staff adjusters are employees of an insurance business and are paid an annual salary, including benefits, by the company. They have more job security, but their overall salary is much lower than that of an independent adjuster. The typical range of salaries for staff adjusters is $40,000 and higher, depending on experience.

Industry

The industry that adjusters work in will also affect the security and money for the job. There are a variety of insurance employers to work for, with some giving adjusters more money than others.

Best Industries for Claims Adjusters

Some of the best industries for adjusters to work in for a higher salary are catastrophic claims, auto insurance, and home insurance.

Experience

Entry-level salaries are often much lower than those of more experienced insurance claims adjusters. While this has an impact on salary, it is not as variable as some of the other factors mentioned.

Next Steps to Become an Insurance Claims Adjuster

If you hope to make a lucrative career out of the insurance business, you can actively take steps to put yourself in the best position. To begin your career, review the industry requirements and get licensed where you want to work. Research potential employers and determine which type of adjuster you would like to become. You should also keep current on the latest industry news and even work on settlement tactics, as many adjusters work where settlement negotiations may be necessary. Armed with this knowledge, you will ensure that the payments begin as soon as you do.

Contact ADR Times today to learn more about how much insurance adjusters make in 2024, insurance claims, negotiation, and more!

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Emily Holland
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