Insurance Adjuster Salary: How Much Can You Earn?

Insurance adjusters are professionals who estimate the amount of damage or loss that an insurance policy covers. They work for insurance companies and their main role is to investigate and evaluate insurance claims. They are also responsible for negotiating claim settlements with policyholders. If you are considering a career as an insurance adjuster, one of the factors you may want to consider is the salary. So, how much can you earn as an insurance adjuster?

What is the Average Salary of an Insurance Adjuster?

The average salary of an insurance adjuster depends on several factors, including experience, location, and specialty. According to the Bureau of Labor Statistics (BLS), the median annual salary for all types of insurance adjusters was $67,680 in May 2020. However, this figure can vary depending on the type of insurance adjuster you are and the industry in which you work.

For example, the average salary for auto damage appraisers, a type of insurance adjuster that specializes in auto claims, was $66,660 in May 2020, according to the BLS. The average salary for claims adjusters, examiners, and investigators in the property and casualty insurance industry was $70,510, while those who worked in the health insurance industry earned an average salary of $73,580.

It is important to note that these figures are just averages and may not reflect the salary that you can expect to earn. Your salary as an insurance adjuster may be higher or lower than the average depending on several factors, including your experience, education, and performance.

Factors that Affect Insurance Adjuster Salary

As mentioned earlier, there are several factors that can affect your salary as an insurance adjuster. Some of these factors include:

Experience

Your experience as an insurance adjuster plays a significant role in determining your salary. Generally, the more experience you have, the higher your salary is likely to be. As you gain more experience, you are likely to be assigned more complex and high-value claims, which can directly impact your salary.

Education and Certifications

If you have a degree in a relevant field such as business, finance, or law, you may be able to earn a higher salary than someone who does not have a degree. Additionally, certifications such as the Chartered Property Casualty Underwriter (CPCU) and the Associate in Claims (AIC) can also increase your salary potential.

Location

Your location can also affect your salary as an insurance adjuster. In general, insurance adjusters who work in larger cities tend to earn more than those who work in smaller towns or rural areas.

Type of Insurance Adjuster

As mentioned earlier, the type of insurance adjuster you are can also have an impact on your salary. For example, commercial property adjusters tend to earn more than auto damage appraisers.

FAQ

Conclusion

As you can see, the salary of an insurance adjuster can vary depending on several factors, including experience, location, and specialty. While the average salary of an insurance adjuster is $67,680, this figure can be higher or lower depending on your individual circumstances. If you are considering a career as an insurance adjuster, it is important to research the industry and the potential salary you can earn based on your experience and qualifications.