Do you enjoy investigating and analyzing things? With a career as an insurance adjuster, you'd get to do that every day at work.
Insurance adjusting is one of those rare careers that allow you to make $100,000 a year or more with just a high school diploma.
In practice, though, most insurance adjusters have some post–secondary education.
Keep reading for all the details about this lucrative career.
What Is an Insurance Adjuster?
Insurance agents sell insurance policies. Adjusters work after a claim has been filed to determine what the insurance company should pay.
The adjuster is responsible for figuring out exactly what happened and how the damage occurred so they can assess the company's liability.
Since adjusters earn a salary, they don't have to worry about commissions and quotas like agents do.
Job Duties of an Insurance Adjuster
Most people don't even think about their insurance policies until something happens and they need to file a claim.
When you file a claim, you work with an adjuster, not the agent who sold you the policy. Adjusters talk to the claimant and witnesses, sort through damage photos, review police reports, and sometimes visit the scene.
Ultimately, the adjuster will find out whether the insurance company should pay for the damage and, if so, how much.
Work Environment
Most insurance adjusters spend most of their time in a standard office environment, although some may work remotely.
Adjusters occasionally go out in the field as well. For example, they may go to the scene of an accident or to inspect a damaged home or vehicle.
Insurance adjusters typically work full–time, either as staff adjusters for an insurance company or as independent adjusters.
Some insurance adjusters also work in corporate risk management departments, government agencies, or the legal field.
Required Insurance Adjuster Education and Experience
Technically, you can be an insurance adjuster after earning a high school diploma or the equivalent.
In fact, there are some state insurance licensing boards that don't even require proof of a high school diploma to grant a license.
However, most insurance agencies require their adjusters to have at least an associate degree, if not a bachelor's degree.
No experience is required to become an insurance adjuster, although you do need to pass a licensing exam.
Average Salary of an Insurance Adjuster
Insurance claims adjusters make around $73,380 a year on average, according to the U.S. Bureau of Labor Statistics (BLS).
Adjusters in the automotive repair and maintenance industry tend to make the most — around $115,160 on average.
Top paying states for insurance adjusters include Connecticut, New Jersey, Alaska, New York, and Maryland.
However, most of the top-paying metropolitan areas for insurance adjusters are actually in California.
Insurance Adjuster Job Outlook
The BLS projects that overall employment of insurance adjusters will decline by 6% between 2021 and 2031.
However, the insurance industry is volatile and can change drastically depending on what happens in the world.
A large–scale catastrophe, either man–made or natural, always dramatically increases the demand for insurance adjusters.
The field takes the biggest hit from automated technology, which can do some of the tasks adjusters do cheaper and more efficiently.
How to Become an Insurance Adjuster: Step by Step
If you are interested in becoming an insurance adjuster, read on to learn more about the necessary steps to take to start your career.
Step 1: Earn a High School Diploma or the Equivalent
Most states require licensed insurance adjusters to have at least a high school diploma or the equivalent.
This is the minimum for most insurance agencies as well, although some require an associate or master's degree.
In high school, focusing on math and business or finance courses will prepare you well for a career as an insurance adjuster.
Step 2: Consider Getting a Bachelor's Degree
While a bachelor's degree is rarely required to be an insurance adjuster, having one will help you stand out among other candidates.
General degrees in business, finance, management, or communications will serve you well as an insurance adjuster.
It also helps to have some knowledge about the types of property you're insuring, or about the industry you primarily insure.
For example, if you're an insurance adjuster for an auto insurance company, it's helpful to know something about cars.
Step 3: Take a State Licensing Course
Not all states require pre–licensing education. However, a licensing course will make it easier for you to pass the state licensing exam.
Insurance Adjuster licensing programs are typically offered through community colleges or private vendors and only last a few weeks.
Through the state licensing course, you'll learn specifics about state insurance law and the responsibilities of an adjuster.
Step 4: Pass the State Licensing Exam
To be eligible to take the insurance licensing exam in most states, you must be at least 18 years old and a resident of the state.
Some states also require you to have a valid, active state driver's license or to pass a background check.
You'll provide this information when you apply to take the licensing exam and pay your fee.
Contact your state's insurance licensing board for more information about your state's licensing requirements.
Step 5: Maintain Your License through Continuing Education
The main topics of the licensing exam cover your state's insurance laws and regulations and how these affect your job as an adjuster.
Insurance laws and regulations change frequently and your state wants to make sure you're up to date.
Continuing education helps you stay on top of changes to your state's insurance laws and regulations.
Most states require a specific number of hours of continuing education before you can renew your insurance license each year.
Learn About Becoming an Insurance Adjuster Today
Reach out to Best Accredited Colleges today if you're interested in learning more about becoming an insurance adjuster.
