Delaware Insurance Adjusters: Salary Insights And Career Outlook

Insurance adjusters in Delaware earn a mean annual salary of $73,380, or an hourly rate of $35.28, according to the latest data from the Bureau of Labor Statistics (BLS). Entry-level salaries can be significantly lower than this figure, but industry veterans with an established reputation and professional network can earn a six-figure salary. The salary range for insurance adjusters in Delaware is between $40,000 and $70,000 for staff adjusters, with the potential to earn a six-figure salary as an independent adjuster.

Salary and hourly rate

Insurance adjusters in the US earn a mean annual salary of $73,380, or an hourly rate of $35.28, according to the latest data from the Bureau of Labor Statistics (BLS). Entry-level salaries can be significantly lower than this, but industry veterans can earn six-figure salaries.

The BLS factored in all types of insurance adjusters, including specialists that handle property, casualty, life, health, and other forms of claims, to calculate the national average.

The salary range for insurance adjusters varies depending on their type. Staff insurance adjusters, who are salaried employees working for a single carrier, earn between $40,000 and $70,000. They have access to employee benefits such as health insurance and paid leave. Independent insurance adjusters, who work as independent contractors and can handle multiple claims at once, earn significantly more, with potential earnings reaching six figures. However, they don't have access to the same employee benefits as staff adjusters. Public insurance adjusters are self-employed professionals hired by policyholders who believe they have received an incorrect or unfair settlement. They are paid a portion of the settlement fee, typically ranging from 5% to 20%.

The type of claims handled also affects an adjuster's salary. Adjusters handling life, health, and other medical claims are paid an average of $59,500, while those dealing with auto, home, and commercial claims earn around $76,980.

Location is another factor influencing an adjuster's earnings. Some areas are more prone to natural disasters, and adjusters can be in high demand and earn higher salaries in these locations, especially after a calamity. Cost of living, public safety, and accident rates can also impact an adjuster's salary.

In Delaware, the process of becoming an insurance adjuster involves meeting basic requirements, such as being at least 18 years old and having a valid residence or business address in the state. Aspiring adjusters must then prepare for and pass the Delaware Adjuster state exams, which cover separate lines of authority: Property Adjuster, Casualty Adjuster, and Motor Vehicle Adjuster. While pre-licensing courses are not mandatory, they are recommended to increase the chances of passing the exams. The exams are scored on a scaled system, and the passing score varies depending on the exam. After successfully passing the exams, applicants must submit their fingerprints for a background check and apply for their adjuster license(s) through the National Insurance Producer Registry (NIPR), paying the required fees.

Exam and application fees

The fees for the Delaware Adjuster Licensing Exams are $90 each. The Property Adjuster, Casualty Adjuster, and Motor Vehicle Adjuster exams consist of 50 questions, with time limits of 1 hour and 15 minutes, 1 hour and 30 minutes, and 1 hour, respectively.

The AdjusterPro Delaware Property, Casualty, and Motor Vehicle Exam Prep Courses are $139 each. The AdjusterPro Course Fee is $179.

The application fee for a Delaware Adjuster License is $100, with an additional $5.60 NIPR (National Insurance Producer Registry) processing fee. The Adjuster License Renewal Fee is also $100.

The fee for a State of Delaware Criminal History Check is $52, while the fee for a State of Delaware and Federal Criminal History Check is $85.

Background checks

To become an insurance adjuster in Delaware, applicants must pass a background check as part of an extensive application process.

The State of Delaware requires that all insurance license applications provide fingerprints prior to licensing. This initiates a background check, which includes a criminal history report. If applicants have any prior misdemeanours or felonies, such as fraudulent or dishonest practices, this may affect the outcome of their application.

The fee for a State and Federal Criminal Background Check is $85.

The background check is part of the final stage of the application process. Before this, applicants must meet the basic requirements for the Delaware Adjuster License, which include being at least 18 years of age and providing a valid residence or business address in the state of Delaware.

After meeting these basic requirements, applicants must prepare for and pass the Delaware Adjuster License State Exams. These exams are separate for each line of authority: Property Adjuster, Casualty Adjuster, and Motor Vehicle Adjuster. The exams are scored on a scaled system, and the passing score will be listed on the applicant's score report.

Once the exams are passed, applicants must submit their application for the Delaware Adjuster License, which includes paying the relevant fees.

Finally, applicants must process and submit fingerprints for a background check. This is a mandatory stage of the application process.

Continuing education

• Resident adjusters in Delaware are required to complete 12 hours of continuing education (CE) every two years.
• Out of the 12 hours, at least 3 hours must be dedicated to Ethics continuing education.
• You cannot receive credit for the same course more than once during any reporting period.
• Excess CE credits can be rolled over into the next compliance cycle.

Course Options:

• There are various course options available to fulfill the CE requirements. These include online courses, webinars, and self-study programs.
• It is recommended to choose courses that are approved by the Delaware Department of Insurance and cover relevant topics such as Property and Casualty insurance, Ethics, and Annuity Best Interest.
• Some course providers offer comprehensive packages that cover all the required hours, such as the "Delaware 12 Hour Adjuster Review with Ethics" course mentioned earlier.

Renewal and Reporting:

• The renewal deadline for insurance licenses in Delaware is the last day of February in even-numbered years.
• It is recommended to complete all CE requirements at least 30 days before the expiration date of your license.
• The Delaware Department of Insurance will automatically charge a $1.00 per credit hour reporting fee to the licensee.
• You can print your continuing education transcript from the National Insurance Producer Registry (NIPR) website.

Exemptions:

• Non-resident licensees who are in compliance with their home state's CE requirements are exempt from meeting Delaware's requirements.
• Newly licensed individuals within the past two years are also exempt from CE reporting.
• Other exemptions include resident adjusters licensed solely for surety and/or marine and transportation, and limited lines producers licensed for specific insurance types.

Remember to stay up to date with the latest requirements and guidelines provided by the Delaware Department of Insurance to ensure your license remains compliant.

Pros and cons of the role

Pros and Cons of Being an Insurance Adjuster

Being an insurance adjuster can be a stable and lucrative career option, but it also comes with its fair share of challenges. Here are some of the pros and cons of being an insurance adjuster, specifically in the state of Delaware:

Pros:

• Job Security: There is always a demand for insurance adjusters, and the job offers excellent job security. Even during economic downturns, natural disasters or other events can create a need for adjusters to estimate damage and process claims.
• Good Pay: Insurance adjusting is considered one of the highest-paying careers in the industry. While salaries can vary, adjusters in Delaware can expect to earn competitive wages, with the potential for six-figure salaries for experienced professionals.
• Change of Scenery: The work of an insurance adjuster can involve travelling to different locations, such as offices, field visits, and accident scenes, providing a change of scenery from a typical office job.
• Entry Requirements: Becoming an insurance adjuster in Delaware does not necessarily require a college degree. A high school diploma is sufficient, along with passing the state licensing exam and completing any necessary training or education requirements.
• Flexibility: Independent insurance adjusters have the freedom to choose their clients, the type of assignments, and their work location. They can also earn more income than staff adjusters and have more flexibility with their work hours.

Cons:

• Emotional Challenges: Dealing with people who have suffered losses or are facing financial difficulties can be emotionally draining. Adjusters often have to manage angry or distressed claimants who are not satisfied with their payouts.
• Stressful: The job of an insurance adjuster can be highly stressful due to large caseloads, tight deadlines, and the need to make quick decisions. The work often involves dealing with crisis situations and unhappy individuals, which can take a toll on mental health.
• Irregular Hours: Insurance adjusters are often on-call and may need to work outside regular office hours, including holidays. The unpredictable nature of the work can make it challenging to maintain a healthy work-life balance and take time off.
• Safety Concerns: Visiting accident scenes or disaster areas can sometimes pose safety risks for insurance adjusters. They may have to inspect damaged properties, vehicles, or hazardous locations, which can be physically and mentally challenging.
• Workload: Insurance adjusters typically start with a high workload and are responsible for a large number of cases during busy seasons. Managing multiple claims simultaneously can be demanding and may require overtime work.

Frequently asked questions