After any disaster, we all want to get back to our normal life as soon as possible, and our insurance company also wants that. After the disaster, you may claim coverage and hope to get it as soon as possible.
Let's know about what you need to know about claims payments and how much time it will take to settle.
How long it will take:
It is not fixed how much time it will take to settle the claim. Laws are varied for different states.
Most states have unclear laws. That means the insurance companies need a decent amount of time to handle claims. Some states need insurers to accept receipt of your claim within ten to thirty days. For example, Your insurance company can take forty days to accept or deny your claim.
At the federal level, there are no nationwide laws to set out a payout timeframe for insurers. All timeframes are controlled at the state level.
How to speed up your process:
There are few ways you can get your amount fastly. Some of the ways we suggest below. These are:
Keep a Home Inventory: Try to keep track of your personal belongings and goods properly. You can take pictures and collect receipts for all your home's belongings, especially for expensive goods.
Report Claims ASAP: Try to report your claim as soon as possible. Report claims early are also safe for your settlement process. If you do not claim early, your settlement process may be denied.
Know Your Policy: Always try to be updated about your policy rules. It will be helpful to do future negotiations in case your insurance claim denied by the company. So by knowing all rules, it would be helpful to settle your claim quickly.
Document Your Loss: Try to take photos of everything related to your insurance claim. Take pictures and videos of the damage from every angle before the cleanup or restoration. Take photos during the cleanup. Take photos after—photograph all possessions, items, furniture, and other items that were damaged.
Three major reasons to delay your insurance claim:
- Not having all the necessary paperwork
- Not maintaining an inventory file correctly, and
- Not providing all documents to the insurance company which are required for the settlement of the claim.
What to do if the insurance company takes too long?
Sometimes, insurance companies take a long time to settle your claim. They may have a backlog of claims it requires to move on process.
However, some insurance companies use these tactics willingly. They can take this advantage because most of the state does not have a specific time frame for the settlement process.
The insurance company always tries to delay your claim as much as possible. They may demand various paperwork from the policyholder to delay. Sometimes they may refuse your calls or take several days to reply to your message.
What will be the options if your insurance company takes too long? What should be your response?
There we suggest two good ways to handle these issues:
- Contact a Public Adjuster, or
- Go to your State Insurance Department and contact them.
Through a public claims adjuster, you can settle your claim very quickly and in a fast way.
We all try to get our settlement amount as early as possible. Though there is no assigned time frame to settle any claim, we can get it on time if we are always updated about our policy. However, if we feel complexity to handle your claim, hiring a public adjuster is the best option.