Are you left wondering, “How long it will take before my insurance company settles with me?” Having to ask yourself how much longer until your claim is settled can be stressful and confusing. Every claim is adjusted on a case by case basis, and claims details are different depending on the circumstances of your claim. Still, there are some general guidelines to help you answer the question of how long it takes before my insurance company settles with me.
Typically, the hardest part about a claim is getting one started. Most homeowners feel some relief once their claim has been filed thinking, now its only a matter of time before my insurance company settles with me and things are back to normal.
That may be true but sometimes it can feel like your claim is dragging on and you may begin wondering how long it will take before my insurance company settles with me.
The trouble is that each claim is different, and each policy is different so it can be hard to know the answer to your question about how long until my insurance company settles with me. Many factors determine a claim settlement time including your policy and the nature of your claim.
Some policies have specific rules that change depending on the circumstances of your claim. In general, though there are some guidelines to protects claimants and homeowners when it comes to wondering how long before an insurance company settles with me.
Look at the guidelines to know how long until my insurance company settles with me
The state typically mandates claims guidelines. Known as claims handling regulations, the specifics can vary from state to state, but the intent is to protect consumers when waiting for a settlement. So, if you are thinking to yourself how much longer it will be before my insurance company settles with me, claims guidelines can give you some idea of what your insurance company is required to do when it comes to handling your claim.
In Florida, for example, there are three-time frames that insurance companies in Florida are required to follow. Here we will review them.
How much longer will it take before my insurance company settles with me: Monitor first contact and subsequent contacts
When you file a claim with your insurance company by putting them on notice that you have a problem or property damage, the company has 14 days to respond. This time frame applies if when you made the first notice of a claim, you didn’t speak to an actual representative. So, for example, if you report your claim through a portal or an automated system, your company must reach out to you within 14 days of the report.
Similarly, if you make an inquiry call about the progress of your claim your insurance company has 14 days to respond. Again, this would apply if during the inquiry you didn’t speak to a company representative but left a voicemail or sent an email.
This time frame exists to keep you informed regularly, so you aren’t left wondering how much longer until my insurance company settles with me.
Proof of loss and how long before my insurance company settles with me?
When you are wondering how long before my insurance company settles with me, don’t forget that you may be required to submit a proof of loss. This requirement can vary, but in general, it is merely documentation of your claim.
A proof of loss is also subject to a time restriction. Once you submit it to your insurance company, they have 10 days to begin an investigation. A proof of loss doesn’t have to be complicated. It can be a simple list or document that shows your loss. It can also be a particular claim form. The important thing is that once you submit the proof of damage to your company, they must launch the investigation within the 10-day time frame. This way you won’t wonder how much longer before my insurance company settles with me.
Keep in mind, a proof of loss statement details the items that were damaged and destroyed in a claim as well as your calculations for their worth and how much you should recover.
For example, let’s say you had a burglary. You know that after you submit your proof of loss, you should receive a response in 10 days. Your proof of loss may contain the makes, models, and ages of the items that were stolen from your home, as well as your calculations regarding how much it will cost to replace them.
How long until my insurance company settles with me: Claim denial or acceptance
After you report a claim, file a proof of loss and the company investigates, another timeline comes into play. Such timelines can be useful when you are wondering how long until my insurance company settles with me. An insurance carrier has 90 days to notify you if your claim is settled or denied. Keep in mind, that is 90 days from when the investigation is completed. So, the 90-day window only comes into play after all the communication, and previous timelines have been exhausted.
Insurance companies don’t always use the entire 90 days before advising you of your settlement or claim denial, but in large or complicated claims, they can and often do take the full 90 days.
Claims handling timelines and knowing the answer to how long until my company settles with me
Keep in mind that these time frames are guidelines. The real determinant of how long before your claim is settled is your policy contract. The nature of your claim can also play a factor. So, if you are left in the dark and wondering how much longer until my insurance company settles with me, you may wish to seek some help from Bulldog Adjusters.
We are independent claims adjusters. We work for you to make sure your claim is settled quickly and fairly. Contact us today for help!