How Long Do Insurance Companies Have To Pay A Claim?
After your property has been damaged by an accident or natural disaster, you file a claim with your insurance company and hope that you will receive a payment right away. If you do not receive the coverage you need right away, your home will only sustain more damage, which may make it even more costly to repair in the end.
Unfortunately, insurance companies are often more concerned about protecting their own bottom line than they are in helping during your time of need. To protect their own interests, they may unnecessarily delay your claim. So, how long do insurance companies have to pay a claim? Below, our Daytona Beach residential and commercial property damage lawyer explains.
Insurance Companies Must Respond to Claims Within 14 Days
Under state law, insurance companies have just 14 days to respond to a property damage claim. Within 15 days, the insurance company must conduct an investigation. An insurance company’s investigation can take several days, or even months. However, insurers must either provide coverage or deny the claim within 90 days after they have received the claim. If the insurer requires more time to conduct its investigation, the company can request an extension of 90 days.
Factors that Can Delay an Insurance Payment
Although the law is quite clear about the length of time insurance companies have to pay a claim, there are many factors that can impact the process, delaying the payment you need. When a claim is particularly complex, that can result in a delayed payment. For example, if a natural disaster caused damage to your home, the insurer may require more time to evaluate the damage and determine the cost of repairs.
Missing documentation can also result in delayed payment. The insurance company may ask for many different types of documentation to prove your claim. For this reason, it is critical to keep all estimates for repairs, receipts, photographs, and any other documents related to your claim. If the insurance company asks for these documents and you cannot provide them quickly, they may not be able to process your claim as quickly as you would like.
While the above reasons for delayed insurance payments are valid, there are times when insurers simply act in bad faith. They may inform you that the damage occurred due to an uncovered event, even when that is not true. Or, they may argue about the scope or value of the damage. When insurance payments are delayed for these reasons, it is important to speak to a lawyer who can hold the insurer accountable for paying the full and fair settlement you are entitled to.
Our Residential and Commercial Property Damage Lawyers in Daytona Beach Can Protect Your Rights
If your home or business has sustained damage and the insurance company is acting unfairly, you need legal advice. At Bundza & Rodriguez, our Daytona Beach residential and commercial property damage lawyers can provide it and negotiate with the insurer on your behalf so you obtain the coverage you need. Call us now at 386-252-5170 or contact us online to schedule a free consultation.