How Long Does An Insurance Company Have to Settle A Claim?

How Long Does An Insurance Company Have to Settle A Claim?

With tornadoes, floods, storms, and earthquakes causing more residential property damage in American and Puerto Rico than ever before, getting your insurance claim settled in a timely fashion is more important than ever.

Insurers paid out a whopping $1.3 billion in claims last year, a number set to rise in 2020. If you have experienced damage to your home, the last thing you want is to be kept waiting in the dark about when you can expect what is due.

If you’re wondering how long does an insurance company have the settle a claim, read this guide to find out.

How Long Does An Insurance Company Have to Settle a Claim? It Depends on Where You Are.

The first thing worth noting is that the time it takes for an insurance company to settle a claim varies widely from state-to-state. All states have laws that stipulate that every insurance provider must respond to a claim ‘relatively promptly. However, states such as North Carolina do not give a specific time frame.

Others, such as Florida, California, Texas, Ohio, and Georgia, are more strict. In these places, it is mandated by law that a claim must be responded to within 15 days of it being filed.

After this, the time period ranges from between 10 and 60 days for the company to inform you whether or not they will pay the amount requested and begin the transaction process.

Insurance companies in all states also have a right to extend the deadline if they can provide a good reason to, such as a suspicion that a claim might be fraudulent.

Always check the legislation for the state you are filing the claim from before beginning proceedings.

Factors That Can Affect the Time it Takes to Settle a Claim

There are many factors that can affect the time it takes for an insurance claim to be processed. The complexity of the claim is often the biggest factor. Many insurance claims do not appear clear-cut, meaning that the company will often take extra time to investigate to make sure everything adds up.

This is why it is vital to hire a public adjustment handler who can ensure all of your documentation is in order and that the claims process can be as speedy as possible. In addition, if you disagree with a settlement offer or think it unfair, this will naturally add to the time it takes to settle.

If you think an insurance provider is lowballing you with a compensation offer, you have every right to appeal. Using a proper claims adjuster to help you get the amount you deserve almost always leads to a higher offer in the end, so don’t shy away from confrontation.

In addition, there may be a hold-up on the insurance company’s end. Perhaps there had been a major disaster in your area, leading to a lot of claims that must be handled. This is common and often unavoidable.

In this case, you should be patient, but remember that the insurance company should always be honestly communicating with you about the reason for the delay.

Learn More

Now that you know the answer to the question “How long does it take for an insurance company to settle a claim?” you can get started. Make sure to get in touch with our expert team of qualified professionals to find out more about how you can get your claim settled as quickly and conveniently as possible.

Top 5 Questions to Ask Your Property Claim Adjuster Before Hiring Them

Top 5 Questions to Ask Your Property Claim Adjuster Before Hiring Them

When something devastating happens to your property, you can rest easy knowing that your insurance has got you covered…as long as you’ve got a good policy.

Getting the value of your things back after substantial damage has occurred doesn’t have to be difficult, but communicating with your claim adjuster can. You need to know which questions matter the most and if you’ve never gone through the process before, why would you?

Fortunately, we’re here to help. In this post, we’re going to tell you the 5 crucial questions you should ask your claim adjuster in order to get things worked out with your insurance company properly.

1. How Long Will This Process Take?

You don’t want to be impatient during this process, because there’s a good chance it’ll take a few weeks or even months to get settled. Just ask your claim adjuster what their professional experience tells them about your situation.

It’s completely understandable to want to get this over with as soon as you possibly can, so you can get your money and move on with your life, but it’s harder than you might think for your adjuster to get it all done quickly.

2. Have I Filled Out the Correct Paperwork?

You’re going to have to fill out a lot of paperwork, which can get a bit overwhelming at times. It’s okay to check-in with your claims adjuster to make sure you’re doing it correctly. Chances are, you’ll need a bit of hand-holding through some of it.

3. Have You Dealt With a Case Like This Before?

When you’re dealing with a new claim adjuster, it never hurts to ask if they’ve ever seen a case like yours in the past. Their answer will tell you how experienced they are and how comfortable they’re going to be in guiding you through the process.

Most claims are fairly cut-and-dry, but you do run into unexpected issues from time to time.

4. How Much Money Can I Expect To Get?

It’s also nice to get an idea of what you’ll be settling for. For instance, if you’re dealing with a wrecked car, it’s good to know how much you’ll be getting back from the insurance company so you can pay the right amount for a new car.

Any experienced claim adjuster should be able to give you a ballpark figure to work off of.

5. Tell Me About My Policy

Insurance can be confusing sometimes, we get that. At Global Claim Advisors, our team of knowledgable advisors will be able to explain every nuance of your policy to you, so you never feel alone in this process.

Every policy is a little bit different, so it takes someone with a lot of experience to understand exactly what’s going on. When disaster strikes, you want to be able to talk to someone that knows how to help you navigate this situation.

Find a Great Claim Adjuster

To discuss your claim and get the important questions answered with a professional claim adjuster, contact us at Global Claim Advisors. We’re available anytime to give you the help you deserve so you can quickly get your claim settled and move on with your life.

Should I Hire a Public Insurance Adjuster?

Should I Hire a Public Insurance Adjuster?

After experiencing property damage or loss, you might be left feeling anxious and worried. You’ve lost something of yours and now you’re not sure how you’re going to repair or replace it. After the damage occurs, your insurance company will send an adjuster out to assess the damage.

However, your insurance company’s adjuster is looking out for your insurance company. This is why you need to consider hiring a public insurance adjuster. Once hiring a public insurance adjuster, you’ll have someone out on the scene who works for you and has you in his or her best interest.

Not sure if hiring a public adjuster is the right decision for you? Continue reading below for everything you need to know about the benefits of hiring a public adjuster.

1. Experience

A public adjuster has the experience and expertise needed to understand the claims process. It’s not difficult to misinterpret something on your insurance policy. Without having an adjuster on your side, insurance companies have the upper hand.

Their experience is going to be what gets you the best results possible. They’ll be able to guide you throughout the entire process ensuring that every step you take is the correct one.

2. Time Savings

Not everyone has the option of putting their life on hold to deal with filing a claim, speaking with insurance companies, collecting all proper documentation, and so on. Hiring a public adjuster will save you time.

An adjuster will manage your claim for you and only contact you when you’re needed. And because your public adjuster knows about the claims process, he or she will ensure that the claim is filed and settled as quickly as possible.

3. Maximized Settlement

Not only will a public adjuster make the process go by much faster, but he or she will be able to maximize your settlement as well. One study showed that public adjusters are able to negotiate with insurance companies. This ultimately increases the settlement amount for you.

Without a public adjuster, your insurance company would only pay out what they decide to. An adjuster on your side will be able to negotiate a larger settlement with them, which can only benefit you.

4. Knowledge of Rights

Aside from knowing how to negotiate with your insurance company, a public insurance adjuster will also know your rights. This is a major benefit when dealing with a denied claim. The adjuster acts as a witness to the scene and damages and can also guide you along the way if more aggressive action is required to get the settlement you deserve.

Do You Need a Public Insurance Adjuster?

After reading through this guide, we hope you now know how important it is to hire a public insurance adjuster.

Have you experienced property loss or damages? If so, be sure to contact us today to see how we can help you!

The Life Cycle of an Insurance Claim: Everything You Need to Know

The Life Cycle of an Insurance Claim: Everything You Need to Know

When you’re in an accident or have property damaged by a fire or other natural disaster, it can seem like an eternity for your insurance claim to complete. You’ve been through a trauma and your car or home can be severely damaged. The insurance claims process can be swift, but many people don’t understand how it works.

Once you make that initial call, the gears begin turning to process your claim. It may feel like forever, but your agent is diligently working to get everything concluded as fast as they can. There are times when the process is easy and other times when it takes longer.

Learn how the insurance claims process works and be prepared.

The Claims Process Begins by Contacting Your Insurance Provider

When the accident happens, contact police and ambulance services, if there are any injuries. Once you know everyone is safe, contact your insurance provider. They’ll have instructions for you to follow.

They’ll want you to take pictures of the damage of both cars and get a copy of the police report when ready. It’s the same for property damage or personal property damage like artwork. Take plenty of pictures.

You may not need all the pictures, but it’s better to be safe than sorry. If you make any repairs to the vehicle to get it working and don’t take pictures, then you may be denied or underpaid without pictures.

The Insurance Adjuster Gets Involved

The insurance provider contacts an insurance adjuster to conduct an investigation into the incident. The goal of the adjuster’s investigation is to understand if your policy covers the damage and how much of the cost is will cover.

The insurance adjuster visits the damaged home or views the damaged car to see how much damage occurred and why. When the investigation is completed, the adjuster goes over what is covered and any deductibles, etc. that you may have.

Adjuster Gets Accurate Damage Analysis

The adjuster needs to know how much the damage will cost to repair. The adjuster may bring in experts such as carpenters, mechanics, etc., to provide a proper estimate of the damage.

Once he understands the costs for the damage, he’ll provide you with a list of contractors preferred by the insurance company. This is a courtesy and you don’t have to use those contractors, but they’ve already been vetted by the insurance company.

Payment is Arranged

The adjuster monitors the progress of repairs on the home, car, etc., and once complete will contact you to arrange payment. Your claim is settled, and payment occurs a short time later. The complexity of the situation determines the payment time.

The entire process can be short, or it could be longer depending on the complexity of the investigation and the severity of the damage.

Insurance Claims are Common

Insurance companies get many claims and they want them concluded as soon as possible. Don’t be frustrated by the claims process because it’s there to protect both you and the insurance company.

If you want to learn more about claims adjusters and the insurance claim process, then please explore our site.

What is the Property Damage Insurance Claim Process Like?

What is the Property Damage Insurance Claim Process Like?

Have you just suffered property damage and don’t know what to do? Do you need help making sure that your home, car or rental property is restored to its former condition?

For more information about a property damage insurance claim, check out this simple guide!

Property Damage Insurance Claim Process

To get the claims process started, you have to call your insurance company to report the damage. Once you have a claim number, your company will send an insurance adjuster to examine the property and determine the amount of money you will receive. The amount you get from the insurance company depends on your level of coverage and the extent of the damage.

If the property damage claim involves a vehicle collision, there will have to be a determination of who is at fault. Depending on the state where the accident takes place, there are several factors in determining who is legally responsible for the accident.

Regardless of who is found to be responsible for the property damage liability, you will have to pay your insurance deductible. This is usually between $250 and $500.

In the event of a burst pipe or fire, your insurance company will usually tell you to contact a damage mitigation specialist. This will prevent further destruction from happening. Depending on your policy, your insurance will likely cover any emergency repair costs.

Unless your policy covers your possessions, you may need to get further coverage to make sure everything is paid for. You will also need to provide a detailed list of any damaged items so the insurance company can provide you with a check for their cash value. You should know that luxury items like jewelry or family heirlooms will likely need extra policies if their value exceeds your level of coverage.

Repairs and Recovery

Once the damage to your home or property has been assessed, you will need to contact contractors to get quotes for any needed repair work. You should also make sure to get at least three quotes from different contractors to get the best possible deal. 

Depending on how your insurance company wants to proceed, you will either receive a single check for all the repair work or pay the contractor directly. Before signing any paperwork, you should always check with your insurance provider first. If you sign a “direction to pay,” you are effectively giving control over the project to your contractor.

If you receive a check to cover the costs of repairs, you should make sure that all work is done to your satisfaction before paying. If your insurance company ends up signing off on shoddy work, you may be left holding the bag.

If your home or rental property is damaged to the point where it is unliveable, you will also receive additional living expenses or an ALE check. This money will help pay for things like meals and hotel rooms while your property is being fixed.

Happy Home and Happy Wallet

Property damage claims can seem scary and overwhelming, but there are simple solutions. All you need to do is read your policy, know your coverage level and follow your company’s process.

If you need help getting coverage or dealing with a property damage insurance claim, check out Global Claim Advisors today!