How Long Does My Insurer Have to Pay for My Claim?
 The questions many people ask after making their insurance claim: How long does an insurance company have to pay on a theft (for my renters insurance)? Are there any laws claiming a certain period of time that a company would have?
Every state in America has some sort of regulation that defines what suitable manner is in the insurance industry. Your state has this sort of regulation, as well. There were many states that enacted an "Unfair Claims Settlement Practices Act' or an "Unfair Insurance Practices Act' The specifics of these regulations are all very different, however, an insurer is required to:
- Acknowledge your claim within a certain period of time
- Investigate your claim promptly
- Make a good faith attempt to process a prompt, fair, and equitable
Here are a few tips which may be useful for dealing with an insurer about a claim.
Before buying a policy:
- Complete the application form thoroughly and honestly.
- Take notes while the agent is explaining all of the coverage.
- Read the policy and understand everything on it.
Before You Have a Claim:
When you do have a claim:
- Do not exaggerate claim
- Review your policy and notes
- Promptly notify the insurance company of their loss
- Do not sign a check ore release until you are completely pleased it is fair
- Get your own estimate of the loss
- Do not submit to an "examination under oath' without legal representation
- Always maintain copies of any documents you give to your insurance company (just in case)
- Gather materials to prove your claim (receipts, etc...)
- Keep track of all correspondence with the insurance company (telephone calls, especially)
In order to find out how long your insurer is going to pay for your claim, it is best to call them and find out for yourself. Remember that each state has its own conditions, so always keep in mind that your state has its own regulations and standards and that your insurer should follow them properly. |
