Even if you pay your monthly insurance premiums on time for many years, you still may not receive immediate relief when you file a homeowner’s insurance claim in Florida. While it’s impossible to have an exact time frame for an insurance claim payout from start to finish, there are a few things that you can keep in mind so you have an idea about what to expect. It can take anywhere from a few days to a few years for you to see compensation from your insurance provider, and everything depends on the individual situation of the claim. Read on to learn more about insurance claims and how long they can take to payout.
Florida Home Insurance Claims
Insurance companies in Florida have 90 days to let you know whether or not they accepted or denied your claim. Florida statutes require insurance providers to pay you within 20 days if they approve your claim. Under Florida statutes, if your provider doesn’t pay out within 20 days, there is an accrued interest rate of 12% annually. Your provider is more likely to use the entire three-month limit with larger claims in order to give them time to look for ways to lower your payout. Be careful with claim denials that are vague or give no reasons, as this may be in bad faith. Remember that you have rights as a policyholder, and you should have a basic understanding of what those are in order to prepare your claim for optimal success and compensation.
Florida Homeowners Insurance Claim Time Limits
While you legally have four years to file a homeowners insurance claim in Florida (from the date of the incident), filing a claim in a timely way will preserve evidence and optimize your chances at a fair settlement, so try and file as soon as possible. After initially notifying your insurance provider of the claim, they have 14 days to confirm with you they received it and give you a Homeowner Claims Bill of Rights. Florida mandates insurance providers to acknowledge claim receipts within this timeframe, barring any outside circumstances. Some key rights in the Bill of Rights include:
- Written confirmation from the insurance company your claim is fully or partially covered, denied, or under investigation within 30 days of submitting a comprehensive proof-of-loss statement.
- Acknowledgment of your claim from your insurer within 14 days of initiating communication with them.
- Payment (full or partial) for your claim or a denial of your claim within 90 days of filing the claim
- Interest added to the payment of your claim if the insurer didn’t pay or deny your claim within that 90 day filing period
- Free mediation of a disputed claim by the Florida Department of Financial Services.
- Neutral evaluation of a claim that is being disputed if it involves sinkhole damage your policy covers.
- Free assistance from the Florida Department of Financial Services regarding any questions you have about your insurance claim.
Along with confirmation that they received your claim, your insurer is also required to provide the appropriate forms for you to fill out along with how to do so. After you’ve filed your claim appropriately, you should focus on gathering and documenting evidence to support your claim for maximum compensation.
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Home insurance claims may be denied in bad faith or under-paid. Call Craig Rolle today for a consultation with a top Florida property insurance lawyer.