After a natural disaster most policyholders want to get their life back together as fast as possible and rely on the help of their insurance company to begin the process. However, the road to recovery can be a long and stressful one, especially for large loss claims.
How long property damage claims can take depends largely on how the insurance company responds, and what type of damage it is. On average, the amount of time customers have to wait to get a call back from an insurance agent after they have contacted a company is 2.3 days. In the event of a natural disaster the average wait time will be longer. After contact with the insurance company has been made, the average time for an insurance adjuster to come out and look your property is an additional 3 days. Once a claim has been sent in, some states require insurers acknowledge receipt of claim within 15 days, and then they have 30 days to accept or deny the claim. Over the past three years, the number of complaints due to delays in communication, or not receiving a response from the insurance company have steadily risen from 3.05% of all complaints in 2015 to 4.13% in 2017.
How fast an insurance company will make payment after a claim is filed also varies, and could depend on the type of loss and the amount of the claim. Commercial, HOA and multifamily claims generally take longer to settle as they have much more complex policies and more stakeholders.
Slow claim payment can definitely add more frustration for policyholders looking to rebuild after a catastrophic event. According to the National Association of Insurance Commissioners, the number one consumer complaint regarding the claims process is due to insurance companies delaying claim payment.
Without insurance claim experience, it can be difficult to know if your claim is being fairly and accurately paid. To minimize the time between disaster and recovery and reduce the frustrations associated with the claim process it can be helpful to bring in a Public Adjuster. A public adjuster is an independent insurance professional that a policyholder may hire to help settle an insurance claim on their behalf and can save policyholders time and frustration. In addition, using a Public Adjuster for large loss claims can mean a faster claim resolution and fair settlement from an insurance company.