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 does the insurance claim process take?
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 at your property is an additional 3-5 days or more. Once a claim has been sent in, some states require insurers to acknowledge receipt of the claim within 15 days, and then they have 30 days to accept or deny the claim. Over the past few years, the number of complaints due to delays in average claims cycle time has increased to four days longer than a year ago and a week longer than what was reported in the 2021 study.
How fast an insurance company will make payment after a claim is filed can also vary 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 policy coverage and more stakeholders involved.
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.
Is my claim settlement accurate?
Without insurance claim experience, knowing if your claim is fairly and accurately paid can be challenging. To minimize the time between disaster and recovery and reduce the frustrations associated with the claim process, bringing in a claim advocate like a Public Adjuster can be helpful. 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 accurate settlement from an insurance company. Find out more about when to hire a Public Adjuster and when to hire an Attorney.
If you have questions about your insurance coverage or settlement amount, please do not hesitate to contact our team for a FREE claim assessment.