- On February 20, 2018
- claim delay, damage, hurricane, policyholder
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.
According to the National Association of Insurance Commissioners, the number one consumer complaint regarding the claims process is due to claim delays. This is definitely the case for policyholders right now in Florida who were impacted by Hurricane Irma.
Since Hurricane Irma, the state has received 1469 complaints against insurance companies. Claim delays top the list at 844 complaints. Claim denial came in second at 170 complaints.
How Long Does It Take To Settle A Claim?
How long property damage claims can take depends largely on how the insurance company responds, and what type of damage it is. 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. A recent report shows that after a disaster, individuals with higher losses also faced a larger amount of hassle from their insurance companies. On average, 41% of homeowners who had claims that cost over $30,000 had at least one problem when dealing with the insurance company. This includes disagreements over damages, disputes about coverage, delays in payment, and a slow payout.
How To Get Help
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 his or her 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.
Have questions about your insurance coverage or insurance settlement amount, or if you would like a free claim review we encourage you to give us a call at 239-970-4082 or fill out the form below.