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Property Claim in Florida

How Long Does It Take for an Insurance Company to Payout a Property Claim in Florida?

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If you are making a property claim in Florida, it is important to know roughly how long it takes for the insurance company to pay out after a disaster. With that being said, you have to take into consideration that every claim is completely unique so there are only ballpark answers to a question like this.

Recently, hurricane Erma caused estimated damage of over $50 billion. There are still people rebuilding after this hurricane across the state.  In addition, there are a number of insurance companies that are still finding it difficult to keep up with the claims that were started during this time. A number of insurance companies have even begun relying on third-party admin groups.

The problem with these third-party groups is that they were often untrained laborers and adjusters that went through claim investigations. This meant they got through the claims much more slowly than some of the skilled adjusters available. With over 311,500 claims opened throughout Irma, there are still over 82,000 claims still open without any type of payment issued yet. 

Many former residents ask about the total amount of time that it takes for the insurance carrier to pay out a property claim in Florida. In extreme cases like Irma, there is no definitive answer, but there are certainly some important dates involved with any insurance claim:

Communication on a Claim in 14 Days

An insurance carrier needs to establish communication after a claim within 14 days. This means that if you make a claim, any insurance carrier will have to send out some type of communication within 14 days of your claim submission. If the insurance carrier manages to pay out the claim within 14 days, there’s no need for this communication. 

An insurance company can also absolve themselves of this responsibility if the customer fails to provide the necessary communication items on their claim form or if the claim is filled out incorrectly. Full evidence also needs to be gathered by the policyholder including the damage to property, various receipts, and other factors that can supplement the claim. Claim investigations have to take place shortly after the communication period takes place between the customer and the insured.

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Decision on a Claim in 90 Days

In most cases, insurance carriers will issue a decision on an insurance claim within 90 days. The notice for an insurance claim is often denied or paid within this amount of time or a failure to pay suit can be opened.  If your insurance claim has gone over 90 days without a decision, you should consult with an experienced insurance attorney.

Our team at Jenkins Law will review the details of your case and help you understand your rights and options. We will work with you to gather all necessary documentation and will negotiate on your behalf with your insurance company to ensure that you receive the compensation you deserve. We have the knowledge and experience to help you navigate the legal system, and will fight to protect your rights and interests. If you’ve been waiting for a decision on your claim for more than 90 days, don’t wait any longer. Contact Jenkins Law today to schedule a free consultation and learn how we can help.

Receiving Payment

When an agreement is met between the insurance company and the policyholder, payment in accordance with the terms is usually delivered within 20 days of the settlement. If payment is not delivered after the settlement has been reached, there is an interest rate of up to 12% per year from the date of agreement that can be added to the payment for the insured.

If an agreement has been made but you still have not received any type of payment on your insurance policy, it could be time to start working with an insurance lawyer. Performing a comprehensive investigation of your policy can make sure that your insurance company knows about your case. Having a representative on your site can also make sure that your claim can be handled without further unreasonable delays. 

If an insurance company has to delay payments due to an excess of claims, insurance carriers now need to provide information about their altered decisions. Complying with new policy conditions and making sure that your rights are being upheld can be an important step to making sure that you can get a quick payment through insurance when it’s required. If you are stuck facing slow turnaround times with your payment from an insurance company, it is wise for you to move forward using an insurance lawyer. Working with your insurance carrier and making sure that they can issue payment quickly will help you to recover, especially when you have had difficulty filing a claim.

Final Thoughts

In conclusion, the length of time it takes for an insurance company to payout a property claim in Florida can vary depending on the specific circumstances of the case. Factors such as the complexity of the claim, the amount of damage, and the availability of documentation can all play a role in determining the timeline for payout. However, it is important to note that insurance companies are required to investigate and process claims in a timely manner, and policyholders have the right to dispute any delays. By staying informed and staying in communication with your insurance company, you can help ensure a smooth and efficient claims process. Remember, it is always better to be prepared and have the required documents and information ready so that you can facilitate the process.

Get in Touch With Our Florida Property Lawyers Today

Are you a property owner in Florida who has recently experienced damage or loss due to a natural disaster or other unforeseen circumstances? If so, you may be entitled to compensation from your insurance company. However, navigating the claims process can be overwhelming and time-consuming, especially when dealing with a large insurance company. That’s where Jenkins Law comes in.

Other Services We Offer

At Jenkins Law, we have years of experience in handling property claims in Florida. Our team of experienced property attorneys will work tirelessly to ensure that you receive the compensation you deserve. We will handle all of the paperwork and negotiations with your insurance company, so you can focus on rebuilding your property and your life. Don’t let the insurance company take advantage of you. Contact Jenkins Law and learn more about how we can help you.

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