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Deadlines for a property damage claim can determine if a claim gets settled accurately and fairly. The deadlines for a property claim are important. Both the policyholder and the insurance company have deadlines for a property claim they must comply with. So, what are the deadlines for a property claim you must know about and how will they affect you and your claim?
Most deadlines for a property claim are difficult to determine. In most claims, time is of the essence. Here we will discuss the deadlines for a property claim and what you can do as a property owner to make sure you get the best and most fair claim settlement.
Policy contracts
Most deadlines for a property claim are set out not by state laws and regulations, but rather by policy contracts. That’s why it is essential to understand your policy provisions. Some state guidelines monitor fair claim handling practices and include deadlines for a property claim.
Company response
When you first file a property damage claim, your insurance company is required to respond in a certain amount of time. The actual length of time can vary from state to state and contract to contract, but in Florida, insurance carriers have 14 days to acknowledge the receipt of your claim.
Most times the acknowledgment comes in the form of a claim number and an assigned company adjuster. This acknowledgment serves the purpose of letting you know that your insurance company is acknowledging your claim and the process has begun.
This acknowledgment can become vital if you file your property claim without speaking to a company representative. If you use an online portal or emailed a notice to your insurance company, be sure to get a claim acknowledgment.
Communication and deadlines
Once your claim is acknowledged, there will likely be a lot of ongoing communication between you and your insurance company. Even with these exchanges of information, there are associated deadlines. If during the claim process, you contact your insurance carrier for information and leave a voicemail, the company has 14 days to respond to your request for further details.
Similarly, if you send in a written request for information through email, the 14-day contact deadlines for a property claim apply. This time frame exists to make sure your insurance company responds to your inquiries in a timely fashion.
Evidence of loss
Most insurance carriers require you to submit evidence of your claim. This process is also part of the deadlines for a property claim. The requirement for presenting evidence of loss can vary depending on your policy and insurance company, but generally, after you submit the proof, your insurance carrier has 0ten days to begin investigating your claim.
Evidence of loss and the deadlines for a property claim don’t have to be complicated. A proof-of-loss submission may be a list of damaged property or a written statement about what happened. The evidence of loss is one of the most important aspects when it comes to deadlines for a property claim because it kicks off the claim investigation.
Once you notify your insurance company about the claim, they will likely guide on submitting the proof of loss. They may ask for photos of the damaged property, estimates from contracting specialists, or details on the make, models, and manufacturer of the damaged property.
Once you have given this information to your insurance company, they have ten days to respond under the deadlines for a property claim.
Deadlines for a property claim with denials
After a claim is reported and the evidence submitted your insurance company investigates the claim. They take this time to review the information you provided, inspect the property and gather estimates. Most companies and policies give insurance carriers 90 days to complete such an investigation. However, the deadlines for a property claim are subject to change according to the action of the claim itself, but 90 days is a standard time frame.
After the end of 90 days, your insurance company should tell you if your claim is settled or denied. Often, an insurance company won’t take the full 90 days to notify you of the results of your claim. Again, deadlines for a property claim function as guidelines and often change based on the merit of the claim.
Deadlines for a property claim and your responsibilities
As a policyholder, you also have claims duties and responsibilities when it comes to deadlines for a property claim. Keep the following in mind:
Report your claim immediately: If you have damage to your property, notify your insurance company as soon as possible. At this point, you may not have all the information they request. Don’t feel obligated to answer every question. The purpose of the initial report is to just put your carrier on notice that you have damaged property.
Secure your property to prevent further damage: Your policy contract requires that you attempt to mitigate your losses when you have a claim. This could mean installing tarps or boarding up windows. Securing your property isn’t technically one of the deadlines for a property damage claim, but it is an important responsibility of the policyholder.
Track damages: As you begin recovering from your loss, track your out of pocket expenses and damage estimates. One of the deadlines for a property claim may dictate how long you have to submit requests for reimbursement on your out of pocket claim expenses.
Policy contracts dictate deadlines for a property claim
When working on your claim, remember deadlines for a property claim are outlined in your agreement and are subject to change with the circumstances of your claim.
If you are struggling to get your claim settled promptly, contact Your Large Loss Adjusters for help. Our team of public adjusters works to make sure you get your claim settled fairly and quickly.