People may need to file a homeowners insurance claim in Florida for a variety of different reasons. Perhaps there was a fire, or maybe there was water damage caused by a recent storm. The average homeowner has a standard policy protecting their domicile as required by their mortgage company. They may even have supplemental policies for certain kinds of damage, like flooding.
Many people do not have enough money in savings to cover the cost of massive repairs out of pocket, so they rely on their insurance company to pay for repairs. Local contractors facing high demand levels may turn down contracts if they do not receive prompt payment for the services they provide. People may not be able to fully repair their homes until they file a homeowners insurance claim and actually receive funds to pay for the work their property requires.
How long might they need to wait for those funds?
Claims could take up to 60 days
Florida law strictly regulates the insurance claim process. In addition to requiring that insurance companies operate in good faith by approving appropriate and reasonable claims, the law also imposes a specific timeline for homeowners insurance claims.
Companies used to have up to 90 days to respond to a claim and issue the final payout. However, changes to the law have shortened that. Insurance companies now only have 60 days in which to review and pay a claim on a homeowners policy. During those 60 days, the company must communicate in writing with the policyholder and notify them about the status of their claim. Any denial or partial approval of benefits typically requires an explanation.
Policyholders may be able to appeal unfavorable determinations or even take action over bad faith insurance practices, including the failure to pay a claim within the 60-day window outlined in state law.
Understanding the rules that apply to insurance claims, and seeking legal guidance and support when necessary, may benefit those who need to use their coverage to repair their homes.