How Long Does an Insurance Company Have to Close a Claim?

I live in a condo and suffered damage from the hurricanes. Our insurance man for "our condo contents" acted quickly and responded immediately and we received payment for that portion.

The "condo" adjuster for the condo association did not show up until Oct 21st, which was well after the Sept 4th hurricane. We gave him photos and other documentation and then we didn't hear from him. We are now on a 3rd adjuster (who is still asking for more information as well as the original information) and it's February.

Doesn't the insurance company have 30-days to wrap-up claim after initial meeting? Also, can the adjuster demand that we get estimates from businesses on how much the repairs will be? I had to get a couple of estimates and I have never heard of that before.

Answer: Unfortunately, there is no consistent regulation concerning the amount of time that an insurance company takes to clear up a claim. It's also true that for large claims it is in the interest of the insurance company to pay slowly.

If you want things to move more quickly, then you may have to consult a lawyer. Legal action can help.

As for being asked to get estimates, while unusual it can actually be in your favor. If you go to contractors that you are comfortable with, and get an estimate for quality work, you could actually ensure a better payment for your claim. There are no guarantees, but it could be a plus.

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