When you file a claim with your home insurance company in Washington D.C., you hope that your claim will get immediate attention and that it will be approved quickly. You probably will be even happier if the amount of the settlement is an amount that you think is very generous or at least enough to take care of the damage to your home. Once your claim is approved, the only other thing that can hold up the start of repairs is waiting to receive the funds from your home insurance company.
Every state, plus Washington D.C., has laws that help protect consumers when they file a claim with their insurance company. These laws may go by a variety of names like the Unfair Insurance Practices Act or the Unfair Claims Settlement Practices Act. Essentially they are there to make sure that your insurance company treats you fairly and pays your approved claims promptly. Claims must be paid in a reasonable time.
It really would be quite unfair if you have coverage through your home insurance policy, file a claim, get it approved, and then have to wait six months to get the insurance company to cut you a check. Upon approval, payment should be almost immediate. It may take a few days for you to receive a settlement check, or, if you have the money electronically wired into your bank account, you can have it available to use by the next business day.
If your money is not released to you within more than a day or two, you have every right to call your insurer and demand that your funds are released without further delay. It is not like a big insurance company would have a problem coming up with the cash. As your independent agent, we can help make sure that you receive the funds you need to start fixing up your house or replacing personal property that was lost or damaged. If you have any concerns over the time it is taking to receive your funds, call us and an independent agent can step in and help.