How long does it take to get money from a home insurance claim?
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Asked August 23, 2010
Depending on the type, and conditions surrounding the claim, you could receive an initial claim payment within 48 hours of the claim being filed. If there are problems related to the claim, the process could take much longer, and may even require legal consultations.
If your claim is related to damage that was caused by a fallen tree limb or vandalism, there is a good chance that the insurance adjuster will be willing to write you a check for the estimated damages on the spot. In some circumstances, such as including a loss-of-use reimbursement, the final settlement may not be made until after the situation has been cleared and the claim can be considered closed.
If the claim is in regards to burglary or injury, settlement may be withheld until a fair estimate of the total costs has been determined. Where burglary or theft is concerned, you still have the possibility of getting your merchandise back if the case is handled quickly enough and reliable clues are available at the scene. Insurance companies may delay payment of all but essential costs in that case until a reasonable time has passed without the property's return. The length of the delay will vary according to many parameters, including the company you have insurance with.
In a claim that is under investigation or subject to dispute, an initial partial settlement may be paid, but the final amount will be held until the case has been investigated and satisfactory results returned. In the case of stolen property, your claim may be disputed if you are not able to show proof of ownership. The best way to do this is to maintain a record of receipts and to keep your home inventory up to date using video recordings of all of your important property.
Answered August 23, 2010 by Anonymous