For more than three decades, Anthony Ruggeri has been working in the insurance claims sector. The claims program manager of Armour Risk Management, Limited, in Pennsylvania, Anthony Ruggeri spent the majority of his career working in NJ. In his current position, the NJ resident is responsible for managing 10 adjusters and two supervisors who handle auto, general liability, and property insurance claims.
Once damage occurs to your vehicle, home, or other insured property, it’s natural to want to fix the problem as soon as possible. Because of this, you will likely wonder how quickly your insurance company will pay out once a claim is made. While this can happen quickly, the process of getting a claim approved and paid can take as much as several years, depending on the extent of your damage.
Fortunately, this is unusual, since more states require that payouts be issued by insurance companies within a predefined period. This often ranges between 30 and 45 days; however, it does vary slightly by state. For example, both Texas and California require that insurance claims are acknowledged within 15 days, but the denial or approval of said claim can take up to 40 days in California or 15 days in Texas.
If your insurance company delays your payment beyond the state limits, you can take legal action against the company. This requires a tort attorney and judge, and it forces company to pay a claim within 30 days of a judge’s ruling. However, this rule applies only to auto and homeowner’s insurance providers. For life insurance, providers may get up to 90 days to pay after a judge’s ruling.
While these time frames are basic guidelines, you should check with your insurance company to determine how long its normal payments take. This information should play into you choosing an insurance company, since companies that pay out quickly may be preferable.
