A lot of people ask how long a home insurance claim to payout turnaround will be. That varies from company to company and also depends a lot on the nature of the claim. Some states have laws about how long insurance companies have to pay out a claim, but these laws vary widely.
I think the only thing worse than having to file a claim, is waiting for the insurance company to pay it – So this is a key question to ask when getting policy quotes.
However, there are things that you can do to speed up the home insurance claim process.
One of the most important things to do in order to get insurance companies to pay a home insurance claim as fast as possible is keeping a complete inventory of the items in your home.
Grab your camera and go around each room of the house taking pictures of your property. Make a list of all the items and their worth. Be sure to keep the list and keep the footage or photos in a safe place AWAY from the home. This way if anything happens you will be able to pull it out and reference the items damaged right away to your insurance company.
Insurance policies place a time limit on filing claims. Find out what the time limit is from the company you end up going with. Your best bet is to make the call immediately after you suffer a loss or damage, this way you’ll prevent being denied on the basis that you took too long to report it.
Knowing your deductible is key – if the damage doesn’t exceed the amount you will be paying out of pocket, no time will be wasted in waiting to make repairs until after you find out about the deductible from the insurance company.
If you pay for immediate repairs or are forced to live elsewhere while the damage is fixed, be sure to keep receipts for all of the expenses.
Taking initiative and then submitting receipts for your home insurance claim for reimbursement is a great way to speed up the claims process.
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