The costs of recovering from a hurricane, flood, fire, or other disaster will start accruing immediately after the incident. From emergency repairs to finding a temporary residence, there are a lot of expenses that you may have to cover out of your own pocket before your insurance company pays out, and you may be wondering exactly how long your homeowner’s insurance provider can wait to release payment after settling your claim.
Pursuant to Section 627.4265 of the Florida Statutes, a homeowner’s insurance company has 20 days to tender payment after a settlement has been reached, unless you and your insurance company have mutually agreed on a different timeframe for the tender of payment, or the tender of payment is conditioned upon your execution of a release. If your insurance company fails to pay out your claim within this timeframe, the payment will start bearing interest at a rate of 12 percent per year from the date of the agreement. We strongly suggest you consult a lawyer experienced in handling insurance claims before signing any document or release regarding your claim.
If you are having trouble recovering fair compensation from your homeowner’s insurance company, contact my office to discuss your case. We are available 24 hours a day, 7 days a week for an initial consultation. Call 954-523-2020 to speak with a Fort Lauderdale insurance claims attorney from Leader & Leader P.A.
What Is the “90 Day Rule?”
Pursuant to Fla. Stat. 627.70131, homeowner’s insurance companies in Florida are required by law to pay out the total amount of coverage owed within 90 days after the claim is reported. This rule does not apply if the insurer cannot pay the claim due to factors outside the insurer’s control. In such a case, the insurance company has 15 additional days to pay the claim after getting those factors under control.
How Long Does the Insurance Company Have to Respond to a Claim?
Although the insurance company has 90 days to pay out the total amount of coverage owed, Florida law requires that the insurer reviews and acknowledges the receipt of a claim within 14 calendar days of receiving communication with respect to the claim.
Will My Homeowner’s Insurance Company Have to Pay My Attorney’s Fees If I Sue for Insurance Bad Faith and Prevail?
Yes. If you are forced to sue your insurance company to enforce your rights and you prevail, your insurance company will have to cover your attorney’s fees, pursuant to Fla. Stat. 627.428.
If you believe that your insurance claim was undervalued or denied, you do not have to accept your insurance company’s decision. Contact my office for a free initial consultation. I will evaluate your case to determine if you may have been a victim of insurance bad faith, and if so, I will help you determine the best way to proceed with your claim. Call 954-523-2020 today to speak with an insurance lawyer in Fort Lauderdale.