How Long Does It Take To Settle A Renters Insurance Claim?
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One response to “How Long Does It Take To Settle A Renters Insurance Claim?”
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If I had to guess on how long it takes to receive a check on a renter’s loss, I would say a good average would be 30 days.
Property insurance policies, like a “Renter’s” policy usually have an entire section (that no one reads) outlining what you as the insured must do following a loss. Generally you have the obligation to notify the insurer promptly and submit a written summary of the items that were lost or damaged, how and when they were acquired, the cost to repair or replace them and their current value.Some claim adjusters may help you in this process, but it is your responsibility and not much happens before it has been completed.
Once this “list” is prepared AND accepted by the insurer, policies usually state how many days the insurer has to pay you. In practice, however, I would say checks are received within a week or two AFTER your proof of loss is ACCEPTED.
I would however expect insurers to question the value certain items,request additional documentation or require proof of purchase on higher valued items. I would also caution insurance consumers to make sure these lists are accurate. Entire claims can be denied because lists(proofs of loss) contain information that is questioned and found to be false. Like I had a 52 inch HD TV when it was actually an 18 inch portable you bought at a tag sale.
In a serious loss such as a fire or storm loss, insurers often advance partial payments to cover the replacement of necessities or temporary living expenses until the more formal claim process is completed.
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Well to settle on a claim will depend on the loss. If the insurance company is aking for proff of loss item then you need to provide them of the list of item that were stolen or damage in a fire. Some companies are faster than others but it might take from 2 weeks to 4 weeks to settle on a claim.
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