How long does it take to receive an offer of compensation after a hurricane in Florida?
Hurricanes can leave devastating financial challenges for Florida families every year, and many homeowners need access to their insurance settlement funds as soon as possible so they can rebuild their lives.
Property damage claim lawyers see this problem all the time, and the expert attorneys at Louis Law Group can help you understand how long the process should take and what your insurance company is obligated to do.
Your homeowner’s insurance company needs to respond to your claim promptly
Your homeowner’s insurance company needs to respond filed within 14 days to all hurricane damage claims.
The insurance company then has 90 days to notify you about their decision to either deny your claim, compensate you for the full cost of the damage, or only pay for part of the damages.
Although waiting three months can be challenging, especially if you need to find a new place to live while your home is being repaired or replaced, there are ways you can start preparing.
Understand your homeowner’s insurance policy so you can start making plans
Your homeowner’s insurance policy should give you a good idea of how much compensation you can expect from the insurance company. This will depend on your home’s assessed value and what type of insurance policy you have.
Replacement cost insurance policies cover the cost of replacing a damaged item with one of a similar kind and quality. Actual cash value policies subtract depreciation before it pays out to replace damaged property.
An extended replacement cost policy calls for the insurer to pay a certain extra percentage needed to rebuild your home after a disaster to protect you if building costs go up. A guaranteed replacement cost policy, on the other hand, will only pay what it would have cost before the disaster to rebuild your home, regardless of current building costs.
A Florida property damage claim lawyer can help get you compensated quickly
If your insurance company doesn’t meet these straightforward deadlines, you can take legal action to get the compensation you’re entitled to. Beyond that, a property damage lawyer can make sure your insurance company is not violating any terms of your policy and that the settlement offer is fair.
If the insurance company denies your claim, an attorney can examine your policy and determine if your claim was wrongly denied. In that case, you can take legal action against the insurance company to fight for the compensation you deserve.
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