In Florida, insurance companies have 90 days to notify you if they have accepted or denied your claim. If your insurance company approves your claim, Florida Statutes state that they must pay you within 20 days of their decision. If the parties agree to reach a settlement, Florida law 627,4265 requires the insurance company to pay the claim within 20 days. The parties may condition the payment on requiring the claimant to submit an exemption from their claims in exchange for payment.
If the insurance company doesn't pay before the due date, it owes the claimant an annual interest of 12 percent. Because car accident settlements can amount to significant sums of money, an annual penalty of 12 percent can quickly add up if the insurance company doesn't pay the claim on time. Insurance companies have 90 days to make a decision on a homeowner's claim in Florida and 20 days after the decision to issue the payment. Insurance companies will also use appraisers and accident reconstruction experts to determine fault in car accidents.
In addition to compensation for bad faith by the insurance company, you also have the option of filing a claim in a court of law to force the insurance company to pay you. If a structure covered by homeowners insurance is damaged, consumers can file a claim with their insurance provider. If the fault may be related to the validity of the insurance coverage, the insurance company may need more time to investigate the claim. According to the Insurance Journal, regulators are asking insurance providers to do their part to help consumers rebuild with the help of a Florida homeowner claim.
In addition, poor communication between the driver, the insurance company and the insurance adjuster can slow down the process. Most auto insurance companies try to resolve accident claims as quickly as possible, which usually results in being paid within one month of filing the claim. To reach a general insurance agreement, the insurer only needs to investigate and pay or deny the claim within a reasonable period of time. Because Florida is a no-fault state, if you're involved in a car accident, you'll have to file a claim against your insurance provider.
Fortunately, Florida's no-fault insurance laws exist to protect you, and there's a good chance that there's an insurance policy that covers your losses. In the case of a general insurance claim, there is no fixed deadline by which an insurance provider must resolve a claim. Bodily injury claims are the ones that take the longest to resolve because there are several parties involved, such as your doctor, the auto insurance company, and your health insurance provider. Dealing with an insurance company is often frustrating, especially when the insurance provider fails to meet its obligations.
Florida has laws that apply to all car accident insurance policies and laws that apply specifically to PIP (no-fault) personal injury protection claims. You might be wondering how long the insurance company has to settle a claim in Florida and if you'll need to work with a car accident lawyer to get the compensation you need. While most insurance claims are approved, the insurance company can deny your claim, even if it's valid.