Insurance Claim Laws

I have been searching for answers to a couple of questions regarding the claims deadlines in Texas: 1 How long do you have to file a claim for storm damage?
2 After claim is paid how long do you have to recover depreciation?

I have seen marketing lately saying all kinds of things and I am trying to find the actual answers.

the actual answer is:

every company is different.

every policy is different.

[quote]Agape

the actual answer is:

every company is different.

every policy is different.
[/quote]

Ditto,
It also is up to the adjuster on how he/she interprets the policy as the date of loss or date of discovery

[quote=“Jrock3369”]I have been searching for answers to a couple of questions regarding the claims deadlines in Texas: 1 How long do you have to file a claim for storm damage?
2 After claim is paid how long do you have to recover depreciation?

I have seen marketing lately saying all kinds of things and I am trying to find the actual answers.[/quote]

Number 1.
Most insurance companies give the homeowner ONE year from the date of the storm damage. So if the unsuspecting homeowner finds that they do have damage on the roof after that date “too frickin bad” they did not play by the insurance company rules.
And they make ALL the rules. If they were concerned about the homeowners (YEAH RIGHT) they would have notified them that they were in a storm damage area and come out to inspect for any damage.
Number 2
After the claim is paid the homeowner has actually signed off on the settlement and the claim is settled when they cash the check. See rule number 1.

Stormer, Why should the insurance company have to notify the homeowner that they were in a storm damage area? I don’t understand your logic behind this.

Lets just say that the insurance company inspected every policy holders premise/property (building and auto). The manpower alone would increase their premiums unnecessarily.

FYI it is up to the homeowner to prove there is damage to their property not the insurance company.

[quote=“828br”]

Stormer, Why should the insurance company have to notify the homeowner that they were in a storm damage area? I don’t understand your logic behind this.

Lets just say that the insurance company inspected every policy holders premise/property (building and auto). The manpower alone would increase their premiums unnecessarily.

FYI it is up to the homeowner to prove there is damage to their property not the insurance company.[/quote]

I am not sure who I am talking to here. Are you a homeowner, a Contractor or do you represent and insurance company?
Increase premiums unnecessarily? Isn’t that what makes the billions in profit per year for them now? Insurance companies have increased their premiums across the board.
Insurance companies have also decreased the amount of paid claims again, across the board. Some have even jumped ship in southern states to protect the billions in profit from having to be paid out to homeowners who have paid their premiums faithfully.
As long as the homeowner doesn’t find out they have damage to their home and keep their mouths shut the happier the insurance companies are.

In general, the insurance companies allow one year from the date of the storm for a claim to be filed and then allow one year from the claim date for the damages to be repaired in order for the recoverable depreciation to be claimed. In general are the key words.

I’ve seen Nationwide saying lately they are only allowing 6 months from the storm date for the claim to be filed. I’ve seen insurance statements of loss that say the Homeowner has 6 months from the claim date to have the damages repaired. So it can vary.

You then have the state insurance departments to consider. Texas seems to have a fairly strong department of insurance. By strong I mean they have implemented laws and policies for dealing with storms. I seem to recall in Texas the Homeowner has one year after 80% of the claims have been filed to file their claim. I have no idea how they determine the total number of claims and therefore know what 80% is. I’ve heard different stories for different states in terms of the time period allowed following a storm.

Seems to me, I’d start in a given state by contacting the state department of insurance and acquiring their guidelines. Those are the guidelines, as a minimum, an insurance carrier would have to operate under. I’d then ask the question of various Adjusters you work with and even see if you can get their local storm damage guidelines documentation. Finally, read the policies of the Homeowners you are working with.

What I am convinced that doesn’t work is operating off of speculation and hearsay.

Most in MN are 1-2 years from DOL. Have talked with adjusters who have said .5-5 years.

The only insurance company I know that goes back 5 plus years has never denied me and has agreed to my bid price on every occasion. Now if only more people insured through that company!

Had one $90K hail claim that only allowed half a year as the policy stated.

It doesn’t matter what the insurance company says, statutory law overrides whatever they write in their policy. So they can say you only have 6 months to file a claim, but if the state says you have 2 years, guess what… you have 2 years. I tried to search for the Texas law, couldn’t find anything other than medical claims that you do have 2 years to file. I’m sure property is at least 1 year, but if you are dealing with a major catastrophe such as Ike, they may have extended that period. Call the Texas Department of Insurance to find out.

I hate reading these forumns and seeing people post answers to questions and give no real insight. Are you really that board that instead of being helpful you just babble nonsense to sound smart.Anyway I believe you were right entrepreneur about 2 years. this is what I give to Texas adjusters who tell me that the damage is over a year old and they don’t cover it.

nolo.com/legal-encyclopedia/ … 29941.html.

I’m not even sure how accurate or correct this info is but I havn’t had an adjuster smart enough to argue yet so I guess I’m just lucky or really convincing. Good luck hope that info is usefull.

[quote=“hollywood769”]**I hate reading these forumns and seeing people post answers to questions and give no real insight. Are you really that board that instead of being helpful you just babble nonsense to sound smart.**Anyway I believe you were right entrepreneur about 2 years. this is what I give to Texas adjusters who tell me that the damage is over a year old and they don’t cover it.

nolo.com/legal-encyclopedia/ … 29941.html.
**
I’m not even sure how accurate or correct this info is** but I havn’t had an adjuster smart enough to argue yet so I guess I’m just lucky or really convincing. Good luck hope that info is usefull.[/quote]

Lol what?

My understanding is that the statute of limitations for contract law (i.e.,insurance policy promises) in Texas is 4 years.

The longest (long tail) claim I know of was via a verified hail storm in the Austin Texas area. The storm damage was approximately 10 years old. The homeowner had never discovered it until then, and the insurer paid since it was owed by merit.

The homeowner was entitled to be indemnified because their premiums had been accepted by the insurer for that year of coverage, and were supposed to be paid out due to the hail event.

For whatever reason the property owner was not aware of the damage, the property always “knew” it had been hurt. The insurance reserve dollars would
have been set aside since premiums had been collected.

Just because they weren’t by the property owner’s circumstances, doesn’t mean they should not be paid due to honest “discovery” years later.