Noble Public Adjusting Group would like to address an issue we have not formerly covered. If you have filed a claim for damages to your Florida property and have not yet received your settlement, something many policyholders are not aware of is that your insurance company owes you interest on the money you have coming. Insurance companies have a statutory duty to pay interest on claims after refusing or delaying payment of policy benefits. The Florida statute states:
627.70131. Insurer’s duty to acknowledge communications regarding claims; investigation. –
(5)(a) Within 90 days after an insurer receives notice of an initial, reopened, or supplemental property insurance claim from a policyholder, the insurer shall pay or deny such claim or a portion of the claim unless the failure to pay is caused by factors beyond the control of the insurer which reasonably prevent such payment. Any payment of an initial or supplemental claim or portion of such claim made 90 days after the insurer receives notice of the claim, or made more than 15 days after there are no longer factors beyond the control of the insurer which reasonably prevented such payment, whichever is later, bears interest at the rate set forth in [Fla. Stat. Ann. § 55.03]. Interest begins to accrue from the date the insurer receives notice of the claim. The provisions of this subsection may not be waived, voided, or nullified by the terms of the insurance policy. If there is a right to prejudgment interest, the insured shall select whether to receive prejudgment interest or interest under this subsection. Interest is payable when the claim or portion of the claim is paid. Failure to comply with this subsection constitutes a violation of this code. However, failure to comply with this subsection does not form the sole basis for a private cause of action.1
Property Insurance Settlement Delayed? You Have Interest Due!
If your claim has been delayed, you need a public adjuster to make sure you get a fair settlement, ALONG WITH THE INTEREST you have due. Florida policyholders who suffer through a prolonged claims process with constant delays in communication and other excuses from your insurance company deserve compensation for these delays. Delays in the process enable your insurance company to wrongfully withhold benefits you have coming. As we all know, when you receive damages to your Florida home or commercial property, time is of the essence, for most of us do not have the funds to take our property back to its pre-loss condition without that insurance settlement. You are depending on the payment of policy benefits you have a right to after paying your insurance premiums loyally.
Fortunately, § 627.70131(5)(a) provides a remedy for policyholders experiencing claim delays or denials. The statute promotes prompt claim resolution by penalizing the insurance company for non-compliance.2 The date the insurer receives notice of the loss triggers a ninety-day period within which the carrier must investigate and resolve the claim. The insurer is required to pay statutory interest on any payment of benefits beyond the ninety-day investigation period. Statutory interest is calculated from the date the insurer received notice of the claim using the interest rate found in Florida Statute § 55.03.3 Interest is payable at the same time payment of benefits is made. This incentivizes the insurance company to timely resolve its policyholders’ claims. An insurer’s refusal to pay interest on any payment made after ninety days from the date of notice constitutes a code violation.4
The longer insurance companies hold on to your money, the more money they make in the financial markets. This is common knowledge for those who understand the insurance industry as Noble does. Insurance companies use tactics to delay claims on a regular basis. The odds are stacked in the insurance companies favor that people with delayed claims will do nothing about it.
Can your claims be considered delayed before 90 days?
This is another area of law where a public adjuster can expedite your claim. The Florida statute allows up to 90 days to investigate insurance claims, but the insurance company cannot unreasonably delay a claim that should be paid. They must not act in bad faith towards your claim. If they fail to respond to communications within the first 14 days they may be in violation of Florida Statute 627.70131.
Insurance companies are fully aware of when they are delaying claims. By hiring Noble Public Adjusting Group to take over a denied claim, you have instantly accomplished three things: 1. your insurance settlement will immediately receive more attention with us at the helm, 2. You will receive more of a settlement than you would have if you handled the claim yourself, 3. You will receive the interest you have due since your insurance company is not willingly going to bring up this particular issue, but Noble most definitely will.
Call us today to discuss your delayed Florida property insurance claim, or for any other questions or concerns, you may have. Noble’s home office is in Panama City Beach, but we can handle an insurance claim anywhere in Florida. We also have offices in Texas and Georgia.
Noble Public Adjusting Group
107 Amar Place Suite 103
Panama City Beach (West End), FL 32413