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When facing an insurance case, people often find it frustrating to wait for the insurance company to settle their case and ask how long it takes to process a claim. Many customers look for legal support of their anticipation, asking if there are any laws regulating the duration of insurance procedures.

Every state has its own regulations and legislation concerning insurance activities to which the insurance companies have to abide. In some states you may also find things like “Unfair Insurance Practices Act” or “Unfair Claims Settlement Practices Act”, which are more specific and targeted at insurance activities in contrast with broader laws and regulations presented in other states. The nuances and specifics of such regulations have their own peculiarities across different states, however there are certain common points that they all share in regard to insurance companies, imposing them to: a) accept your insurance claim within a specific period of time (usually 15 days); b) conduct a prompt investigation on your claim a) make everything possible to process and settle the claim with a clear liability. Besides, the insurance company has no right to refuse your claim a payment without delivering a valid and clear reason.

In case you feel that your insurance agent or company representative did something without correspondence to state legislation, you might want to speak to the person’s supervisor first. In case the attempt wasn’t satisfactory, it’s time for you to file a report in your state’s insurance regulation department. If the department has other similar claims concerning the same company it will conduct an investigation and is likely to impose a fine or even revoke the company’s license if the case is quite severe.

In some states you are even allowed to take legal actions against an insurance company individually, if you feel to do so. In case you choose to pursue in a lawsuit against your insurer, there are certain regulations that might help you: a) broader interpretation of coverage provisions, b) limited interpretation of exclusion provisions c) favorable interpretation of any ambiguities contained in the policy. However, take into account that in certain states, in case you’re successful with your legal action you will only get the claim amount, while in other states you may also be reimbursed with court fees and punitive damages. Read the rest of this entry »

When a person decides to get insurance for his or her house, it’s certainly a cheap policy they are looking for. And by cheap we mean having a low price for the largest bundle and amount of coverage possible. And to much surprise, it is really possible if you know the rules of the game.

But what are the rules, you might ask? While there are many hidden stones in such a complex industry as insurance, there are certain guidelines that you will find very useful and effective when choosing a new policy or looking to switch you current home insurance provider. So here are the essential Dos and DON’Ts of home insurance that would be very wise to follow:

DO: Find an online service that will allow you to get quotes from multiple home insurance providers, necessarily licensed in your area of residence.

DON’T: Buy the first policy you are offered with when shopping.

DO: Contact an insurance agent in person to tailor your policy and make sure you’re getting the best and most adequate coverage for the money you pay.

DON’T: Drop home insurance or necessary types of coverage altogether just to lower the costs.

DO: Review your deductibles and adjust them if needed to relate adequately to your financial abilities if an insurance situation takes place. Remember that higher deductibles will eventually lower you rates.

DON’T: Raise your deductibles to the amount you will find hard to pay in case it comes to filing a claim.

DO: Speak to your insurance agent to learn if there are any homeowners insurance discounts provided by your insurer you are eligible for.

DON’T: Forget about updating your insurance coverage after adding square footage to your house, performing important modifications (installing ventilation or security systems), or buying expensive things that are to be kept on your property.

DO: Find a provider that will carry more types of insurance rather than only homeowners insurance, for you can receive substantial discounts if having your auto, life, health and home insurance policies with the same carrier.

DON’T: Drop substantial amounts of liability coverage in order to save money because some day it can be really helpful and your savings can lead to serious losses if you do not have enough liability coverage.

DO: Renew your policy and avoid cancellations because it will get more expensive to renew it or get a new one if your policy was simply void without any reason. Read the rest of this entry »

There are many sites offering online insurance shopping possibilities these days, and it seems that people are leaning towards using them more extensively. Of course, insurance brokers and agents are still out there but online insurance providers are taking their share of the distribution chain with more users preferring to shop for home insurance online, rather than contacting a representative. So what are the advantages and peculiarities of shopping for insurance online that attract so many insurance buyers these days?

1. You are able to find the best offers from multiple providers and get endless opportunities to save money with comparison shopping. Online insurance vendors make it really easy to shop for insurance products. All it takes is only a couple of minutes, you can take either at your work or at home, and after that you get the coverage you would spend a couple of hours for buying if shopping off-line. When shopping online all the information you may require about the provider or exact quotes with respect to your property is available 25/7. Read the rest of this entry »