Insurance companies mount their own, often aggressive investigation into claims. They are looking for whether the claim is valid. They are trying to determine if they should pay, and if yes, how much to pay. Essentially, they are looking for ways out of paying claims or looking for ways to pay as little as possible. Part of this investigation may be requesting that you, the insured, attend an Examination Under Oath.
Understanding an Examination Under Oath (EUO)
An Examination Under Oath (EUO) is a sworn verbal testimony given to the insurance company after an insurance claim has been filed. A EUO is not required in every case. However, you must attend a EUO if it is requested. Attendance at a requested EUO is usually stated as a requirement in your contract with your insurance carrier. If the EUO is scheduled at an inconvenient time, you may request that it be rescheduled. Also, if you intend to bring an attorney with you to the EUO, you should inform the insurer.
The insurance defense attorney will ask you a series of questions relating to your damaged property. While you may not know exactly what the attorney will ask you, being as prepared as possible for the EUO is essential. The insurance company will try to catch you off guard and look for statements that may work to invalidate or undermine your claim. Prepare yourself as best as possible for some of the questions they may ask you and have concise and honest answers prepared. Not telling the truth is a fast way to destroy your property claim.
Florida Property Damage Claim Attorney
It is always a good idea to bring your attorney with you to a EUO. The insurance company can use a EUO as a way to intimidate you and they will look to take advantage of this intimidation. Your attorney will be there to provide you with the comforting fact that someone is there to represent you and your best interests.
The property damage claims process can be overwhelming. While you are simply seeking compensation for damage sustained to your property, the insurance company is looking for ways to get out of paying you what you are owed. The Law Office of William J. Roe represents and fights for the best interests of our clients. Contact us today.
Here in Florida, we are in the middle of hurricane season. This is the time of year of heavy rains, flood risks, and high winds. Houses are flooded. Roofs are damaged by debris or high winds. If you have sustained damage to your property, you are probably wondering when your property damage claim will be resolved by the insurance company. It is difficult to sit and wait around without knowing if and when you will receive payment on your claim in order to make the necessary repairs to your damaged property. Know that insurance companies cannot make you wait forever. In fact, there are strict time limitations in which your claim must be addressed.
How Long Will It Take to Resolve My Property Damage Claim?
While there is variation in the number of days it will take for your insurance company to respond to your property damage claim, there are consumer protection laws in place that put mandatory time restraints on insurance companies for addressing claims. Every claim is different, and there are times of the year where insurance claims peak (such as during hurricane season) where the insurance company may take longer as they attempt to wade through the many claims being sent their way.
First and foremost, your insurance company must be in contact with you about your property damage claim within 14 days of you notifying them of the claim. Additionally, the insurance company has 14 days after any subsequent communications with them to respond to your inquiries and any updates you may provide. After notifying the insurance company of your claim, it is vital that you send the company your “proof of loss” form. It is one of the most important things you will send to your insurer. It will provide the insurance company with proof of your property damage and calculations showing the company how much damage has been sustained. This means the proof of loss form essentially lets the insurance company know how much your claim is worth. After receiving the proof of loss form, the insurance carrier has 10 days to begin an investigation in order to determine whether the form accurately reflects the amount of damage that was actually sustained.
The company has 90 days to notify you as to whether your claim has been accepted or denied. The size of your claim will be a big determining factor as to how long the insurance company takes to respond to your claim. Larger claims will often require the insurance company to use all 90 days. This is particularly true because larger claims involve higher monetary values. An insurance company will take all available time to try and find ways to dispute the validity of your claim or challenge the claim amount.
Florida Property Damage Claim Attorney
If you have sustained property damage and are looking to seek compensation from your insurance company to cover expenses, the Law Office of William J. Roe is here to not only consult with you about your property damage claim, but to take that claim to the insurer and help see to it that they pay you what you are owed. Contact us today.
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