How Long Do Property Damage Claims Related to Hurricane Ida Take?
Hurricane Ida tops 2021's most expensive natural disasters. According to the most recent Hurricane Ida update, this powerful storm's cost estimate is expected to surpass $95 billion, rivaling Hurricane Katrina's damage costs. Where did Hurricane Ida do the most damage?
Southeast Louisiana and South Mississippi.
However, if you are a Louisiana property owner, you are likely more concerned with your property damage and insurance claims than what Ida's total damage amounts to. You might wonder how long an insurance company has to settle Hurricane Ida claims.
It's essential to understand that insurance claims can take time to resolve, especially after a natural disaster that impacts many people at once. However, insurance companies are still beholden to Louisiana homeowners' insurance laws and can be held accountable for delaying claims should a homeowner decide to work with a hurricane property damage attorney.
How Does Insurance Work After a Hurricane?
Report Your Property Damage and Losses
You should call your insurance company to initiate a claim immediately after seeing your property has sustained damage. You are required to report all the damage at this time. Under normal circumstances, the insurance company must initiate a loss adjustment within 14 days of the claim. However, a notable exception is made if there is a catastrophic loss, which includes Hurricane Ida. In this case, the insurance company has 60 days to initiate a loss adjustment after you file the initial claim.
Response from Insurance Company
Unfortunately for claimants, this doesn't mean that your claim will be settled within 60 days or even that the claims adjuster will be out to inspect your property in that timeframe. Instead, it simply means that the insurer needs to take some action to deal with your claim—for example, asking you to send pictures of the damage, providing you with a claim number, or informing you that you will hear from the claims adjustor assigned to your claim.
Written Settlement Offer
Once a claims adjuster comes to your property to inspect the damage and collect any receipts from the covered expenses you may have paid, they have 30 days to provide you with a written settlement offer. The offer isn't the final amount you deserve; instead, an estimate of your property's actual cash value (ACV). Remember that your homeowner's settlement check will reflect your insurance deductible.
Deductibles can be a pre-set amount or typically vary from one percent to five percent of the insured property value. However, watch out for special hurricane deductibles in home insurance. Many insurance companies charge higher out-of-pocket costs for you. Some deductibles may reach as high as ten percent in states with higher wind risk, such as Louisiana.
Insurance Claim Delays
Hurricane Ida insurance claimants report that delays have been their biggest problem. While insurance companies and their adjusters should be given some leeway during this hectic time, some will use Ida as an excuse to delay your claim. By delaying your claim, insurance companies can avoid some costly payouts. Some hope their claimants grow frustrated or impatient enough to move on and handle their property damage on their own. In these situations, it’s a good idea to contact a Hurricane Ida attorney.
If you feel like your insurance company is taking an unusually long time to process and complete your claim or you are being asked for the same information repeatedly, it's in your best interest to speak to a hurricane property damage attorney as soon as possible.
Call Montiel Hodge Today
At Montiel Hodge, we know that hurricane insurance claims can be confusing and often frustrating. As such, our hurricane damage lawyers aim to make this process as simple and easy for you as possible. Call our office today to learn more about how we can help you if you suffered property damage in Hurricane Ida
