Virginia insurance companies have at least 30 days to recognize a claim and decide whether or not to pay it. Virginia does not have a specific time frame in which the final payment must be made. Within 15 calendar days after the insurer receives any required and duly executed proof of loss, the first complaining party will be informed of the insurance company's acceptance or denial of the claim. If the insurer needs more time to determine if a claim should be accepted or rejected, it will notify the first complaining party within 15 calendar days of receiving proof of loss, indicating the reasons why it needs more time.
As a starting point, the statute of limitations for personal injury claims in Virginia is two years. That means that a person who is injured in Virginia has two years from the date of their injury to file a lawsuit against the person or entity responsible for causing the harm. If a lawsuit isn't filed within two years, the right to file an injury claim is lost forever. Once a lawsuit is filed and the litigation process begins, the availability of the court determines when the trial can be scheduled, the evidence can be presented and the judgment handed down.
Our goal for completing supplementary claims is 125 days. This is a breakdown of the time your insurance company has to make a payment under your state's insurance regulations. If your state doesn't require insurance companies to pay claims within a certain period of time, they will likely continue to require insurers to investigate the claim within a specified number of days after receiving them, often 15 to 30 days. Communicating often with the insurance company could also keep you informed and hold the insurer accountable during your claim.
Follow these steps to report your insurance company to your state's insurance commissioner for the delay in paying online. Stephanie Nieves was an editor and insurance expert at Policygenius, where she covered home and auto insurance. However, if the insurance company doesn't have a valid reason for the delay or if you still don't receive a check, you could be the victim of insurance bad faith. The final insurance policy premium for any policy is determined by the insurance company upon application.
If the insurance company misses the deadline, a judge can order the insurer to pay the original settlement plus the additional costs in interest for each day that has passed since the deadline. In these “policy limits” cases, it is imperative that an experienced lawyer who is familiar with insurance law conduct a full investigation, as many times the injured person can use multiple sources of insurance coverage. Each state has its own rules for when insurance companies must make a payment for a home insurance claim, even if there is a set time limit. Staying on top of your claim, your schedule, and all applicable time frames could show the insurance company that you are not an easy target for insurance bad faith.
Your lawyer can help you file a complaint with the Virginia Department of Insurance and file a bad faith lawsuit against the insurer. If you suspect bad faith insurance, contact a bad faith insurance lawyer in Fairfax to help you fight the negligent insurance company.