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What Happens with an Insurance Settlement?

What happens if you run into a scenario where your insurance company is taking longer than it should issue your payment after a settlement? In one example, a case involving last resort insurer Citizens Property Insurance Company shed some light on this.

In the case, a homeowner filed suit against Citizens after the insurer allegedly failed to remedy a claim involving water damage. The insurer and the homeowner agreed to have the case amicably resolved with a monetary amount for purposes of resolving the dispute and avoiding going to trial. However, the situation escalated when the homeowner/Plaintiff argued that Citizens allegedly did not make a payment within twenty days of having reached the settlement.

According to Florida Statutes, “any case in which a person and an insurer have agreed in writing to the settlement of a claim, the insurer shall tender payment according to the terms of the agreement no later than 20 days after such settlement is reached.”

Are you dealing with an insurance company failing to recognize your claim or giving you the money you need for important repairs? Give us a call to discuss your options.

This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys or a Miami insurance settlement lawyer and receive a free consultation We look forward to working with you.

This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.