How Long Does It Take To Receive Renters Insurance Claim?

  1. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    That can vary depending on the extent and severity of the loss.  If you have suffered a somewhat minor loss, say, for example, the theft of your bicycle, once the claim has been opened and the necessary documentation given to the claims professional, they may in many cases be able to issue a check to you on the spot.  If you have suffered a more complicated and extensive loss, for example a fire, then the process would take a bit longer.  If you have a "replacement guarantee" option on your policy, the initial checks would be issued based upon the depreciated value of your lost items, but as they are replaced, supplemental checks would be issued until the claim is fully settled.  All property losses are, of course, subject to your deductible.
    Answered on April 29, 2014
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  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    A loss is settled when you and the insurance company agree on the amount to be paid.  The company wants the claim settled as quickly as possible, and so do you.  When there is cooperation the process can be rather smooth.  There are facts that need to be settled and that process can take time.
    Answered on April 29, 2014
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