Prompt-pay laws to resolve Southwest Florida homeowner’s insurance claims faster

On Wednesday, new property insurance prompt-pay laws go into effect, getting you your money faster and more efficiently.

These laws, designed to make companies resolve and pay claims faster, came from the special session on homeowner’s insurance called by Gov. Ron DeSantis in December. Legislators held two sessions to try and fix the state’s homeowner’s insurance crisis, but they say it’ll take as long as 1 1/2 years to see things improve.

Even though these new prompt-pay laws are going into effect, most will not help you with your current Hurricane Ian claims.

Here are the highlights:

• Your insurer has to pay or deny your claim within two months instead of three.
• Insurance companies only have a week to review and acknowledge your claim.
• Insurance companies only have a week to begin an investigation.
• Insurance companies have a month to send someone out and look at your damage, and then they have a week to get you the report.
• Insurance companies must pay interest if they break these laws without a reasonable explanation.

There are some adjustments for you, too: You only have a year to file an insurance claim or reopen the claim instead of two years. If you need to file a supplemental claim, you must do it in 1 1/2 years.