Legal Question in Real Estate Law in California
Time frame for case settlement
The space I lease for my video store was severely damaged last year in the winter storms. I lost much of my inventory due to water damage. The insurance company was only offering to cover half of the costs. I appealed it and am still waiting for the case to settle. It has been about 9 months now. Is there a time frame on how long they have to settle?
3 Answers from Attorneys
Re: Time frame for case settlement
The answer depends upon the terms of your insurance
policy. What I can't determine from your question
is what is meant by your appeal of the insurance
company's decision on reimbursement. Are you following
some process outlined in your insurance policy? If so, then the time
periods are probably set forth in the policy, too.
However, you should read your policy carefully or consult with an attorney,
because you may run out of time to file a lawsuit
against the insurance company. The policy might say
that you have only a certain amount of time to sue
after a decision is made. Even if the policy doesn't
say so, there are laws called statutes of limitations
that limit the amount of time you have after something happens to sue.
You should consult with an attorney immediately.
Re: Time frame for case settlement
Most property policies have a one year time period for filing suit. You should consult an attorney immediately. Assuming you are in California, I would be very happy to talk to you. Your case is right up my alley. Please check out www.sfolaw.com for my background and qualifications, as well as a good article on insurance coverage cases like yours.
Re: Time frame for case settlement
Your question is a bit vague as to what you have done to "appeal" your case with the insurance company. Your policy most likely requires a formal appraisal process to be conducted before you may file suit, and likely contains a one year time limit for filing the suit, beginning on the date of loss. You should definitely request that the insurance company extend this one year limitation while they consider your "appeal" and/or appraisal.
It is important that you carefully document all communications with your insurance company and its representatives. If the company acts unfairly, you may pursue an action against it for "bad faith" even after your claim is settled. We would be happy to consult with you further regarding this matter. Please visit our website @ www.labusinesslawyer.com
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