Posts Tagged ‘regulations’
When facing an insurance case, people often find it frustrating to wait for the insurance company to settle their case and ask how long it takes to process a claim. Many customers look for legal support of their anticipation, asking if there are any laws regulating the duration of insurance procedures.
Every state has its own regulations and legislation concerning insurance activities to which the insurance companies have to abide. In some states you may also find things like “Unfair Insurance Practices Act” or “Unfair Claims Settlement Practices Act”, which are more specific and targeted at insurance activities in contrast with broader laws and regulations presented in other states. The nuances and specifics of such regulations have their own peculiarities across different states, however there are certain common points that they all share in regard to insurance companies, imposing them to: a) accept your insurance claim within a specific period of time (usually 15 days);
b) conduct a prompt investigation on your claim. Make everything possible to process and settle the claim with a clear liability. Besides, the insurance company has no right to refuse your claim a payment without delivering a valid and clear reason.
In case you feel that your insurance agent or company representative did something without correspondence to state legislation, you might want to speak to the person’s supervisor first. In case the attempt wasn’t satisfactory, it’s time for you to file a report in your state’s insurance regulation department. If the department has other similar claims concerning the same company it will conduct an investigation and is likely to impose a fine or even revoke the company’s license if the case is quite severe.
In some states you are even allowed to take legal actions against an insurance company individually, if you feel to do so. In case you choose to pursue in a lawsuit against your insurer, there are certain regulations that might help you: a) broader interpretation of coverage provisions, b) limited interpretation of exclusion provisions c) favorable interpretation of any ambiguities contained in the policy. However, take into account that in certain states, in case you’re successful with your legal action you will only get the claim amount, while in other states you may also be reimbursed with court fees and punitive damages.
Here are some helpful tips you may use in order to be prepared in case of filing a home insurance claim.
Prior getting the policy:
* Write down the coverage proposals told by the agent, you may need them for reference in the future
* Road through the policy before signing it, making sure that you understand its contents
* Don’t misinterpret or change the information provided to the application
Prior to filing a claim:
* Read your current policy thoroughly
When the claim is filed:
* Review your actual home insurance policy and the notes you’ve taken when signing the policy
* Inform the insurer about your loss in a prompt manner
* Keep the claim as objective as possible
* Log your communication with the insurer (especially when speaking by phone)
* Get all the materials proving your claim (such as receipts)
* Have copies of any documents you give to the insurer no matter what
* Estimate the loss on your own
* Sign releases or checks only if you think they’re fair
You went out apartment hunting and found the perfect place! Its close to your job, nightlife, restaurants and everything you wanted. Now that you have found the perfect place you need to sign a lease.
A lot of people will tense up when looking over a lease for the first time, you don’t want to miss any of the fine print. A lot of leases are the same, but a lot of leases can be very different.
Your new apartment lease has to follow the local and state laws that govern both the tenant’s and landlord/management companies rights. The local and state laws include regulations on security deposits, the eviction process and what happens if the lease is broken,
With a lot of leases varying as far as state and local laws there are a lot of things that should be included on every lease signed. You will want to keep the following things in mind and make sure you look at them before signing.
1.Make sure everyone’s name is on the lease! This is a MUST! If they are over 18 years old they need to sign the lease also. If you move someone into your apartment and they damage it, but the lease is only in your name then you will be the only one help responsible. Just because you like someone and think they will make a good room mate that doesn’t mean they will take care of the apartment the way you would.
2.The exact name and unit number should be listed on the lease. You really don’t want to sign a lease thinking you are getting one apartment and it turn out you get another one.
3.What is your rental rate? This should be somewhere on the lease. If it is not indicated somewhere on the lease you need to make sure it is before you sign it. There should never be any discrepancies as to what your rental rate is and what you are going to be paying each month. Again if the rental rate is not on the lease then don’t sign it.
4.Make sure the start and end dates are on your lease. This way you know with out a doubt when your lease starts and when it ends. Breaking a lease early could carry some heavy penalties and could cost you a lot of money. The most important date you should have on your lease is when your rent is due. If you don’t know when your rent is due you could end up paying a lot of late fees and penalties or even be evicted.
5.Make sure you security deposit amount is noted in the lease. Some apartment complexes don’t charge security deposits, they charge a move in fee. Make sure this is noted and you understand what is going to happen when you move out.
When signing the lease make sure you look over the rules and regulations also. You do not want to move in and find out that your apartment complex has rules you can’t live with. Take note of the policies on visitors, parking, subletting, repairs, renters insurance and on pets and types of pets that are allowed.
Try not to rush or let someone else rush you when signing a lease. The lease can be long and complex but its better to read over it now than make a costly mistake later on.