How Long Does an Insurance Company Have to Settle a Claim in MN?
Understanding Minnesota's Insurance Claim Settlement Timeline
When you file an insurance claim in Minnesota, you expect a timely response. But how long does an insurance company have to settle a claim in MN? The answer depends on various factors, including state regulations, the complexity of the claim, and the insurance company's internal processes.
Minnesota's Legal Requirements for Claim Settlement
State-Mandated Deadlines
Minnesota law requires insurance companies to handle claims in good faith and in a timely manner. According to Minnesota Statute §72A.201, insurance companies must:
Acknowledge receipt of a claim within 10 business days.
Complete their claim investigation within 30 days, unless more time is needed, in which case they must notify the policyholder.
Settle and pay valid claims promptly, typically within five business days after agreeing to a settlement.
Exceptions and Delays
While Minnesota law establishes deadlines, delays can occur due to:
Incomplete documentation – Missing or unclear details can slow the process.
Disputes over coverage – If the insurer questions whether the claim is covered, additional review may be needed.
High claim volume – During natural disasters or severe weather events, insurers may take longer to process claims.
What to Do If Your Claim Is Delayed
Contact Your Insurance Adjuster
If your claim is taking longer than expected, reach out to your assigned adjuster for an update. Ensure you document all communications for reference.
File a Complaint with the Minnesota Department of Commerce
If you believe your insurer is unreasonably delaying your claim, you can file a complaint with the Minnesota Department of Commerce, which oversees insurance regulations.
Work with a Public Adjuster
A licensed public adjuster can advocate for you, ensuring your claim is processed fairly and efficiently. Public adjusters help policyholders navigate complex claims and negotiate with insurers to secure a fair settlement.
Conclusion
Under Minnesota law, insurance companies must settle claims within a reasonable timeframe, typically within 30-45 days from the initial filing. However, delays can happen. If your claim is taking too long, consider seeking assistance from a public adjuster to ensure you receive the settlement you deserve.
Need help with a delayed insurance claim in Minnesota? Contact Shoreline Public Adjusters today for a free consultation!
Shoreline Public Adjusters, LLC
780 Fifth Avenue South
Suite #200
Naples, FL 34102Email: hello@teamshoreline.com
Phone: 954-546-1899
Fax: 239-778-9889
