Timing is everything when it comes to satisfactorily resolving a claim.
At least that's what 11,000 recent auto and homeowners' claimants told J.D. Power and Associates when the company conducted its 2007 Insurance Claims Study, which measured auto and homeowner insurance customer satisfaction with the claim process.
The key factors addressed in the study included claim settlement, claim servicing, first notice of loss, estimation process, repair process, and rental experience. According to J.D. Power, repair shops and insurers have a time period of 14 days to get a claim settled and the property repaired — regardless of whether it is an auto or homeowner claim. If that deadline is reached, a majority of claimants will be satisfied. Extend repairs beyond that two-week window, though, and satisfaction begins to plummet.
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