Property owners in Connecticut who still have not settled their Superstorm Sandy insurance claims may need to act fast if they wish to get money for their damaged homes. Many homeowners insurance policies across the state only give policyholders 18 months from the day of the loss event to file a lawsuit regarding a denied or underpaid claim.
Statute of Limitations for Superstorm Sandy Insurance Claims
According to the Stamford Advocate, although the statute of limitations for filing a lawsuit over a broken contract is six years, many homeowners have insurance policies with 18-month limits for filing lawsuits. The law, which was changed in 2009, used to allow insurance companies to limit lawsuits to just one year.
Superstorm Sandy struck the state in late October of 2012. The 18-month limit will arrive at the end of April. Experts warn homeowners who may wish to sue their insurance company that it may take several weeks and the help of an attorney to file a lawsuit—waiting until the last minute could be detrimental.
While some policyholders may have only 18 months to file, others may have much longer. Some may not even have a statute of limitations outlined in their homeowners' policy at all.
Most homeowners insurance claims from Hurricane Sandy have been settled, a significant number are still being disputed. In some cases, the insurance company may be acting in bad faith. In others, the property owner and the insurance company may simply disagree on how the damage was caused or how much the repairs should cost.
One expert stated that although policyholders may be feeling fatigue from fighting their insurance companies, a lawsuit may be the only way to recover the funds they deserve – and that the "the only person who is going to look out for the policyholder is the policyholder.”
To read more current events regarding Hurricane Sandy, visit our news center.