After receiving proof of loss, how long does the insurer have to make payment under a dwelling policy?

When an insurer receives proof of loss under a dwelling policy, they are required to take action within a specific timeframe. The correct response indicates that the insurer has 60 days to make the payment. This timeframe is established to ensure that claims are processed in a timely manner, allowing policyholders to receive the financial support they need without undue delay. Timeliness in handling claims is crucial for maintaining trust and satisfaction among policyholders, as well as for fulfilling the contractual obligations of the insurance policy.

Other potential timeframes, such as 30, 45, or 90 days, may not align with the standards set by the regulation that governs how quickly insurers must respond to verified claims, which reinforces the importance of understanding these specific timelines in property insurance.