Statute of Limitations (for claims)
Definition:
The legal deadline for filing an insurance claim or lawsuit.
Explanation:
Time limits vary by state and type of claim. Missing the deadline can result in forfeiting your right to recovery.
Example:
If New Jersey law allows one year to file suit for a denied claim, missing that deadline could prevent you from collecting.
Why it matters:
This term affects how claims are handled and what payout a homeowner may receive.