Let’s take a look at a couple of examples:
Let’s say you suffer damage to your home and you wait a long time to file a claim. If you do wait, understand that you need to take precautions to mitigate more damage to you home (for example, if you had a window blown out in a storm, you would need to cover up the area with plastic or plywood to protect the inside of your home) – because your home insurance won’t cover subsequent damage if you don’t take those precautionary steps.
Another negative example might be if you get into a car accident and you don’t have a police report on file. If there is no police report and you wait awhile before filing a claim, then your insurance company may have a harder time tracking down other people involved in the accident for interviews or for other research related to your claim.
So, while it is usually within your rights to procrastinate, we don’t recommend that you do when it comes to filing your insurance claims.