According to the loss payment condition in HO policies, losses must be paid within how many days of the insurer receiving proof of loss?

In homeowners (HO) insurance policies, the loss payment condition stipulates that once the insurer receives proof of loss, they are required to pay for covered losses within 60 days. This timeframe is set to ensure that insured parties receive timely compensation for their losses, allowing them to recover more efficiently after a damaging event.

The requirement for payment within 60 days serves not only as a contractual obligation for the insurer but also as a protection for the policyholder. Timely payments can alleviate financial burdens following a loss, enabling quicker repair or replacement of damaged property. Understanding this timeframe is crucial for policyholders to know their rights and the obligations of their insurance providers.