What is the statute of limitations for filing a claim under an insurance policy in Indiana?

The statute of limitations for filing a claim under an insurance policy in Indiana is indeed 2 years from the date of loss. This time frame is established to provide a clear and reasonable period within which claimants should act to preserve their rights under an insurance policy. This period allows both insured individuals and insurance companies to ensure timely handling of claims, which is essential for effective claims management and to prevent the indefinite hanging of unresolved claims.

In general, after the expiration of the 2-year period, policyholders may no longer be able to pursue legal action to recover benefits or enforce policy terms, as their claims would be barred by the statute of limitations. Understanding the specific timeline is crucial for anyone engaged in the insurance business, as it affects not only the policyholders' rights but also the obligations of the insurers to respond to and manage claims effectively.