How Long Do You Keep Home Insurance Records

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How Long Do You Keep Home Insurance Records

Posted by Brais Adeline on Sunday, 29 March, 2020 11:24:01

The regulation requires records to be kept for at least six years after their filing date. While the wording of the regulation does not specifically target the policies themselves, for safety's sake, it is. advised that insurance policy records for employees be kept at least six years to ensure federal compliance.

Keep Your EOBs If…. When you or someone you are caring for is seriously ill, it is recommend that you keep EOBs for five years after the illness or condition is alleviated. If you or the patient is claiming or has claimed a medical deduction, keep the explanation of benefits for seven years.

You have to know what you have and how long to keep it—legally and for your own business purposes—before you can establish an efficient records management system. That's why it's important to inventory your records and draw up a company retention schedule.

You may be wondering, why keep records? Does our HOA have to? And the answer is yes. Why Keep Records? There are legal requirements for keeping certain records such as board minutes and tax returns. Board minutes are permanent records and need to be retained indefinitely. Tax returns can be audited up to three years from when they are filed.

Your agent will keep electronic copies for years and so will your insurance companies. Once your policy period has ended and your current declaration has been replaced, shred the expired one.

According to MSN, the information in the database is removed after five years. This means that if you file a homeowner's insurance claim, other insurance companies will potentially know about it for the next five years.