The statute of limitations is the maximum amount of time that you have to file a formal claim, either with your insurance company or, if the claim has been denied, with the court.
The statute of limitation depends on the theory of your case. For example, you may claim that the insurance company broke the contract (a contract claim) and/or that the insurance company’s conduct was unfair or unreasonable (tort claim). Under state law, contract claims and tort claims may have different statute of limitations.
In addition to statute of limitations imposed by state law, many insurance policies may contain contractual limitations provisions, these provisions can impose limitation periods separate and apart from the rights contained under state law.
It is very important for you to find out whether or not there is a contractual limitations period set forth in your given policy.