Mississippi settles with State Farm
Mississippi Atty. Gen. Jim Hood said that his office had settled its dispute with State Farm Insurance Cos. over how the insurer handled Hurricane Katrina damage claims in Mississippi.
State Farm has complied with a January 2007 agreement with the state by reopening some claims and agreeing to pay an additional $74 million to Gulf Coast policyholders whose homes were damaged or destroyed by Katrina’s storm surge, Hood said.
Hood said the insurer also agreed to notify nearly 150 State Farm policyholders who haven’t sued or settled their claims that they could still have their cases reevaluated.
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