According to the Dallas Morning News and the Insurance Journal, the state of Texas and Farmers Insurance are taking steps toward settling an insurance claim lawsuit involving residential mold claims. The settlement, which has been delayed since 2003, has Farmers paying $117.5 million in refunds to thousands of policyholders across the state.
Reports say that between 2000 and 2003, Farmers Insurance incorrectly charged some customers and cut the coverage of other customers when it came to mold damage. Some customers never received promised discounts, while others were asked to pay an unfair amount for their policies.
In 2003, the lawsuit went to court and Farmers Insurance countersued. When a deal was struck for $117.5 million, some policyholders delayed the case with appeals by arguing that the settlement was not enough. Now, the same deal stands, though Farmers will not be paying ten years of interest on the money and Farmers does not need to admit to any wrongdoing.
The proposal will be heard in Travis County court in January, and if all goes well, it will be one of the largest insurance settlements in Texas history. However, some policyholders are still not happy with the deal, which experts say favors the insurance company.
Has an insurance company denied, delayed, or underpaid your home mold damage claim? You may wish to speak with an experienced and knowledgeable residential mold claim attorney about your case. Call The Voss Law Firm today to schedule a free, private consultation with our legal team: 888-614-7730.