Oklahoma City (KFOR) – In the wake of the devastating earthquakes in Oklahoma, state leaders say they have finally reached a settlement agreement with Farmers Insurance.
From 2010 through May 206, officials say only 19 percent of Oklahoma’s earthquake insurance claims were paid.
In fact, the claims of many homeowners who suffered significant seismic damage were rejected because insurance companies viewed the damage as a mere settlement.
A local attorney raises earthquake insurance concerns
Now, Oklahoma Attorney General Mike Hunter and Insurance Commissioner Glenn Mullreddy say they reached a $ 25 million settlement with Farmers Insurance for the company to handle its earthquake claims.
An investigation revealed that farmers denied or failed to pay about 1,000 earthquake claims filed by Oklahomans who bought coverage.
As a result, the company will reopen the claims process and reassess claims using an independent administrator. The claims approved by the official will then be paid in relation to the individual’s policy.
Verdict: Farmers’ insurance pays millions to Oklahoma hurricane victims
“This is a great victory for Oklahomans who paid farmers earthquake insurance premiums,” said Attorney General Mike Hunter. I am happy to announce that after the negotiations the farmers have agreed to this settlement. Through a comprehensive process, we will ensure that every Oklahoman who suffered legitimate damage from the earthquake and submitted a claim to farmers has the opportunity to independently review their claim and repair damage to their property. ”
According to the agreement, farmers will make additional payments as needed if property damage exceeds the agreed amount to pay eligible earthquake claims.
Update: The jury decides in favor of the insurance company in the case for the More Tornado
“This latest settlement is another example that the Attorney General and I are committed to protecting all consumers in Oklahoma,” said Oklahoma Insurance Commissioner, Glenn Mulredy. “We appreciate the Attorney General’s partnership in resolving this issue.”
Officials say farmers will send all eligible Oklahomans a written notice to reopen their claim for review.
If an eligible individual has more than one eligible earthquake claim, all eligible earthquake claims will be re-examined.
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