Insurance Crisis Creeps North
By
Associated Press
Published: Tue, September 18, 2007 - 5:07 am
Last Updated: Tue, September 18, 2007 - 8:19 am
Last Updated: Tue, September 18, 2007 - 8:19 am
refusal to cover damage to homes from Hurricane Katrina was challenged in court.
A lawyer for the homeowners says terms of the settlement are confidential, but says the settlement with the 103 policyholders shows that "individuals can stand up to large insurance companies."
Almost 50 of the policyholders involved in the pact had filed lawsuits against the insurer. The rest had hired representation, but hadn't filed suit yet.
Thousands of property owners in Mississippi and Louisiana have sued State Farm and other insurers for refusing to cover storm damage. A spokesman says State Farm still faces nearly 2,000 lawsuits over Katrina damage in Louisiana, Mississippi and Alabama.
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If you didn’t have flood insurance rider on your policy, you shouldn’t get a dime from the insurance company. It’s your choice, pay or risk losing your home.