Claims News Service, April 20, 11:23 a.m. EST- The Mississippi Commissioner of Insurance George Dale recently announced that Nationwide Insurance has voluntarily agreed to reevaluate Hurricane Katrina slab claim cases.
A slab claim results when nothing is left of an insured’s residence except the foundation upon which it was built. The review is expected to bring more wind-related payments to policyholders along Mississippi’s Gulf Coast in Harrison, Hancock, and Jackson counties in addition to the $270 million Nationwide has already paid out in Hurricane Katrina damages.
The Mississippi Insurance Department has been working with Nationwide for several months to make sure that the appropriate funds get to Hurricane Katrina victims, according to the release. The company’s homeowners’ and commercial policies do not cover flooding, but significant damages could not be distinguished as wind or water related. As a result, Nationwide began a second review of claims months ago to ensure that all potential wind claims would be paid.
Nationwide will be sending letters to hundreds of Mississippi policyholders, informing them that they may be entitled to additional funds. This development is in line with the agreement Mississippi already has with State Farm, and is designed to help resolve any remaining insurance disputes caused by Hurricane Katrina.
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