Louisiana's insurance regulator said the department has reached an agreement with State Farm over procedures to reevaluate hurricane damage claims from business owners and homeowners left with only a foundation slab.
Louisiana Commissioner of Insurance Jim Donelon said yesterday that the Bloomington, Ill.-based insurer has agreed to reevaluate denied claims by both home and business policyholders whose claims were denied by company from Hurricanes Katrina and Rita.
The settlements calls for the company to pay approximately 350 affected policyholders the equivalent of 50 percent of their coverage "A" limits, which covers the structure, minus any prior payments including flood payments.
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