State Farm, the nation’s largest home insurer, reached an agreement today with Mississippi officials to pay hundreds of millions dollars to thousands of homeowners in the state who have been unable to rebuild in the nearly 17 months since Hurricane Katrina swept across the Gulf Coast….
Under the agreement, State Farm would pay an initial $130 million and perhaps several hundred million more by the end of the year, depending upon how many policyholders request that their claims be reopened. About 35,000 homeowners along the Mississippi coast are eligible.
Today’s agreement does not apply to Louisiana, where the destruction was even greater, and where lawyers and insurers say no settlement talks have taken place.
Perhaps someone should call Louisiana’s Insurance Commissioner, James Donelon, and do some yelling.
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