On the heels of a $325.5 million dollar refund agreement with the state’s largest homeowners insurer, State Farm Lloyds, Texas Department of Insurance Commissioner David Mattax filed a revised settlement with the second largest homeowners carrier, Farmers Insurance.
The Farmers settlement stems from a 2002 overcharges lawsuit by the state against the company and must be approved by a Travis County District Court.
The settlement, which amends a prior agreement, will enhance benefits to Farmers policyholders who fall within the settlement class.
As part of the settlement in 2002, Farmers provided a 6.8 percent homeowners rate reduction, which has already been paid to its policyholders. An additional $74.38 million in refunds has been increased by $10 million to account for the passage of time.
Topics Texas Agribusiness
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