Second Attempt at Settling Farmers Insurance Overcharging Texas CustomersNews Saturday, November 2nd, 2013
AUSTIN, Texas (AP) _ A tentative agreement between the state of Texas and Farmers Insurance would pay out $117.5 million after a fight over whether
Farmers overcharged hundreds of thousands of homeowners.
The Dallas Morning News reports (http://dallasne.ws/1cyp1XW ) that the proposed settlement was filed in Travis County district court and is set for a judge’s review in January.
It would cover Texas customers of Farmers from 2000 to 2003.
The Texas Department of Insurance has accused Farmers of overcharging customers and cutting coverage in the wake of spiraling claims of mold in homes.
The deal is almost identical to an agreement reached in 2003 that was seen by many as too favorable to Farmers.
It won’t include interest for the 10 years since.
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