Reevaluation of Louisiana "Slab" Claims Agreement
Bloomington, Illinois,-- State Farm Fire and Casualty Company is announcing an agreement with Commissioner James Donelon and the Louisiana Department of Insurance to reevaluate Louisiana foundation-only (“slab”) claims caused by storm surge to determine if there was also damage caused by wind. Details of the agreement have been finalized and eligible State Farm policyholders will soon receive information about participating in the process.
While State Farm has already paid more than $2.6 billion to help Louisiana policyholders rebuild from the devastation of Hurricanes Katrina and Rita, this agreement was reached in an effort to resolve any remaining questions or differences of opinion in a fair and efficient manner.
Approximately 350 eligible State Farm policyholders in Louisiana who had “slab” claims caused by storm surge will be mailed letters on May 17 from State Farm providing information about this process and how to participate.
Who is eligible?
Those with foundation-only (“slab”) claims caused by storm surge, including:
* Those with foundation-only (“slab”) claims who participated in Louisiana Department of Insurance Mediation—regardless of whether they reached a settlement.
* Those currently involved in litigation with State Farm.
The reevaluation process does not include policies with wind exclusion, property covered by a flood policy only or those who filed suit against State Farm and already reached a settlement.
How it works:
Those deciding to participate in the reevaluation process are required to mail back a written form to State Farm. We will conduct a review and consider all new claim related information.
After reevaluation, State Farm may make a settlement offer based upon the new information received and guidelines agreed upon by State Farm and the Louisiana Department of Insurance. Offers will be based on losses caused by wind or wind-driven rain, and will not include losses from flood or storm surge.
All claims will be reevaluated within 60-90 days after State Farm is notified by the policyholder that they wish to participate in the process.
Participation in this reevaluation process is completely voluntary. Until an offer is accepted, policyholders remain free to pursue all of their legal rights. Policyholders can also request participation in the Louisiana Department of Insurance Mediation process.
After policyholders receive their letters, those with questions about the reevaluation process may call 1-866-752-8746.
Media inquiries should go to Jeff McCollum at (309) 766-0307.
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