State Farm Busted: It Settles with The Texas Department of Insurance, and Must Refund $352 Million in Excessive Premiums
A couple of days ago, we told you that Texas’s biggest insurance companies celebrated their record profitability in 2013 by imposing significant rate hikes on their policyholders. While the Texas Department of Insurance has refused to step in thus far despite complaints from consumer advocates, a settlement between the TDI and State Farm was announced last week whereunder State Farm must return over $352 million in homeowner’s premiums collected between 2003 and 2008 that the Department deemed excessive. If you were one of State Farm’s more than one million Texas policyholders between September 2003 and July 2008, you will probably be eligible for a refund.
State Farm has been fighting TDI on this issue for 12 years. It is against this backdrop that the insurance industry is currently asking Texas lawmakers to prevent YOU from enforcing your rights against them.
In our practice, we find that many insurance companies, especially State Farm, would rather fight than pay meritorious claims. If your insurance company is denying or underpaying your storm damage claim, call us. It does not cost you a thing, and because we do not recover unless you do, we will be as motivated as you are to pursue your case to successful completion.