State Farm Insurance Settlement: Scam Or Legit? Find Out
Did you receive State Farm Insurance Settlement email? It is not a scam. You received the mail because you filed a claim.
State Farm Fire and Casualty Co. found themselves in a bit of a jam. There was a class action lawsuit in Illinois accusing them of making improper deductions, specifically nonmaterial depreciation, when dealing with certain structural loss insurance claims. But it seems they’ve decided to settle it now.
Who Is Eligible For The State Farm Insurance Settlement
it’s anyone who had a property with a structural loss claim in Illinois and was by a State Farm policy between May 21, 2013, and April 2017. If your claim included them taking away non-material depreciation or general contractor overhead and profit depreciation from your actual cash value (ACV) payment, you’re part of the gang.
How Much Is The Settlement
If they had depreciation snipped off and didn’t get that amount back through replacement cost benefits, they’re in for a good one. They’ll receive 100% of the non-material depreciation that was initially deducted from the ACV payment. Plus, they’ll get 50% of the estimated general contractor overhead.
It’s set at 4.4% per year from the date of the initial ACV payment to the final replacement cost payment. So, it’s kind of a win-win for folks, depending on how things went down.
How To File A Claim
If you are eligible, fill out a valid claim form before the deadline on Oct. 28, 2023.
Click here to fill out a valid claim form
Conclusion
Sproull, et al. v. State Farm Fire & Casualty Co., Case No. 16-L-1341 Is not a scam. Just like Spartan mosquito false advertising settlement, If they had depreciation snipped off and didn’t get that amount back through replacement cost benefits, they’re in for a good one.
