That sigh of relief you heard Tuesday came from State Farm customers. They heard their insurance company would reimburse them for their hurricane damage.
While the settlement between State Farm and thousands of policy holders may not make everyone whole, it does provide money for homeowners to rebuild their homes and lives.
As part of the settlement, State Farm has agreed to review 35,000 cases, to make sure hurricane victims are justly compensated for their Katrina damages. Now instead of taking years for cases to be heard in the court system, home owners will receive payment offers and any dispute can be resolved by arbitration.
We urge other insurance companies to follow State Farm's lead and reopen cases to make sure their policy holders are fairly compensated.
By removing this dark cloud over the heads of thousands of our neighbors, the coast will be able to rebuild faster. And if we're lucky, we'll see stability in the insurance market.
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