In a press release Monday, Oklahoma Attorney General Mike Hunter and Insurance Commissioner Glen Mulready announced Farmers Insurance agreed to pay Oklahoma policyholders $25 Million they denied or improperly failed to pay policyholders out of coverage for earthquake damage.1
This earth-shaking agreement followed an investigation revealing Farmers denied or improperly indemnified more than 1,000 earthquake damage claims.
Accordingly, Farmers plans to re-open and revaluate every eligible earthquake submitted by Sooner State policyholders using an independent, third-party administrator. If a policyholder has more than one eligible earthquake damage claim, all of their claims will be re-examined.
Pursuant to the agreement, Farmers is expected to make additional payments as necessary if property damage exceed the $25 Million agreed upon. “This is a great win for Oklahomans who paid premiums for a Farmers earthquake insurance policy,” Attorney General Mike Hunter stated.