OKLAHOMA CITY (KFOR) – Following devastating earthquakes in Oklahoma, state leaders say they have finally reached a settlement agreement with Farmers Insurance.
From 2010 through May of 2016, officials say only 19 percent of earthquake insurance claims in Oklahoma were paid.
In fact, many homeowners who suffered significant earthquake damage had their claims denied because the insurance companies deemed the damage as just settling.
Now, Oklahoma Attorney General Mike Hunter and Insurance Commissioner Glen Mulready say they have reached a $25 million settlement with Farmers Insurance for the company’s handling of earthquake claims.
An investigation revealed that Farmers denied or failed to properly pay around 1,000 earthquake claims submitted by Oklahomans who purchased coverage.