$40M settlement approved for Florida homeowners insurance claims
A recent ruling by a U.S. District Court judge in Florida approved a $40 million settlement between Liberty American Insurance Group and nearly 8,000 mobile home owners whose property was damaged in hurricanes from 2003 to 2006.
According to the residents' law firm of Farmer, Jaffe, Weissing, Edwards, Fistos & Lehrman, the residents purchased homeowners insurance policies which entitled them to the full replacement cost of their mobile homes in the event of hurricane or wind damage.
While each of the residents did receive money from their insurance claims, they said that the calculations didn't fulfill the full replacement portions of the policy.
"We are very pleased with the judge's decision to finally approve the parties' settlement," said co-lead counsel Steven R. Jaffe.
The firms says each of the mobile home owners involved in the suit will likely receive payments of between $2,000 and $8,000 for the shortfalls.
Hurricanes result in many homeowners insurance claims each year. The Insurance Information Institute says that in Florida alone, the potential value of damages from hurricanes is more than $3.1 trillion.
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- Total costs from Minneapolis tornado reach $80 million May 21, 2012
- Analysis shows more than $2B of insurance claims from Joplin tornado May 18, 2012
- Recovery continues for Michigan tornado victims May 17, 2012
