Class Action v. State Farm and Verisk
Assisting policyholders to pursue a class action against State Farm General Insurance Comapny, Inc. and Verisk Analytics, Inc. for their conspiracy and monopoly over the insurance industry, to become the largest insurer and data analytics providers, which has resulted in severe underinsurance f policyholders and inability to fully recover property after major disasters.
UNDERINSURANCE DUE TO MONOPOLY AND CONSPIRACY
Underinsurance, bad faith, unfair business practices . . . there are many reasons to pursue your insurance company when they are intractable in their insistence that they have properly insured you and have no responsibility to replace your home. You asked for full coverage and they provided something far less without ever explaining it to you. Then you lost your house, through no fault of your own . . .
The current suit against State Farm and Verisk claims that they used software tools to knowingly underinsure policyholders at the moment of policy issuance, sometimes at 30-40% of replacement cost; that property was further devalued at 60-70% of replacement cost with the Xactimate estimating tool; that the recovery options in surge situations was reduced to 20% replacement cost without explanation of the true impact of this change; and that the combination of these manipulations has made rebuilding policyholders' homes impossible - far beyond any amount that the policies can deliver.
These software tools have been set up and delvered to agents and adjusters that are not trained in financial planning, real estate, design or construction, resulting in wildly variable results. The result of these actions is that the life savings and net worth of these policyholders has been eviscerated while these multinational corporations have grown to command a monopolistic stranglehold on the industry.
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$550kXactimate
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$860kCost to build
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$424kShortfall
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$288kPolicy Issuance
WHO WE ARE
We are legal and construction industry professionals that believe that insurance should cover catastrophic losses in the face of disasters that occur through no fault of our policyholders. Catastrophes can take away your home and all of your personal property. That is a devastating moment, after which talking to your insurer should not be a second disaster, of financial ruin.
OUR CRITERIA
The criteria to be eligible to participate in the class action includes a policy with State Farm that has a face value far below replacement cost of your dwelling and for which you have been told that you have no recourse beyond the policy limits. If your policy was issued far below your first Xactimate, and that is far below your construction cost, you are eligible.
WHY CHOOSE US
Our primary mission is to get policyholders back into their homes, and we are pursuing this becasue so many State Farm clients have been financially ruined by State Farm's business practices. We pursue this to get you a fair deal, and to change the insurance industry so that others that come after you will not have their life savings eviscerated.