State Farm

Biloxi, MS: (Feb-18-07) Following a pattern set in Florida, Mississippi Attorney General Jim Hood is seeking legislation that will block insurance companies from refusing to write new homeowners and commercial policies in hurricane hit states. The move was spurred by State Farm's new policies stemming out of the inhospitable climate in the state. Hood sued State Farm and several other major insurers less than a month after Hurricane Katrina for allegedly refusing to cover more than $2 billion in damages. The company and Hood reached a settlement in which State Farm agreed to pay about $80 million to some 600 policyholders. [SKY VALLEY JOURNAL: STATE FARM SETTLEMENT]

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