State Farm Fire and Casualty Co. settled a class action lawsuit in Illinois that claimed the company improperly deducted nonmaterial depreciation when adjusting some structural loss insurance claims.
The class action claimed that State Farm improperly deducted non-material depreciation when adjusting some structural loss insurance claims in Illinois.
State Farm is a nationwide insurance company that recently celebrated 100 years in business. State Farm has 19,400 agents and 67,000 employees, according to the settlement website.
Class members who had the depreciation deducted and did not recover that amount in replacement cost benefits will receive a settlement payment of 100% of the estimated non-material depreciation that was initially deducted from the ACV payment. They will also receive 50% of the estimated general contractor overhead and profit depreciation that was deducted.
State Farm Insurance Nonmaterial Depreciation Class Action Lawsuit
- Who’s Eligible:
- Anyone who had a structural loss claim for property in Illinois on a State Farm policy between May 21, 2013, and April 2017 that included an actual cash value (ACV) payment including non-material depreciation or general contractor overhead and profit depreciation being withheld.
- Estimated Amount: Varies
- Proof of Purchase: N/A
- Claim Form Deadline: 10/28/2023
- Case Name & Number:
- Sproull, et al. v. State Farm Fire & Casualty Co., Case No. 16-L-1341, in the Circuit Court for the 3rd Judicial Circuit of Madison County, Illinois
- How to file a claim:
- Head over to the Claim Form.
- Read over the claim form to see if you are eligible.
- Complete the claim form with your info.
- Submit your claim form to receive your potential award!
(Click here to file a claim)
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Bottom Line
Don’t forget to take a look at our full list of Class Action Lawsuit Settlements! Be sure to give our list of No-Proof Class Action lawsuit to see other settlements you may qualify for.
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