Did you receive a notice from State Farm? Did you receive a mail about a class action settlement to resolve State Farm – Nonmaterial Depreciation (Ohio) lawsuit? This review will help you partake in the class action settlement after confirming the authenticity of the mail.
What Is State Farm – Nonmaterial Depreciation (Ohio) Class Action Settlement?
This lawsuit is about whether State Farm breached its Ohio insurance policies by applying depreciation to the estimated costs of labor and other non-material costs in calculating actual cash value (“ACV”) payments. Plaintiffs contend that such depreciation resulted in Plaintiff and the Class being underpaid and was a breach of the insurance contracts.
State Farm denies that its conduct breached the insurance contracts. State Farm contends that many policyholders received everything they were entitled to under their policy, including through payments for replacement cost benefits.
What Is This Class Action All About?
This settlement covers a Class of State Farm insureds who, according to Plaintiffs’ allegations, were underpaid because State Farm calculated ACV payments by applying depreciation to estimated labor and other non-material costs.
The settlement “Class,” consists of:
All persons and entities insured under a State Farm structural damage policy who: (1) made a structural damage claim for property located in the State of Ohio with a date of loss on or after April 22, 2015; and (2) received an actual cash value (“ACV”) payment on that claim from which estimated Non-Material Depreciation was withheld from the policyholder, or who would have received an ACV payment but for the withholding of estimated Non-Material Depreciation causing the loss to drop below the applicable deductible.
If you are a member of the Class, you will automatically be included unless you take affirmative steps to exclude yourself. Both current and former State Farm insureds can be part of this lawsuit.
Who Is Eligible?
This settlement benefits all individuals who made a claim to State Farm for structural damage to a dwelling or other structure located in Ohio based on a loss that occurred on or after April 22, 2015 through approximately August 2017, and you received a payment or an estimate for damage repair from State Farm, this class action settlement may affect your rights.
How To Be Part of This Settlement
For class member to partake in this settlement, class members must submit a valid claim form on the settlement website by August 24, 2023.
The deadline for objection and exclusion is June 24, 2023.
If you refuse to file a valid claim, you will get no payment. You give up rights.
What Is The Pay For This Settlement?
Class Members who fully complete a claim form (“Claimants”) and timely mail it to the proper address or upload it to this website may be eligible for payment. If you had more than one Covered Loss during the Class Period (on or after April 22, 2015 through approximately August 2017) then you may submit separate Claim Form(s) for those losses, but you must separately complete, sign and timely submit a separate Claim Form to be eligible for payment on each of those other losses in the event that the settlement is approved by the Court.
Conclusion
As you submit your claim to the settlement website, just like Sincera Reproductive Medicine – Data Breach class action settlement we have reviewed, you’re doing so under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. The final hearing is Scheduled for 2:30 p.m. ET on July 25, 2023.
