Did you receive a notice from State Farm Ohio? Did you receive a mail about a class action settlement to resolve State Farm Ohio structural damage nonmaterial depreciation lawsuit? This review will help you partake in the class action settlement after confirming the authenticity of the mail.
What Is State Farm Ohio structural damage nonmaterial depreciation Class Action Settlement?
State Farm agreed to a class action lawsuit settlement to resolve claims it underpaid Ohio policyholders’ structural damage claims by depreciating labor costs.
The name of the case is The Condominiums at Northpointe Association, et al. v. State Farm Fire & Casualty Co., Case No. 1:16-cv-01273, in the U.S. District Court for the Northern District of Ohio.
The settlement website is Northpointe-v-statefarm.com.
What Is This Class Action All About?
According to the class action lawsuit, State Farm wrongfully deducted depreciation from labor costs and other nonmaterial expenses in structural damage claims. Plaintiffs in the case claim that this violated insurance contracts with Ohio policyholders.
State Farm is an insurance company that offers life, home, car and business insurance policies.
State Farm hasn’t admitted any wrongdoing but agreed to pay an undisclosed sum to resolve the insurance class action lawsuit.
Under the terms of the settlement, class members can receive a cash payment based on the initial actual cash value payments they received and other payment conditions.
Group A claimants, who received actual cash value payments with nonmaterial depreciation deducted and did not receive subsequent replacement cost benefits, can receive 100% of the nonmaterial depreciation that was initially deducted from their actual cash value payment in addition to 50% of the general contractor overhead and profit depreciation and simple interest of 3.5%.
Group B claimants, who received both an actual cash value payment and replacement cost benefits, can receive simple interest of 3.5% on the deducted and later recovered depreciation, in addition to 3.5% simple interest on 50% of the estimated general contractor overhead and profit depreciation.
Group C claimants, who would have received an actual cash value payment but did not due to nonmaterial depreciation, can receive 100% of the nonmaterial depreciation deducted from their claim in addition to 3.5% simple interest.
Group D claimants, who submitted a claim under a State Farm structural damage policy other than a homeowners policy, may receive half of the payments they would have received if they had a homeowners policy and were a part of Groups A, B or C.
Who Is Eligible?
The settlement benefits all State Farm structural damage policyholders who made a structural damage claim on an Ohio property between April 22, 2015, and approximately August 2017 and had nonmaterial depreciation withheld from their actual cash value payment, or who would have received an actual cash value payment had it not been for the withholding of nonmaterial depreciation causing the loss to drop below the applicable deductible.
How To Be Part of This Settlement
For class member to partake in this settlement, class members must submit a valid claim form by Aug. 24, 2023. The deadline for exclusion and objection is June 24, 2023.
What Is The Pay For This Settlement?
The pay for this settlement varies and the proof of purchase is Policy and claim information.
Conclusion
As you submit your claim to the settlement website Northpointe-v-statefarm.com, just like the Bank of America 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 approval hearing for the State Farm settlement is scheduled for July 25, 2023.
