Nationwide Mutual Insurance Company has paid more than $25 million to settle hundreds of claims by Mississippi policyholders whose homes were damaged by Hurricane Katrina. Nationwide agreed in April to reevaluate and readjust 641 claims by policyholders. Most of those reopened claims were for homes that Katrina reduced to slabs, leaving nothing but foundations after the hurricane struck in 2005. The company has paid more than $25 million to resolve 532 of those 641 claims, and negotiations are continuing for the 109 remaining claims.
Since Katrina, Nationwide is reported to have paid more than $300 million to resolve more than 11,000 claims by policyholders in Mississippi’s three coastal counties. According to a Nationwide spokesperson, “the company is committed to resolving outstanding claims quickly and fairly.” But, it should be noted that hundreds of Mississippi homeowners had to sue Nationwide and other insurers for refusing to cover damage from Katrina’s storm surge. The companies claim their policies covered damage from wind, but not rising water, including wind-driven surge.
Source: Associated Press
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