Description: This lawsuit is about whether State Farm breached its Alabama insurance policies by applying depreciation to the estimated costs of labor and other non-material costs in calculating ACV payments. Plaintiff contends that such depreciation resulted in Plaintiff and the Class being underpaid and was a breach of the insurance contracts.
lawsuit (412) arnold (321) acv (40) actual cash value (6) state farm fire and casualty company (4) state farm homeowners insurance policies (4) actual cash value payment (4) arnold v. state farm (2) arnold v. state farm settlement (2) alabama policyholders (2)
If you made a claim to State Farm for structural damage to a dwelling or other structure located in Alabama based on a loss that occurred between March 8, 2011 and August 3, 2017, and you received a payment or an estimate for damage repair from State Farm, this class action settlement may affect your rights.
IMPORTANT UPDATE: On October 4, 2022, the Court granted final approval of the Settlement. It was not required for Class Members to attend the Fairness Hearing. For more information, please review the Memorandum Opinion and Order .
This lawsuit is about whether State Farm breached its Alabama insurance policies by applying depreciation to the estimated costs of labor and other non-material costs in calculating actual cash value ("ACV") payments. Plaintiff contends that such depreciation resulted in Plaintiff and the Class being underpaid and was a breach of the insurance contracts.