State Farm Florida Returning $120 Million to Customers
State Farm Florida will give $120 million back to current and former wind insurance policyholders.
State Insurance Commissioner Kevin McCarty ordered the company to issue credits or refunds averaging $1,225 and pay a $1 million penalty.
The order affects about 98,000 current and former hurricane coverage customers who were not notified about or failed to receive discounts for making their homes more resistant to wind damage.
A State Farm spokesman said the company discovered the problem, reported it to state regulators and agreed to the refunds and credits.
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