After more than three months of uncertainty, there is good news for Farmers Insurance customers. Farmers Insurance and the state of Texas have reached a settlement Saturday that will keep the company in the state.
According to the Texas Department of Insurance, the deal is worth one hundred million dollars for homeowners in restitution, refunds, and rate reductions. The agreement ends the lawsuit and administrative enforcement actions the state had taken against Farmers.
The dispute started in August, when the Texas Department of Insurance filed an emergency cease-and-desist order against the company for what it called unfair pricing policies. Farmers has been operating under a 30-day standstill agreement since November 11th.