Replacement Cost Insurance: Burg Simpson Files Class Action Complaint
Burg Simpson has filed a class action lawsuit against the State Auto Insurance Companies regarding their Homeowners Replacement Cost Coverage. The lawsuit alleges that the insurance companies have found a new tactic to increase their profits. They are requiring Homeowners to purchase Replacement Cost Coverage at values dramatically higher than the market price of the home. The lawsuit alleges that State Auto relies upon computer programs to calculate the alleged amount of insurance needed for replacement cost coverage and is requiring Homeowners to insure their homes at double or triple the home’s actual price in order to be adequately protected…
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