After years of efforts to come up with a solution, Florida legislators have agreed on a bill intended to reform property insurance while also addressing the issue of assignment of benefits (AOB). AOB has frequently been mentioned as a major reason for the massive hike homeowners have faced in their insurance premiums.
Miami, FL -- (SBWIRE) -- 05/24/2019 -- The Florida Senate passed SB 122 back in April focusing on the abuse of post-loss AOBs for residential or commercial property insurance claims, among other things. Some of the provisions found in the bill would prohibit certain fees and make changes to policy provisions related to managed repairs in an assignment agreement. Service providers would also be obligated to give an insurer and the consumer at least ten days of prior written notice before filing a claim lawsuit.
All signs point to Florida Governor Ron DeSantis signing the insurance reform bill, which is expected to become Florida law on July 1st.
To read more, please visit https://www.insurancejournal.com/magazines/mag-features/2019/05/06/525614.htm.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.
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