The new chairman of the Senate Banking & Insurance Committee identified his primary legislative target Monday as the “one-way” attorney fee system, which critics in the insurance and wider business community blame for escalating premiums. Read more from Florida Politics here
An I-TEAM investigation is exposing problems with one of Florida’s most controversial property insurance practices, the assignment of benefits, or AOB. The law allows a homeowner to sign over insurance claim rights and benefits to a third party, such as a contractor being hired to do repairs. However, the state’s chief financial officer said a [...]
Every year, Floridians see their health, car, homeowner’s, and just about any other insurance policy premiums balloon to unaffordable levels. It’s easy to blame the insurance companies because after all, they are the one’s setting the rate increases, right? Read the entire opinion piece by clicking here
COLUMBUS, Ohio, Oct. 19, 2018 /PRNewswire/ -- Hurricane Michael was the third-most intense Atlantic hurricane to make landfall in the United States, if measured by pressure. Only the 1935 Labor Day hurricane and Hurricane Camille in 1969 had higher pressure. Michael was also the strongest hurricane in terms of maximum sustained wind speed to strike [...]
In the aftermath of Hurricane Michael, the member companies of the Florida Property & Casualty Association (FPCA), an industry trade group comprised of Florida-based homeowners insurance companies, are prepared to help their customers. “After ensuring that everyone in your home is safe, and that your property is secure, we advise you to contact your insurance agent [...]
With Hurricane Michael rapidly approaching Florida, the Consumer Protection Coalition has launched a series of digital ads warning homeowners and insured drivers to beware of the dangers of signing an Assignment of Benefits (AOB) to start repairs for damage caused by the storm. The CPC urges consumers to beware of requests from home repair vendors [...]
Five years ago, encouraged by home builders and an anti-regulatory zeal, lawmakers in North Carolina joined other states in weakening building code requirements. It’s a decision they may regret as Hurricane Florence takes aim at the Carolinas. Read more from Bloomberg here.
Coalition Warns of AOB Scams During Peak Hurricane Season TALLAHASSEE, Fla. – The Consumer Protection Coalition today launched an interactive digital guide designed to help Floridians avoid Assignment of Benefits (AOB) abuse that continues to plague consumers across the state. According to the Property Casualty Insurers Association of America (PCI), this online tool is a [...]
Addition of members signals start of push for AOB reform in 2019 legislative session TALLAHASSEE, Fla. – The Consumer Protection Coalition today announced the addition of new members to join in its efforts to stop Assignment of Benefits (AOB) abuse during the upcoming legislative session. Joining the coalition are the Insurance Information Institute (III), the [...]
Insurance agents gather in South Florida to discuss need for Assignment of Benefits (AOB) reform Latin American Association of Insurance Agencies convention taking place Aug. 1-4 HOLLYWOOD, Fla. (Aug. 1, 2018) – Insurance agents from across the state are gathering at the Latin American Association of Insurance Agencies’ annual convention to discuss top issues facing [...]