Home Renovations to Improve Insurance Costs

March 31, 2017 at 6:34 pm | No comment | Category: family safety, Homeowner's Insurance, Liability

homeowners insuranceAre you a homeowner who is looking to make improvements to your home and thinking about investing in some exciting renovation projects? Renovations can make your home look and feel better. When thinking about home renovations, it’s a good idea to also consider the effects it may have on your homeowner insurance costs. Some renovations may result in an insurance increase, while others will result in a decrease in premium costs. We can help you get a better understanding on how your insurance rates may change when making changes to your home.

AOB Legislative Overview

March 24, 2017 at 6:39 pm | No comment | Category: Assignment of Benefits, family safety, Homeowner's Insurance

assignment of benefitsInsurance fraud is on the rise in Florida, especially during storm season when insurance claims are high. However, help is on the way to protect homeowners from shady contractors who have bilked insurance carriers and policyholders out of millions of dollars!

In February, the Florida legislature drafted a bill that addresses the Assignment of Benefits (AOB) clause found in homeowners insurance policies. The AOB allows an insured to assign policy rights to a third party. By doing so, the homeowner can no longer deal directly with the insurance carrier in the event of a claim. Once a homeowner gives up those rights, the policyholder allows claims to be paid directly to contractors. Claims adjusters can only legally negotiate with the contractor. Some home repair firms have been cashing claims checks without making any repairs to the insured’s home – which is then cited as AOB fraud. The bill seeks to crack down on the illegal practice.

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