Assignment of Benefits

Property owners see average 4.7% insurance increase

Property owners see average 4.7% insurance increase

The Florida Office of Insurance Regulation (OIR) established the 2019 personal and commercial property insurance rates for Citizens Property Insurance Corporation (Citizens) July 29. Citizens announced June 19 that their Board of Governors had approved revised 2019 rates to reflect the projected impact of Assignment of Benefits (AOB) reforms enacted during the 2019 Legislative Session. […]

Insurers seek increase despite law change

Insurers seek increase despite law change

Thousands of residential property insurance customers across Florida could see reduced costs in 2019, but on the whole customers will not see cheaper insurance premiums as the result of long-sought regulatory reform. At the forefront of the insurance discussion is an amended rate filing by Florida’s insurer of last resort, Citizens Property Insurance Corporation.   […]

Lawmakers OK property insurance overhaul

Lawmakers OK property insurance overhaul

After several years and several iterations, legislation to curb rising property insurance costs and stop the alleged abuse of the Assignment of Benefits (AOB) system passed both chambers of the Florida Legislature April 24. Sponsored by state Sen. Doug Broxson, whose district includes Santa Rosa County, the legislation puts new regulations on AOB litigation, which […]

Citizens seeks AOB solution, postpones rate increase

Citizens seeks AOB solution, postpones rate increase

After a bill aimed at reforming Florida’s insurance industry and preventing Assignment of Benefits (AOB) abuse failed in the Legislature’s last session, the state’s largest insurer has taken steps to solve the problem itself. Part of that solution is to suspend its plan to hike rates as much as 10 percent for consumers. Citizens Property […]

Last-minute push to get insurance measure passed

Last-minute push to get insurance measure passed

After a pipe broke and leaked water into her home, Darleen Masturzo of Davenport, Florida, said she was forced out for months by a contract company abusing its power on her behalf. Masturzo said the company came in making promises to handle everything and asked Masturzo to sign a contract right away. Read the full […]

Lawmakers tackle property insurance abuse

Lawmakers tackle property insurance abuse

Legislation to put stricter requirements on assignment of benefits (AOB) insurance claims has passed the Florida House of Representatives amid vocal support from the insurance industry. The AOB issue for years has been plaguing the state’s insurance industry, which contends that the current law artificially raises the cost of property repairs and subsequently drives up […]

Citizens insurance cleared for rate increases

Citizens insurance cleared for rate increases

After Hurricane Irma delayed any decisions, the Florida Office of Insurance Regulation (FLOIR) decided Dec. 6 to approve an increase in rates across all policy types for Citizens Property Insurance. The average rate increase across the board amounts to roughly 6.8 percent. Citizens is a state-run program to help insure those who cannot find coverage […]

Property insurance on the rise, again

Property insurance on the rise, again

Like deja vu, property insurance rates could be on the rise yet again this year as Citizens Property Insurance has filed to raise rates for a variety of policy types across the state. The proposed changes would amount to an average 5.2 percent overall average increase for nearly 250,000 policyholders across the state. Local State […]

Florida property insurers dodge downgrades, bolster reserves

Florida property insurers dodge downgrades, bolster reserves

Despite warnings of possible widespread downgrades, Florida’s leading insurance grading agency has decided not to hand down lower marks to the majority of companies in the state. Read the full article in the March 30 issue of Navarre Press. Subscribe online for as little as $38 per year.

Insurers blame assignment of benefits for rising premiums

Insurers blame assignment of benefits for rising premiums

Home and business owners in Florida can expect the cost of property insurance to rise in 2017 and to keep climbing in the coming years, East Bay Insurance owner John Hays says. But in a state where hurricane damage has historically been the cause of insurance woes, these increases in many cases have nothing to […]

Is your insurance going up?

Is your insurance going up?

The Florida Office of Insurance Regulations (FLOIR) has been busy these past few weeks, raising Citizen’s Property Insurance Corporation coastal policy costs by an average 10.9 percent for consumers and finalizing a rate hike of 14.5 percent for workers’ compensation costs to employers across the state. Citizen’s Citizen’s Property Insurance Corporation is a state-backed insurer […]