Florida Realtors Works to Keep Insurance Available and Affordable
Insurance is the only thing that stands between property owners and the hurricanes, floods, fires, theft and all other manner of damaging occurrences that can pop up out of nowhere and threaten their investment.
The laws and regulations that guide the insurance industry and protect consumers from fraud and abuse are complicated. This is why insurance is such a critical focus point for Florida Realtors and our public policy efforts.
We want to make sure property owners can find and afford the right types of insurance for their real estate investments, and we want to make sure lawmakers are creating the right types of rules to ensure the insurance industry doesn’t take advantage of them. We also are working with the insurance industry to find ways to keep insurance policies affordable and available.
When it comes to insurance and the 2019 Legislative session, our main insurance related priority is Assignment of Benefits (AOB) reform.
Assignment of Benefits was designed to help property owners streamline repairs to their home. But a growing number of contractors, such as water remediation companies and roofers, have been inflating the cost of repairs. When the insurance company refuses to pay the claim, the contractors file a lawsuit. Insurers often settle the claim and pass the cost off to policyholders in the form of higher premiums. Florida Realtors is pushing for reform to AOB to help protect consumers from higher insurance costs.