Florida residents may see their homeowners insurance rates go down in the near future as the Governor recently signed an assignment of benefits (AOB) reform into law. This was one of the most heavily lobbied bills in the 2019 session, but it managed to survive and be signed into law. An AOB is when a […]
Finally, some good news for Florida homeowners when it comes to the cost to insure their homes. Sunshine State residents have seen their insurance premiums go up dramatically over the last decade. In fact, according to Insurance.com, Florida has the most expensive homeowners insurance premiums in the country with an average premium of $3,575. If […]
The Florida House passed an assignment of benefits reform bill on Thursday despite objections from contractors and the Restoration Association of Florida. The bill passed on a 96-20 vote on hopes that the changes will help keep insurance prices steady or even make them more affordable. However, the House and Senate have not been able […]
A recently added amendment to the Florida State House assignment of benefits (AOB) reform bill would prevent Citizens Property Insurance Corp. from raising rates unless they pass the savings from AOB reform along to their customers. “We are consistently told that AOB reform is necessary and will halt skyrocketing insurance costs in some areas and […]
Recently, the Restoration Association of Florida (RAF) responded to two bills moving through the Florida Legislature that could affect the assignment of benefits (AOB) process. RAF stands in opposition to the bills (SB 122 and HB 7065), saying they fail to address the needs of both homeowners and contractors. RAF hosted a panel of attorneys, […]
The North Carolina Rate Bureau (NCRB) recently proposed a homeowners insurance rate increase that local officials across the state are claiming is unfair, especially in coastal areas. The NCRB filed a rate increase request on December 20ththat proposes a statewide 17.4 percent rate increase for homeowners insurance. The rate increase would cover residential property, tenants […]
California homeowners in Nevada County where the Camp Fire destroyed the town of Paradise are having a hard time finding affordable homeowners insurance. In many cases, homeowners are having trouble finding any insurance company that will cover their home after their current insurance company declined to renew their policy. Homeowners have been told that none […]
ValuePenguin recently analyzed the cost of housing in major Florida cities and found that some cities in the Sunshine state are much more affordable than others. Housing costs varied by a mind boggling 161 percent with Lakeland being the most affordable, housing costs there run $7,992 a year while Coral Springs costs a whopping $20,868 […]
Over the last few years Colorado residents have seen their insurance rates headed up. According to industry data, rates for homeowners have gone up 67 percent while drivers have seen rates climb 52 percent. Unfortunately, due to three hailstorms that hit the Front Range recently, insurance costs could be going up again. The recent hailstorms, […]
Industry experts, at a recent Insurance Journal webinar looked at ways to battle AOB (assignment of benefits) fraud that is pushing up the cost of homeowners insurance in Florida. “I think the number one thing the insurance industry can do is link AOB (assignment of benefits) to the impact that it’s having on the individual […]