Florida Insurers May Exponentially Increase Rates

  • Florida Insurers May Exponentially Increase Rates

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    The assignment of benefits (AOB) situation is leading to a possible “epidemic” of insurance claims according to a recent CBS News article. The majority of these claims are originating in Miami-Dade County and that may spell trouble for honest homeowners trying to save money. A $300,000 policy assessment may end up skyrocketing by more than $7,000 by the year 2022.

    Florida homes are more prone to water damage even if strong winds or a storm are not involved. This damage is typically due to leaks from appliances such as dishwashers, washing machines, and air conditioning units that need to work overtime to keep homes cool during the summer season. When snowbirds leave for the summer, their apartments may leak, resulting in extensive damage that leads to mold.

    As homeowners resort to contractors to correct the mold repairs, the company will ask the homeowner to sign the AOB and they will take care of getting their money from the insurance company. However, this also means homeowners forfeit any negotiation rights and the contractor has the legal capacity to do as it sees fit, which may include making even more substantial claims. Policy holder must ensure that they mitigate their damages after a loss which may require the services of an emergency mitigation company. However, seek counsel prior to executing an AOB.

    This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys and receive a free consultation We look forward to working with you.

    This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.

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