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Insurance Reform Bill May Lead to Rate Reductions

In our previous blog, we mentioned the monumental Florida insurance reform bill which is expected to address the ongoing issue of assignment of benefits (AOB). The bill was recently passed by the Florida Senate and Florida Governor Ron DeSantis has already expressed that he intends to support and sign the bill, further clearing the way for the bill to become law. Florida homeowners can also look forward to some relief after huge premium increases that were largely blamed on AOB abuse.

With the positive momentum of the insurance reform bill, the insurance industry is already responding. In fact, homeowners that have a policy with last resort insurer Citizens Property Insurance Corp may potentially see reductions in their rates. In response to the new law, the insurer will be re-evaluating its request to increase rates. According to an Insurance Journal article, Citizens has been one of the insurers that have been affected the most by AOB-related lawsuits.

To read more about the bill and Citizens, please visithttps://www.insurancejournal.com/news/southeast/2019/04/25/524731.htm.

This information is provided by Miami insurance lawyer Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with a Miami insurance claims lawyer 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.