An Assessment of benefits bill will impact many Florida residents and insurance companies. The new law will take effect on July first of this year and will impact homeowners and alter the way in which assignment of benefits work. Originally, the assignment benefits were designed to help people who owned property by making it easier to streamline repairs. With the ability to assign, policyholders were able to secure payment directly from their insurance company.
Over time the concept of the assignment benefits altered. According to some contractors, the process of repairs by some remediation companies were inflated. Moreover, insurance companies were refusing to pay the inflated prices. This usually leads to a very time- consuming disputes.
What will change?
The bill will alter many things, but here are a few not worthy changes
Attorney fee limitations.
A particular formula usually determines attornment fees. The new law will not affect homeowners or property owners that can have their attorney fees paid in full if the case ends in their favor.
As with most changes, requirements are impacted. You’ll need to include a written estimate that is itemized. Be sure to read up of other requirements and understand how they will impact you.
Changes that impact companies
If a company assigns AOB contracts, they are required to provide all the necessary documentation by the insurance company. Additionally, they are required to answer all related questions.
Changes for the insurer
Home and property owners aren’t the only ones impacted. Your insurer will also be affected by this new law as well. In particular, they will have ten days to respond to lawsuits that are filed by certain vendors (those assigned to an AOB). The response itself can include an offer or alternative to a dispute.
As new laws come into effect, it is crucial to stay up to date on how they will alter your situation. To learn more contact Claims Pro USA