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Estate agent broker giving pen to client signing agreement contract real estate with approved mortgage application form, buying or concerning mortgage loan offer for and house insurance
Ngampol / Adobe Stock

Wednesday, state-backed property insurance corporation, Citizens discussed a new law that makes changes to assignment of benefits process.

Arrow down and many houses.
adragan / Adobe Stock

For nearly a decade, homeowners’ insurance companies have been asking the legislature to help them address fraud within the Assignment of Benefits process. They argued extreme costs of litigation was causing rates to rise for policy holders, and some companies refused to write any new policies at all. Now they have a fix thanks to a new policy change. And rates are expected to dip.

Man tightening a leaky pipe with a wrench.
Andrey Popov / Adobe Stock

Gov. Ron DeSantis signed a bill thats main goal is to stop bad actors in the homeowners insurance market. It would do so by changing what a contractor must do when a policy holder signs over their insurance benefits.

Homeowners Insurance Application on a table with a pen and book
designer491 / Adobe Stock

Contractors will now have to let insurance companies know when they’ve been assigned a policy holder's benefits. This change comes after Governor Ron DeSantis signed HB 7065, which makes changes to insurance agreements.

designer491 / Adobe Stock

Tuesday, lawmakers took a big step in addressing what property insurance companies have called fraud for nearly a decade. It’s called assignment of benefits. The fix makes several changes that lawmakers believe will help lower the cost of homeowner’s insurance.

Ross D. Franklin / AP Photo

During week six of the 2019 legislative session, the House passed a bill that would address an assignment of benefits issue that has plagued Florida’s insurance industry for years. But as a change was made that some say may cause more abuse of the system.

Lynne Sladky / AP Photo

Legislators want to close a loophole they say bad actors are exploiting, ultimately leading to insurance rates increasing across the state. A bill heading to the House floor would address the issue. Lawmakers and the Chief Financial Officer of Florida are both focused on stopping the so-called bad actors.

Tampa Bay Times

Florida Chief Financial Officer Jimmy Patronis is urging business leaders to turn up the political heat for insurance reform.