With the new year, comes new property insurance laws that took effect on Jan. 1st:
One such law is the elimination of assignment of benefits for property owners.
An Assignment of Benefits (or AOB) transfers the rights or benefits under an insurance claim from the property owner to a third party, often a contractor.
When disaster strikes your property, many policy holders do not have the money to clean up their home from damage or mitigate future damage or make repairs. An AOB helped the homeowner get work done to their property quickly and efficiently by allowing a third party to file a claim, make repair decisions, and get paid directly from the insurer without involving the homeowner.
However, as of January 1st, 2023, this valuable tool that policyholders relied on, had has been taken away by recent legislation. The new law now prohibits a policyholder from signing over claims to contractors. This means if a homeowner has a water leak, broken pipe, mold, roof damage, smoke, fire, etc. the homeowner will have to come up with the money to hire a water clean-up companies, mold remediation professionals and contractors, to handle the cleanup.
An attempt to assign post-loss property insurance benefits under such a policy is void, invalid, and unenforceable.
If a dispute arises under your insurance policy, The Florida Property Damage Attorneys at the Consumer Law Office (CLO) can help you receive the compensation you are entitled to under your insurance policy.
Attorney MORDECHAI BREIER, Founder of CLO is on your side. He will bring you peace of mind during this challenging time and work aggressively to ensure that you receive the maximum amount available under your insurance policy.
Contact CLO Today 305-940-0924 for a FREE Comprehensive Consultation
Visit https://consumerlawoffice.com/
We only get paid when you get paid by your insurance company.
Contact CLO Today! 305-940-0924
