Bill addressing Florida AOB issue introduced in legislature

Insurance is an important element for a thriving economy here in Florida. Few would disagree with that proposition. Without the proper insurance policies in place, many important personal purchases, like homes, would not even be possible. But, as we noted in a post in January, the necessity of insurance is not without its challenges.

On one hand, many homeowners who experience significant damage to property due to nature, faulty construction or defective products would be stuck with massive repair costs without insurance. On the other, homeowners often see legitimate claims denied. Contractors who have done their repair work see insurers drag their feet when it comes to paying the claim. This can leave you, the insured, stuck in the middle in many ways.

In that January post, we made note of the fact that the issue of rising insurance costs is now a matter of debate before the Florida legislature. The most recent movement on the matter came within the past few weeks with the introduction of a bill in the state Senate.

Proponents of the measure say the bill addresses key concerns of the insurance industry by requiring that certain conditions be met before an insured can validly assign benefits to a third party. Opponents suggest it comes up short in protecting contractors from abusive insurer actions.

Experts predict this will not be the only word on the subject. The bill reportedly still needs to find a sponsor in the House and there is talk that other bills will be coming. So, it is impossible for anyone to predict what the outcome is likely to be.

In our view, such legislative activity only addresses what should happen in the future. It doesn’t do anything to help resolve the claims challenges homeowners are facing right now. Seeking an attorney’s counsel is the way to be sure you know your options and your rights when trying to obtain compensation that is due.