Has Your Home Insurance Rate Increased? You're Not Alone.

Has Your Home Insurance Rate Increased? You're Not Alone.

It’s that time of the year. You open your mailbox and find a letter from your home insurance company, and your annual policy renewal is inside. Your new bill is $300 higher than last year. You immediately wonder why this increase has happened since you have not filed any claims and you always pay your bill on time.

The good news? You’re not alone. On average, home insurance rates have increased by 25 percent throughout the state of Florida. The bad news? Increases are likely to continue. Since December of 2019, three more carriers have approached the State of Florida Office of Insurance Regulation to propose increases between 10 and 20 percent.

Why Are Premiums Going up?
Assignment of Benefits

Many factors go into an insurance carrier’s need to charge more premium, but one of the biggest culprits is the abuse of the Assignment of Benefits (AOB) practice. AOB is a legal contract that gives a third party, such as a contractor o…

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