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Assignment of Benefits Myths Debunked

Florida Insurance Commissioner Debunks Top Assignment of Benefits Myths

In his continued efforts to ensure Floridians understand the impacts of assignment of benefits (AOB) abuse, Commissioner David Altmaier has debunked the top five myths and most common AOB-related misunderstandings.

An AOB allows a restoration vendor to “stand in the shoes” of a consumer who has experienced home damage by granting consumers the right to sign over their insurance benefits to the vendor, who files claims for work performed. The AOB also allows the vendor to seek direct payment from the insurance company and if litigation is pursued, vendors can also demand payment of attorney’s fees.

Commissioner Altmaier stated:

“When used appropriately, an AOB is a great tool for consumers and should remain accessible to all policyholders. However, it is imperative homeowners review and understand the documents they are asked to sign following a loss or damage to their property as AOB abuse continues to negatively impact consumers, their insurance rates, and markets across Florida. Across the state, AOB agreements are being used by bad actors as a vehicle to exploit Florida’s unique attorney fees statute to fill their coffers with additional profits at the expense of every homeowner in our state. Absent a legislative solution, AOB abuse will severely hamper Floridians’ ability to recover from future storms.”


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