Assignment of Benefits Florida Weekly

assignment of benefits floridaCurrently, Joe Taylor Restoration has the privilege of being included in the feature article of Fort Myers Florida Weekly’s most recent issue. The subject of this article? A topic we have been discussing quite a bit recently- Assignment of Benefits. The article, A Florida Law Grants License to Steal, begins with some staggering statistics:

  • There has been a 6,863 percentage increase of assignment of benefits Florida lawsuits from 2006 to 2016.
  • Homeowner’s premiums may rise an average of 10 percent each year due to assignment of benefits.
  • There were a whopping 28,200 assignment of benefits Florida lawsuits in 2016. In 2006, there were only 405.

The article focuses on attorneys and contractors who are abusing the rules of assignment of benefits, stating that assignment of benefits and one-way attorney fees were meant to benefit consumers, to protect and aid them in dealing with insurance companies. But instead, these third-party businesses are using assignment of benefits to squeeze out inflated insurance claims. The result is higher premiums for everyone, but particularly for those of us in Florida, where homeowners’ insurance is already about twice the national average.

Representatives are working hard trying to stop the misuse of assignment of benefits and its effect on consumers. But as of this post, they have still not been successful in effecting significant change.

Our own Joe Taylor, of Joe Taylor Restoration, was quoted in the article as representing a restoration company who does not use assignment of benefits. He refuses to allow his company to be a part of the increasing “plague,” and names assignment of benefits as the number one reason for rate hikes. Because of Joe Taylor Restoration’s partnership with over 50 insurance carriers, Joe speaks from a great deal of experience. He is privy to many instances where inflated claims have not only impacted carriers, but have also turned into nightmarish situations for homeowners who signed assignment of benefits.

When is comes to assignment of benefits Florida, Joe Taylor Restoration is proud to stand for what’s right, maintaining our integrity and protecting our customers. Thanks to Fort Myers Florida Weekly for allowing Joe Taylor Restoration to take part in this important article.