Tallahassee, Fla. - The Florida House of Representatives said it tried to reduce Floridian's insurance rates and construction scams Friday by passing a new piece of legislation.
Panama City State Representative Jay Trumbull sponsored the bill involving the practice known as assignment of benefits, or AOB. It imposes a range of guidelines for homeowners, contractors and insurance companies when using the AOB benefits agreements. The goal is to prevent AOB abuse, which leads to costly lawsuits and higher insurance rates for property owners.
"The goal of the bill is that we are protecting consumers, and reducing the cost of insurance premiums to customers. We are going to work very hard to make sure the senate accepts a proposal and we make sure that obviously this is the session that reduces rates for all Floridians," said Rep. Jay Trumbull (R.)
Trumbull also credited Florida CFO Jimmy Patronis for his work on this issue. The bill will now move on to the senate.
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