HB 1421-Relating to Property Insurance Assignment Agreements
On Wednesday, April 26th, HB 1421 by Representative James Grant (R-Tampa) was read for a third time on the House floor and passed by a vote of 91 yeas to 26 nays. 

The legislation seeks to address the fraud and abuse within the process of assignment of benefits (AOB) by removing the one-way attorney fee, which will reduce AOB lawsuits that drive up property insurance costs on Florida’s businesses and homeowners. AOB is a practice whereby lawyers and contractors convince homeowners to sign over their right to sue insurers for certain kinds of home damage. Insurers typically settle these claims to avoid protracted and expensive court battles, and by current Florida law they’re on the hook for attorney fees too.

HB 1421 will now go to the Senate floor for consideration.

AIF SUPPORTS reforms to the assignment of benefits process to protect consumers against these abuses.

Please see the below press release from our President and CEO, Tom Feeney, regarding HB 1421:

AIF: Floridians Need Lawmakers to Resolve Insurance Marketplace Crisis this Session

Tallahassee, Fla. – The Associated Industries of Florida (AIF) today released the following statement on behalf of its President & CEO Tom Feeney regarding House Bill 1421, by Representative James Grant, relating to Property Insurance Assignment Agreements.  HB 1421 today passed the full House and is now available for consideration by the Senate. 

“Bad actors in Florida's insurance marketplace are driving up costs and creating a crisis for Florida homeowners by way of unnecessary litigation over auto glass repair and property water damage.

AIF has supported getting rid of this abuse in the system that is needlessly inflating insurance premiums for Florida families. 

“AIF commends Representative Grant and members of the House for their work on this bill that includes measures to improve the current state of the insurance marketplace.  As this bill heads to the Senate, we hope lawmakers will continue to incorporate opportunities for even more cost savings for Florida consumers.”