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Hi, I’m Andrea King with Anderson & Associates and I really want to talk about something that’s important that’s going on in insurance. It’s called the assignment of benefits. What that means is that these contractors may come up to you, they are saying that they are working on the house next door and they happen to notice some damage on your house.
They have you sign this paperwork that says that they can file a claim on your behalf, and any type of communication with the insurance is done directly between the contractor and your insurance company.
A law passed last year that prohibits them from asking this of you now. But now, one of the biggest things is that the multipliers that allows attorneys to earn up to three times their hourly rate. So let’s talk about the attorney rate is $600 an hour. They are going to do it three times.
What does that mean to insurance?
That means that an attorney can walk away with $600 to $700,000 payday for a claim which would have only paid for a policy holders $20,000 for their damages.
This is causing insurance rates to go up, not just for you yourself or those that have had the claim but for all policy holders. And one way that we can get involved is, educate. There is a bill now; the Senate Bill 914 and House Bill 1771 out there that helps eliminate attorney fees and multiplier.
So we can share that information on our website about how you can get involved on that on our Facebook page because it’s important for us to help minimize the extortion that these attorneys are causing insurance companies.
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Anderson & Associates has been serving Manatee County residents with property insurance coverage since 1985. We offer homeowners (including mobile homes), car insurance, life, health, umbrella insurance policies. We’re a family-owned and operated insurance agency, and we treat you like family.
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Anderson & Associates Insurance Agency
810 8th Avenue West
Palmetto, Florida 34221
Phone: (941) 729-7494
