Calling it a “potential problem of epidemic proportion,” Florida Chief Financial Officer Jimmy Patronis warns that fraud resulting from homeowners and auto glass insurance Assignment of Benefits will “affect every single policy holder in the state.” On this episode of the Florida Chamber’s Bottom Line, newly appointed CFO Patronis explains why AOB fraud not only hurts consumers – it threatening Florida’s financial bottom line.
Did You Know:
There were more than 28,000 AOB cases in 2016 – up from 405 a decade ago. If left unchecked, Citizens Property Insurance estimates that average premiums for a $150,000 home in Dade County will jump from $2,926 this year to $3,219 in 2018, and $4,712 by 2022.
Help Stomp Out AOB Fraud:
Help protect consumers by visiting FightFraud.Today and signing a petition encouraging lawmakers to pass meaningful AOB fraud reforms. Make plans now to attend the Florida Chamber’s Insurance Summit on November 2-3 in Orlando.