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Published on Oct 20, 2015
Do not make this costly mistake after you have had a loss to your property!
Many third part vendors are using Assignment of Benefit contracts. These contracts are keeping homeowners from collecting all or part of their claims and causing them to lose control of their claims process.
Assignment of benefits is costing homeowners by raising up the cost of claims settlements, which in turn is raising premiums.
Most Assignment of Benefit contracts do not give dollar estimates for the repairs nor the scope of repairs allowing the thrid party vendor to charge the insurance carrier on average about 300% more than the industry standard for repairs.
After a loss be sure to contact your agent or carrier immediately, they can recommend a reputable third party vendor for you to use to help settle your claim as quickly as possible.
Remember, in the end we consumers end up paying for the inflated cost of repairs by paying higher premiums.