Thanks to Hurricane Irma, we had some roof repair needs that we had to deal with. Our first round with the insurance company resulted in a denial to pay for our roof repairs because it didn't meet the 25% rule... however, we learned later that our roof tiles were no longer being produced and that the roof repairs needed were more than originally assumed... so we decided to try again with getting the insurance company to accept the claim and cover it. During this process, we came into contact with a number of roofing companies that were willing to take the lead on helping us. It was our first experience with having to consider the Assignment of Benefits, which led to some self-initiated research that I wanted to share with others.
So, let's begin with the background of what Assignment of Benefits (AOB) is and then we can dive into the implications and considerations of this.
In short, an AOB gives the third party authority to file a claim, make repair decisions and collect insurance payments without your involvement. In the case of the roof, the roofer was "offering" to help us by working directly with the insurance company. If we were to proceed with this, then a contract is signed between the homeowner (the insured) and the service provider (the roofer). For us, this sounded very attractive because the Roofer was willing to take on the work associated with the claim including any litigation if needed. Not only did this save us time, but they were experts in the process, which we thought could enable a better outcome.
We ultimately decided to move forward with this arrangement in this particular situation. But, it was only after careful consideration and research. Here are some of the things I suggest considering:
As with any legally binding contract, you should consult with an attorney on any question or concerns prior to signing.
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