![]() ![]() Conlin says Kin Insurance policyholders who waive their assignment of benefits right save an average of 5% on their policy. A 2019 Florida law, for example, enables insurers to offer policies that restrict the right to use an assignment of benefits agreement, as long as the policy is offered at a discount. Insurers can also differ in how they handle these agreements. Some agreements go beyond an assignment of benefits and give the contractor full power of attorney rights, says Angel Conlin, chief insurance officer at Kin Insurance, a home insurance provider. Some agreements might be specific to one type of repair or project, whereas others might cover several. The exact terms of an AOB agreement vary based on who's asking you to sign. Make sure you know what you're getting into and what your rights are before signing an assignment of benefits agreement. Important: Not all insurers or service providers allow for the AOB, nor do you have to agree to it. When that happens, the service provider would be able to file a claim on your behalf and receive reimbursement from the insurance company. Similarly, with property insurance, a contractor or other type of service professional might ask you to sign an assignment of benefits for repair work. That way the doctor can still receive at least some payment directly from the insurance company, and then bill you for the remainder. That contract states that the provider will handle billing and receive payment directly from the insurance company, Winans says.īut with out-of-network providers you might sign an AOB agreement as part of standard check-in paperwork. If you go to an in-network doctor, they're under contract with that insurance company. ![]() In some cases, an AOB happens automatically. These AOB agreements can vary depending on factors like the type of insurance policy, the provider, and state laws.
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