Business

Florida flags Heritage Property’s effort to limit ‘assignment of benefits’

One of South Florida's largest property insurance companies has been rebuffed by state insurance regulators for seeking Assignment of Benefits restrictions that were disapproved two years ago.

Clearwater-based Heritage Property & Casualty, which is seeking a 14.9 percent rate increase this year, in April sought to require a mortgage lender's approval before a policyholder can sign over a post-claim benefit to a repair contractor.

The company withdrew the request May 26, a day after regulators warned the filing would be disapproved.

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