getting coverage in Fla.

[wa2ivn]

I am trying to buy a 5-acre lot with a well maintained, like new, 24 X 56, manufactured home bult in 1976 on it. The property is located 27 miles inland from the coast on high and dry land with no chance of flooding under any circumstances in rural Manatee county Florida. My sales contract perches price for the property is for $235,000.00. and the property has appraised for $262,000.00. I have a lender willing to finance the perches however at this time they are asking for a full replacement value insurance policy on the home. The only coverage I have been able to find at this time is with citizens insurance for the cash value of the home. Any insurer leads or advice on how to solve this problem will be welcome. Thanks MS.

[admin]

I am sorry that you are having a problem finding a more reasonable quote. I share your frustration. Thei probelm is not limited to manufactured homes. All home owners across the state are being hit with higher rates.

I personally experienced this problem as the insurance company that covered the homes in our MHCommunity was one of the first to abandoned the state. I was finding it impossible to get any coverage and found that very frightening.

I have also learned that what we were paying before has very little to do with the current market. The unusual storm seasons have changed a lot of things here in Florida. And these days the cost of everything is jumping up to new highs.

Citizens is a State of Florida mandated pool that was set up to cover MH owners that could not find any other coverage. As you have discovered, other than Citizens, there are not many, if any, other options available to us, or to the agents we depend on to hook us up with the best deals.

The agent who is writing the quotes for our website submitters is not happy about the price structure either. But is working on finding a solution. Our State government is also working on alternatives

We saw this same problem after Andrew. Then, after a few years of no serious hurricanes the insurance companies returned and prices stabilized. Lets hope and pray this is was the first in a long string of years that we avoid destructive storms.

I raised my deductible to soften the new pricing impact a little. While I would rather not give this extra money to insurance this seems to be a very reasonable alternative for me to the nightmare of not having insurance.

Thanks for visiting us on line. Watch WWW.MOBILEHOME.COM and we will keep you up to date on this state wide crisis.