My inlaws have a $46,000 trailer on a lot in a 50 and over community in Clearwater, FL. Their homeowners insurance ended their policy and had to find another company.
The price for covering a $46,000 trailer? $3000 a year.
I have a house in north east florida, St Augustine to be exact and my insurance for my house and property is just over a grand
I have a house in north east florida, St Augustine to be exact and my insurance for my house and property is just over a grand
Wow...I have homeowner’s w/State Farm (we’re in the same area.) We’re not far from the water, but in a no-evac zone. We’ve had our insurance with them for 20 years...never filed a claim. We’ve seen steep increases over the past few years, but stayed with them because when I investigated the other policies, State Farm’s was more comprehensive. Stil for our home, which has replacement coverage of over a couple hundred thousand, we pay $3600/per year so the $3000 they pay for the mobile home seems so high.
If State Farm drops us, maybe we’ll just take liability. If you don’t have a mortgage you don’t have to have insurance, and I know quite a few people who “self insure” these days. The thing about having the insurance, if a hurricane comes through, you still pay the huge hurricane deductible before you can collect any money from insurance, so self-insurance is probably just as good a deal.
My mobile is worth about $45K and it’s in the California foothills (earthquake country). My insurance is about $250 a year. Shhh don’t tell my agent it’s a bargain!
Advise your inlaws to move...the insurance company actuaries are betting on a 1 in 15 chance that their trailer will be obliterated this year. Not very good odds.
I’ve never understood how people expect to have a poorly-built home survive a hurricane. Of course insurance is going to be high because you have a cr@p home for the wind and water you will likely experience.
I don’t see why people complain about high insurance costs when they live in a hazardous area for the fun it provides.