I want to know why a 1969 mobile home contained by fla cost $2300 a year for insurance, but a 4 bd home cost matching?
will the insurance commisioner help with this? I enjoy a rental and it only cost $500 a year to cover but since I moved in it in a minute cost $2300 a year to cover..this seems very unreasonable.
Answers:
Recent hurricanes hold increased insurance rates in FL. And a mobile home is more likely to blow away contained by the wind (higher risk).
Hurricanes will tear up a mobile home.
A 4 bed room site built home is much more stable and smaller number susceptible to damage.
All insurance rates are approved by the Department of Insurance. So filing a complaint near them won't get you a lower rate.
All you can do is keep shopping around to find the cheapest insurance you can attain.
But in Florida, it's going to be expensive.
I suggest you consider the cost of insurance in your rent (since it is a rental unit).
Unfair? Possibly - yes. Can the insurance commissioner help? No.
Insurance rates are all file and approved by the department of insurance.
In a nutshell: a mobile home is more likely to be damaged / destroyed that a single home home. Especially one that is 30 yrs old, as those built put money on then are not considered as "sturdy" as ones currently being built.
Also, a rental property that is to say insured has limited coverages, compared to one i.e. owner-occupied.
Part of the problem, is FL is one of the most heavily regulated states in the country. Rates are mandated and controlled by the legislative bodies of the state system. As a result, many companies over the past 10 yrs enjoy decided to leave FL and not do business here (see recent events on State Farm, as a prime example). Hence, nearby are less companies to choose from. FL is a sad example of supply & constraint.
Hope that helps shed some light. I do agree, though - not carnival at all. Source(s): 25 yrs of insurance industry experience
Related Questions:
Answers:
Recent hurricanes hold increased insurance rates in FL. And a mobile home is more likely to blow away contained by the wind (higher risk).
Hurricanes will tear up a mobile home.
A 4 bed room site built home is much more stable and smaller number susceptible to damage.
All insurance rates are approved by the Department of Insurance. So filing a complaint near them won't get you a lower rate.
All you can do is keep shopping around to find the cheapest insurance you can attain.
But in Florida, it's going to be expensive.
I suggest you consider the cost of insurance in your rent (since it is a rental unit).
Unfair? Possibly - yes. Can the insurance commissioner help? No.
Insurance rates are all file and approved by the department of insurance.
In a nutshell: a mobile home is more likely to be damaged / destroyed that a single home home. Especially one that is 30 yrs old, as those built put money on then are not considered as "sturdy" as ones currently being built.
Also, a rental property that is to say insured has limited coverages, compared to one i.e. owner-occupied.
Part of the problem, is FL is one of the most heavily regulated states in the country. Rates are mandated and controlled by the legislative bodies of the state system. As a result, many companies over the past 10 yrs enjoy decided to leave FL and not do business here (see recent events on State Farm, as a prime example). Hence, nearby are less companies to choose from. FL is a sad example of supply & constraint.
Hope that helps shed some light. I do agree, though - not carnival at all. Source(s): 25 yrs of insurance industry experience
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