Florida mobile home insurer cancels polices
American Mobile Insurance Exchange reportedly made the move due to its deteriorating financial conditions.
A mobile home insurer based in St. Petersburg, Fla., canceled policies before the start of the 2024 hurricane season, Newsweek recently reported.
State insurance agents reportedly told news outlets that American Mobile Insurance Exchange (AMIE) is canceling coverage for mobile and manufactured homes statewide due to growing reinsurance costs.
AMIE said In a company bulletin cited by Newsweek that the cancellations were issued as part of its plan to withdraw from the mobile homeowners’ market in Florida prior to the beginning of the 2024 hurricane season. “This plan to withdraw is due to deterioration of AMIE’s financial condition,” the bulletin said.
In March, AMIE told policyholders and agents that it was canceling over 1,100 policies within 45 days, with unearned premiums and subscriber surplus contributions being returned by June 3.
Meanwhile, the latest data compiled by ValuePenguin shows the average cost of mobile home insurance in Florida sits at $112 per month, or $1,349 per year.
“Well-known insurance companies, like State Farm or Allstate, don’t sell mobile home insurance in Florida,” the ValuePenguin report said. “Mobile home owners in Florida will typically need to buy insurance through a smaller insurance company that specializes in covering Florida homes.”
A standard mobile home insurance policy doesn’t include flood protection.
At the national level, the average cost of mobile home insurance ranges between $700 and $1,500 per year, which typically covers the structure, personal property, liability and loss of use during a covered claim.
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