Archive

Posts Tagged ‘insurer’

Manufactured Housing in Florida is Losing Insurance Coverage

April 26th, 2013 Comments off

As it looks for ways to drop its risk, marconews reports Citizens Property Insurance Co., the state-run insurer that covers 130,000 factory-built homes in Florida, most of which are over 20 years old, is depreciating older homes, offering cash value in case of a loss instead of replacement cost. In one instance, a couple did have coverage of $64,000 on their 1988 manufactured home purchased for $67,500 in 1998. That coverage, which cost $1,362 a year in 2012, has been reduced to $18,000, now costing $1,129 per year. If they did suffer a loss they could not buy much for $18k. Likewise, if they tried to sell their home, no one would likely buy it because it could not be fully covered. The change in coverage applies to manufactured homes built before 1994, which accounts for roughly 75 percent of all MH statewide. Jim Ayotte, executive director of the Florida Manufactured Housing Association (FMHA) says if the situation does not change, retirees may go elsewhere. As MHProNews has learned, he added if homes are destroyed, it will leave holes in communities. Legislation to counter Citizens’ cash-value policy has not made it through the legislative process. ##

(Photo credit: MHVillage–Lake Village MHC, Nokomis, Fla.)

Legislation would Demand Insurer Offers Full Coverage

February 5th, 2013 Comments off

Following a story we last published May 8, 2012 in which state-run Citizens Property Insurance in Florida stated it would no longer insure carports and porches, legislation has been filed in both chambers that would require them to do just that. In a bill backed by the Federation of Manufactured Home Owners of Florida as well as by James Ayotte, executive director of the Florida Manufactured Housing Association (FMHA), Senate Bill 378 and House Bill 573 would require Citizens to offer adequate coverage on manufactured homes and their related structures, attached and otherwise. The company had wanted to drop 45 percent of its policyholders and raise rates on the others, saying a major hurricane could wipe out its $6 billion surplus. As sunshinestatenews tells MHProNews, the goal of the legislation is to make sure MH owners are covered for the full value of their homes.

(Photo credit: Sunny Oaks Community)

Triad CEO Glisson Appointed to Board

May 15th, 2012 Comments off

InsuranceNewsNet says Don Glisson, Jr. Chairman and CEO of Triad Financial Services has been appointed to the Board of Governors of the state-run Citizens Property Insurance Corp. by Florida Chief Financial Officer Jeff Atwater. Citizens offers insurance to homeowners who cannot obtain coverage through private markets, many of whom live in manufactured housing communities, often on the coast where they are vulnerable to hurricanes. Triad is the oldest manufactured housing finance company in existence. In June of 2010 Glisson was named by the Jacksonville Business Journal as a “Ultimate CEO.” A May 8, 2012 story by MHProNews.com told how Citizens, which is now the largest insurer in the state with nearly 1.5 million policies, is reducing its client base so private insurers will return to the market.

(Photo credit: Triad Financial Services)