Posts Tagged ‘property insurance’

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.)

Fla. MHC Residents Organizing to Change Rent Hikes

February 13th, 2013 Comments off

The Ledger tells MHProNews residents of MHCs around Fla. are organizing to pressure the Florida Legislature into enacting legislation that would link rent hikes to the Consumer Price Index (CPI) in their communities when a home changes hands. Ed Green says the current system is a deterrent to people interested in buying an existing home. In extreme situations, some residents simply move out and leave the home because they are unable to sell it. He proposes the new rent should increase to the lowest monthly rate in the community. Jim Ayotte, executive director of the Florida Manufactured Housing Association (FNHA), says the proposal is a form of rent control, which court rulings have forbidden, and that financial terms are spelled out in the contracts residents sign. He says the method of setting site rents is well defined, and to try and control that when a resident sells their home could force the owners to close the community if it becomes no longer profitable. He suggests residents would be wiser to pressure legislators for improvements in the property insurance industry. He said many seniors are unable to get adequate insurance for their homes.

(Photo credit: citybizlist–Stoll Manor MHC, Lakeland 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)

HUD and MOD Codes Ahead of County

June 1st, 2012 Comments off

TrinidadTimes says Las Animas County in southern Colorado has not updated its building codes since 2003, and county building inspector Joe Richards says updating them to 2009 standards might save homeowners and businesses on their property insurance. The Insurance Services Office rates buildings on a scale of one to ten with one being the highest. Las Animas is rated nine, and he says its due in part to poor inspection practices by a previous inspector and by the 2003 codes now enforced. The city of Trinidad updated its codes to comply with the 2009 International Residential Code (IRC), but the county commissioners want to discuss the new codes with area contractors. He says manufactured and modular homes are already being built to the 2009 standard, and he has recommended the county update soon. has learned since the codes are updated every three years, the county indicated it may upgrade to the 2012 codes.

(Photo credit: postandcourier /Jim Parker)

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 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)

Florida’s Largest MH Insurer Wants to Reduce

May 8th, 2012 Comments off

Following up on a story we published April 25, 2012, TCPalm says state-run Citizens Property Insurance in Florida wants to reduce its policyholders by some 687,000, 45 percent. Created by the state to provide insurance for manufactured home owners ineligible for private insurance, Citizens is now the largest insurance company in the state, with 1.5 million policies. In addition to raising rates, it will no longer cover carports and porches, has learned. The company says a major hurricane this season could wipe out its $6 billion surplus, and it’s artificially low rates discourages private business by making the market uncompetitive. However, some say private insurers will not return, especially not to high-risk coastal areas. One resident, knowing that living in Port St. Lucie in a manufactured home adds to the premium, expects his insurance to rise ten percent when his Citizens policy renews in November.

(Photo credit: InsideFlorida)

MHC Residents Upset with Insurer

April 25th, 2012 Comments off

Citizens Property Insurance Corp., created by the state to insure manufactured home owners not eligible for private insurance, is coming under fire from the homeowners for raising premiums while cutting coverage. FloridaToday tells Citizens insures 4,500 of the 4,900 homesites in Barefoot Bay and is now the largest property insurer in the state with 1.5 million policies. The community, located at the southern tip of Brevard County, south and east of Orlando, is the largest MHC in the state, as over 300 MHC residents packed a community center at Barefoot Bay to hear Citizens justify ending coverage for carports and screens while raising premiums an average of ten percent. Many were upset hurricane-hardening measures did not reduce their premiums. Christine Ashburn of Citizens said there were no studies to indicate those measures reduce damage to MH during a hurricane. Monte Stevens with the Florida Office of Insurance Regulation, says insurance availability is a major issue for traditional homes as well as MH, and the state is trying to lure more insurers in an attempt to lower premiums. He also says Barefoot Bay has been undercharged in the past. Members of the homeowners association say they will research the possibility of starting their own insurance company.

(Photo credit: FloridaToday/Tim Shortt—MHC residents at meeting)