Florida Homeowners Struggle with Rising Insurance Costs
NORTH FORT MYERS, Fla. — Many Florida homeowners are finding it increasingly difficult to secure affordable home insurance, particularly those in manufactured or mobile homes. This is a growing problem as more of these types of homes are appearing on the market.
Many homeowners say they have fewer options this year when looking for residential property insurance. As a result, more manufactured homes are being listed for sale in North Fort Myers.
Joyce and Don Hawley, residents of North Fort Myers, report that their insurance rates have significantly increased. They currently rely on the state-run Citizens property insurance, the only provider willing to insure their manufactured home, and their costs continue to rise.
“It’s gone up tremendously,” said Don Hawley. “What? One third more in one year’s time, and I’ve talked to a lot of people that seem to think this same problem.”
Several of Hawley’s neighbors are now forced to go without insurance because of the escalating costs and limited choices.
“Who’s to say that insurance isn’t going to jump even more in another year?” Hawley questioned.
American Mobile Insurance Exchange recently withdrew from the Florida market.
“They were a cornerstone piece of securing insurance coverage for manufactured homeowners. So, we’re obviously upset to see them leave the market,” explained Doug Nellans from The Insurancenter of Fort Myers.
Other insurance companies are choosing not to renew existing policies.
“The challenge for insuring manufactured homes in Florida has always been, how well do these homes stand up against hurricanes? And the answer to that question is heavily influenced by the age,” Nellans stated.
He added that it can be exceedingly difficult for older manufactured homes to obtain insurance.
“For anybody that has a home prior to 1990 year built, they’re still going to see continued challenges with pricing, with eligibility and also, getting the proper type of coverage,” Nellans said. This is causing many owners to sell their homes with the manufactured home market in Southwest Florida being flooded with listings.
Don and Joyce are considering selling their home.
“We haven’t quite decided yet,” Don said.
This situation is another sign of the ongoing challenges in the home insurance landscape, pushing homeowners to make tough decisions.
