St. Petersburg, Florida –
According to Mark Friedlander from the Insurance Information Institute, a St. Petersburg insurance company is terminating approximately 1,200 insurance policies for mobile homes.
In a message sent to 10 Tampa Bay, Friedlander mentioned that the company had issued a notification in March to approximately 1,100 policyholders of Florida manufactured/mobile homes, informing them that their policies would be terminated within 45 days “because of their worsening financial situation.”
“In the email, Friedlander mentioned that policyholders affected by the situation have been assigned to either Citizens or a private insurance company specializing in mobile/manufactured home policies.”
According to a different article in the Insurance Journal, the company plans to provide reimbursements for unused premiums and extra contributions to policyholders on June 3 to assist them in obtaining new coverage.
According to a report by Insurance Journal, the cancellations from American Mobile Exchange are being seen as a sign that the mobile home market in Florida is deteriorating.
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According to Insurance Journal, the company was considered a crucial support for a segment of the state’s mobile home industry, but it seems that financial troubles had been brewing within the company for several months.
During a different conversation with WESH in Orlando, Friedlander mentioned that, despite the difficulties in obtaining insurance for mobile and manufactured homes in Florida, the typical rate hikes in the regular market are currently staying below 2%.
“Friedlander informed WESH that nine companies have requested reductions in rates.”
Furthermore, Friedlander informed 10 Tampa Bay that American Mobile reached an agreement with American Traditions Co. at the end of March to take on approximately 8,000 extra policies for manufactured/mobile homes.
“In the email, Friedlander mentioned that policyholders will have uninterrupted coverage according to the conditions of their current American Mobile policy.”
