Okay bought our dream in the country retirement property last November (paid cash-as is). Had a 1994 mobile home on it which I planned to have yanked off. The sellers a sweet old couple who could no longer take care of the 6+ acres, but really liked us and our college age kids decided to be generous and after accepting our offer they put a new roof and siding on the house along with a new well pump and paid the taxes for 2014. WOW, THANK YOU!!!!!!!!!!!!!!!!!!!!! Is all I can say. The mobile home was actually in very good shape physically and the property is 6 + acres cleared with big trees around for shade for horses, fenced, cross fenced, new four stall pole barn, two 12'x12' wood frame out buildings and one 25'x12' out building (my new shop). Cosmetically the interior was "Early American Mobile Home" worn out. So wifey and I decided to remodel the interior and keep it. The mobile home was worth maybe $5K and we gutted it and put in all new. Still only makes it worth $15k maybe $20K. Time for some insurance so I can have liability coverage. My insurance guy (been with them since 1983) does not write policies for mobile homes, great. Got a quote from someone for $2450.00/year after they valued home and contents at $25K!!!!!! Are you crazy? Do you really believe anyone would pay 10%? Most quotes were $700-$1100/year (all were quoted with no flood, no sinkhole, no pets/horses don't count, no pool, no trampoline). Stopped by my insurance company's office yesterday to renew auto, current home and business ins. Told him of my dilemma. His wife finds me a policy covers everything but flood (property is high and if it floods Florida is under water anyway) with $300K liability for $490.00. She says don't tell anyone what we did for you............... Mikey
Florida insurance companies are paranoid about hurricanes. My bride and I pay more then twice as much for homeowners' insurance on our little vacation home in SW Florida, as we do for la casa grande here in MA, which is valued at five time the price of the Florida house. Homeowners insurance in Florida is a major ripoff.
Actually John it is the State Florida Insurance Commission that sets rates not the insurance companies. Insurance companies can ask for rate hikes but the commission sets the rates. All insurance for homes withing a mile of a coastline are subsidized by homeowners inland. People on the coast pay the same rate as I do 80 miles inland and all that is the insurance commission's doing. I went to the commission and asked why homes in Florida are charged at an average of a 1% rate. I told them no way 1 in 100 homes is destroyed in Florida every year (I know there is overhead). The insurance commission says 1 in 10,000 homes is destroyed in Florida yearly and that is the payout rate. So why charge 1%? Kickbacks at the insurance commission must be better than in Congress and the Senate. Mikey
They are quoted on replacement value. You will not get the insurance company to buy you a used $15k mobile home if something happens to it. About the cheapest new on the market is $25k, maybe $25k.
