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Posted by Louis Pak on January 25, 2006 at 11:55:23:

Im an insurance agent ( 25 years)in CT who wants to do "Lonnie Deals" in Florida. Being an agent, I figured I'd match my buying to the "underwrting criteria" and sail through. Not so fast buster. There are a few companies left
but the Minimum coverage "A" ( Dwelling ) is $40,000
Im told the 'small stuff' is all written through the
"...State (of Florida) Program, called "CITIZENS""
Heres a sample premium $10,000 coverage A Dwelling...$900.00
annual premium. Wow! Remember to 'Deduct for the Deductible'
and you're talking 10% of the 'face' in premium. There are also other parts to the policy;Liability/Med Pay/Loss Of Use
But the interests of the Note-Holder are protected through
the "Property Coverage A" portion of the policy...getting a policy to cover just THAT is done (Im told)by Leasing companies when the guy doesnt pay his regular car insurance. They then add it to the end of the lease.
Is there a similar product for lenders? I'll be looking.

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Posted by Dave Fl. on January 25, 2006 at 16:12:25:

Adding the premium to the end of a contract is illegal.
Don't beleive it? Ask Norwest Bank, I stopped them from doing just that 30 years ago and I still get escorted out of their banks whenever I identify myself to them. I cost them millions.
Dave Fl.

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Posted by JohnP on January 25, 2006 at 21:18:30:

Hi Louis, well that is about right. I just received a quote from citizens for a 1975 singlewide 15K minium insurance for $1200 dollars. This is a lenders policy, or forced insurance by the lender. I believe it is called an LB-1. Ahh, but look out for the business insurance when you become a licensed dealer. I have had quotes as high as $2,500 dollars for a 150 sq foot office space with 100K liability (mandatory by the city for an occupational license). I almost think it is time to move back to Long Island where it is probably cheaper to do business, just not too many mobile homes on the Island.

JohnP

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Posted by Rich[FL] on January 26, 2006 at 11:35:20:

Yup; that's my problem right now also. Just purchased a $10k MH last month and the MINIMUM insurance coverage I can buy is between $30-40k for around $650/yr. I'm still looking for other options.

Rich
(complaint mode)