Wow...I have homeowner’s w/State Farm (we’re in the same area.) We’re not far from the water, but in a no-evac zone. We’ve had our insurance with them for 20 years...never filed a claim. We’ve seen steep increases over the past few years, but stayed with them because when I investigated the other policies, State Farm’s was more comprehensive. Stil for our home, which has replacement coverage of over a couple hundred thousand, we pay $3600/per year so the $3000 they pay for the mobile home seems so high.
If State Farm drops us, maybe we’ll just take liability. If you don’t have a mortgage you don’t have to have insurance, and I know quite a few people who “self insure” these days. The thing about having the insurance, if a hurricane comes through, you still pay the huge hurricane deductible before you can collect any money from insurance, so self-insurance is probably just as good a deal.
A guy down the street from me in Phoenix owned his home free and clear. Unfortunately he was a bit of a “hoarder” and when his house caught fire, there was so much stuff inside the firemen could not get in and fight the fire. He was also self-insured. Today there is only grass growing on the lot inside a chain link fence. Poor Marv.
Now you know another.
I used the money saved with no insurance premiums to upgrade the structure and to install automatic fire suppression systems and alarms.
The property is even worth more with those improvements.
Port St. Lucie, Florida.