Finding affordable insurance coverage is getting even more difficult for Florida homeowners as American Mobile Insurance Exchange (AMIE) announced it’s canceling mobile and manufactured home policies across the Sunshine State.
Florida’s Office of Insurance Regulation is supervising AMIE’s runoff after the insurer cited $15 million in losses over three years, Insurance Information Institute (Triple-I) Corporate Communications Director Mark Friedlander told Insurify.
Of its 9,541 policies, Friedlander said AMIE canceled about 1,100 early, negotiated with American Traditions Insurance Company for it to assume around 8,000, and let the rest expire at term’s end.
“In a consent order for public administrative supervision, American Mobile said it couldn’t maintain the required surplus and doubted its ability to secure, on ‘viable terms and pricing,’ adequate catastrophe reinsurance for the current hurricane season,” Friedlander said.
The cost of home insurance
Florida is the most expensive state for home insurance in the nation. Florida’s average annual home insurance premium is already more than $10,000 for $300,000 of coverage and …