Mobile Home Owners Weigh Rare Offers From Start-Up Insurer
By Charles Elmore, The Palm Beach Post, Fla. | |
McClatchy-Tribune Information Services |
One offer to a
That's a key question for mobile home owners, thousands of whom have seen their coverage sharply reduced under an internal company decision by Citizens. In some cases, the cash-value coverage from Citizens -- often far less than the replacement coverage many had until recently -- amounts to less than half or even a quarter of what it would cost to rebuild.
Many retirees on fixed income have expressed fears in public meetings that could leave them homeless after a storm.
In a statement to
"When Mount Beacon assumes policies from Citizens, we provide exactly the same coverage as provided by Citizens," Winterbottom said. "If a customer believes that his or her policy does not provide adequate coverage relative to the value of their home, the customer should contact his or her agent to request a change to the policy."
The company "will evaluate each such request on a case-by-case basis and make any changes accordingly," he said.
Mobile home owners typically have not been the targets of widespread Citizens takeout letters, but some are included in the latest round of offers. Wider customer choice comes as welcome news for many, though
The insurer was announced by regulators as a new entrant to the
State insurance regulators said Mt. Beacon was approved for offers up to 47,900 policies in November and 29,515 policies in December.
If consumers do nothing when they get a takeout letter, they are automatically transferred to the new insurance company. Residents have a right to remain with Citizens if they choose, however, and may wish to check with agents to vertify what coverage they are getting for the price.
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