What does it mean "financially" if your mobile home is totaled from a fire by an insurance company?
My mobile home caught on fire but only one room was destroyed.The rest of the house,about 90 %, sustained smoke damage. What would happen to the home? Would it be mine or the insurance company's?
- Steve BLv 71 decade agoFavorite Answer
They will compare the 'insured value' of the home and the cost of repair.
If they believe the repair cost exceeds the value, they will 'total' it and pay you the 'insured value' (which may be a lot less than the replacement cost).
The damaged property is then owned by the insurance company.
However what are they going to do with a half wreaked house/car etc ? = it's a real pain for them (sorting ownership documents, selling at auction etc) so almost ALL will offer you the chance to 'buy out' their interest in the property by taking a lower 'value' pay-out ..
Often you will find the 'value' you get will be more than enough to do your own repairs (assuming you put in a lot of your own effort and only pay for specialist for things you can't do yourself)
- AnonymousLv 71 decade ago
If the insurance company totals out your mobile home, and pays the actual cash value for it, it becomes theirs.
- 1 decade ago
you have to repair and claim from insurance company.