mobile home insurance?
I'm shopping for mobile home insurance and wanted to know which of these companies is better. The first one is called Standard Insurance Agency and my quote says LIMIT OF LIABILITY $17,000 Manufactured Home Flood and Earthquake Coverage Included. Replacement Cost not included. Below are some of the coverage options they offer.
Optional coverage, Agreed Value for total loss to your manufactured home. The dollar amount on the declarations page for the manufacture home, less the policy deductible, is the amount you receive. No surprises or disappointments.
Replacement Cost on the Manufactured Home, Adjacent Structures and personal effects.
Optional coverage, covered losses under $2,500 no depreciation is considered when settling a claim. Covered losses over $2500 are initially paid on an actual cash value basis (replacement cost less depreciation) until repairs are complete or replacement has occurred. Once the damaged property is repaired or replaced, the invoices or receipts should be sent to us for reimbursement up to the recoverable depreciation amount.
The another company is Foremost insurance and their quote did not say much. All is said was replacement partials on mobile home and Mobile Home Comprehensive coverage $950 $17000. What that mean and which is better?
- MLv 77 years agoFavorite Answer
I would skip the third one because it doesn't provide enough information to make an intelligent decision. The first one looks like it provides coverage only in the event of a total loss. What if you have a fire in your kitchen and have damage, but it's not a total loss? It looks like that policy won't cover the damages. The second one weasels out of a replacement cost claim due to depreciation. You wouldn't get replacement cost on anything due to the depreciation.
I would call Nationwide and get a quote from them. They have a division that handles mobile home insurance. They're a top-rated, national company. I set my friend up with my Nationwide insurance agent for coverage of her mobile home, and she got good coverage at a decent price.
- AnonymousLv 77 years ago
An "Agency" sells someone else's insurance. So the policy is NOT "standard insurance agency". Limit of liability, just means how much you get if the mobile home is a total loss. It's "actual cash value", so that means you won't get the full amount of the cost to repair it - only the depreciated cost. And mobile homes depreciate to NO value, in about 25 years from manufacture.
Foremost insurance is a fine company - I sell for them - but I think if you sit down with the agent and Standard, and they expalin the coverage thoroughly, you'll be a lot less surprised at claims time. The policies for mobile homes are VERY limited.
- fahlmanLv 43 years ago
I stay in a cellular homestead, i do no longer understand how plenty that's according to year, yet could provide you an estimate of what I paid which grew to become into around 200 funds the 1st time. of direction yours could be diverse J J