Mobile Home Insurance

[jinky]

What is the name of your state? Arizona

I have MH insurance, but I am underinsured. After Katrina I called my insurance company and told them that I could not replace my mobile for what it was insured. She said that I could and would not budge. I am insured for $50,500 and I have checked around and the cheapest I could pay to replace it in case of a disaster is $90,000. Included in my premiums is a charge for "mobile home replacement cost", but was told that only still insures me for the $50,500. Looking at my premiums it says this:

Coverages
comprehensive mobile home, (amount of insur) 50,500 (premium) $285.00
comprehensive unattached adjacent structure,(amount of ins)5,050 (premium)included
comprehensive personal effects(amount of ins) 24,750 (premium) included
comprehensive personal liability(amount of ins) 100,000 (premium)12.00
medical payments (amount of ins) 500 (premium)included
personal effects replacement cost (premium)included
mobile home replacement cost (premium)20.00
enhancement endorsement (premium)1.00

My fear is that I am underinsured and they won't let me insure for more even though I am will to pay the extra amount. I can't afford to change company's right now becuse I had a claim a couple years ago for roof damage and the new companies want to charge me almost twice as much because of the claim. they said to wait until it falls off before switching. How can I make my insurance company insure me for the right replacement value? The name of the company is American Reliable in case that makes a difference. Thanks in advance for any advice you have.What is the name of your state?What is the name of your state?What is the name of your state?

 

[seniorjudge]

Q: How can I make my insurance company insure me for the right replacement value?

A: Pay the premium they ask.

 

[weenor]

What is the name of your state? Arizona

I have MH insurance, but I am underinsured. After Katrina I called my insurance company and told them that I could not replace my mobile for what it was insured. She said that I could and would not budge. I am insured for $50,500 and I have checked around and the cheapest I could pay to replace it in case of a disaster is $90,000. Included in my premiums is a charge for "mobile home replacement cost", but was told that only still insures me for the $50,500. Looking at my premiums it says this:

Coverages



comprehensive mobile home, (amount of insur) 50,500 (premium) $285.00
comprehensive unattached adjacent structure,(amount of ins)5,050 (premium)included
comprehensive personal effects(amount of ins) 24,750 (premium) included
comprehensive personal liability(amount of ins) 100,000 (premium)12.00
medical payments (amount of ins) 500 (premium)included
personal effects replacement cost (premium)included
mobile home replacement cost (premium)20.00
enhancement endorsement (premium)1.00

My fear is that I am underinsured and they won't let me insure for more even though I am will to pay the extra amount. I can't afford to change company's right now becuse I had a claim a couple years ago for roof damage and the new companies want to charge me almost twice as much because of the claim. they said to wait until it falls off before switching. How can I make my insurance company insure me for the right replacement value? The name of the company is American Reliable in case that makes a difference. Thanks in advance for any advice you have.What is the name of your state?What is the name of your state?What is the name of your state?

Start pricing around to different companies and/or agents for the replacement coverage you want. I think you are misunderstanding something. What does AZ have to do with Katrina?

 

[Country Living]

I realize I am rusty on my mobile home insurance rules; but, I have no memory of the insurance on mobile homes being true replacement coverage instead of actual cash value (depreciated).

Will you please look at your policy and see how the "mobile home replacement cost" endorsement is stated?

 

[moburkes]

If you underinsure your house (ie $50k, instead of $90k), then the insurance company is NOT going to replace your house for 90k. Instead, they will pay a proportionate amount, based on the amount of insurance you had. So, if the loss was $9000, they would only be responsible for 5/9ths of that, or $5000, minus your deductible.

If that was the case, then we could all insure our homes for $1, with replacement cost, and expect to get paid for the full replacement cost of the house.

 

[jinky]

Start pricing around to different companies and/or agents for the replacement coverage you want. I think you are misunderstanding something. What does AZ have to do with Katrina?

Arizona has nothing to do with Katrina. I only mentioned Katrina because it made me look at my insurance policy.

I thought I had made myself clear, but i guess not with all the responses I got.

Why won't my insurance company insure me for the correct amount? It is not the case of wanting to pay $1 for a large insurance policy. I will pay the going rate for the proper insurance coverage. Right now my mobile is insured for $50,500. If it burns to the ground right now it will cost me $90,000 to replace it. I wnat to be insured for the price it will cost me to replace it and am willing ot pay extra for it, but they say I can replace it for $50,500. I know I can't.

 

[weenor]

Arizona has nothing to do with Katrina. I only mentioned Katrina because it made me look at my insurance policy.

I asked because I was near where Katrina hit landfall and when I tried to get additional coverage one week before the storm was due, I learned that the insurance companies had quit writing new policies and/or riders in the entire State of Alabama until after the storm.

I thought I had made myself clear, but i guess not with all the responses I got.

Why won't my insurance company insure me for the correct amount? It is not the case of wanting to pay $1 for a large insurance policy. I will pay the going rate for the proper insurance coverage. Right now my mobile is insured for $50,500. If it burns to the ground right now it will cost me $90,000 to replace it. I wnat to be insured for the price it will cost me to replace it and am willing ot pay extra for it, but they say I can replace it for $50,500. I know I can't.

Then find another insurance company. I know that State Farm and Foremost provide replacement cost (for an extra fee) coverage for manufactured housing if the home is FHA approved (concrete footings, etc. . .) and I am almost certain that Foremost provides coverage even without a concrete footings. You need to shop around.

 

[jinky]

Then find another insurance company. I know that State Farm and Foremost provide replacement cost (for an extra fee) coverage for manufactured housing if the home is FHA approved (concrete footings, etc. . .) and I am almost certain that Foremost provides coverage even without a concrete footings. You need to shop around.

Thank you.

 

[Bigfoot]

It may seem like be a matter of semantics, but do you have a single wide, doublewide or a modular?

Singlewides and doublewides don't generally appreciate as a modular might, possibly because there are always newer features added that could cause an older model to be outdated.