Published at Saturday, April 14th, 2018 - 07:47:55 AM. Mobile Home Insurance. By Durand.
ACV (Actual Cash Value) or Replacement Cost? These are the two options that you will have to choose between. Surprisingly, most people end up with an ACV policy. This is bad news for the policy holder. ACV policies take into account depreciation of the home when it comes time to pay out for a claim. If your home is 15 years old, they depreciate the estimate to repair your home by 15 years and give you the balance less your deductible. I have personally seen countless policy holders receive as little as 30% of the cost of the estimate. The insurance company will then expect the policy holder to pay the difference. This is pretty common since ACV policies are rather inexpensive to buy and people are often misled into a false sense of protection.
Finally, make sure your mobile home insurance policy not only insures your mobile home, but also insures the surrounding property and out buildings. Have adequate coverage to give you enough money to replace your home in the event that something happens to it. Find a good policy that will cover things like fire, storm damage, smoke damage, explosion and damage from vandalism. Nothing is more frustrating or disheartening than to have a disaster, whether natural or man made, wipe out your home, only to discover that it was not covered. A manufactured home is your home. You need to have it covered just like any other home. Compare insurance companies and read all of the fine print. Get everything in writing. Then get the best deal you can on your mobile home insurance policy.
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