Published at Wednesday, April 18th, 2018 - 09:47:39 AM. Mobile Home Insurance. By Durand.
Damages to your belonging, whether inside or outside of your mobile home, caused by certain accidents can be covered by an insurance specifically made for them. Insurance companies labeled it as physical damage coverage; it also protects your RV from physical damages caused by nature such as wind, fire and floods; coverage to vandalism and free falling objects is also possible. In terms of legal matters like claims and lawsuits, your insurance must have the capability to protect you. Liability coverage is the one that is going to protect you from lawsuits and claims, by paying your legal expenses if ever some filed a lawsuit against you. Medical expenses, property damage, suffering, pain, and lost wages are included in your insurance claims. However, policy does not cover injuries sustained by household members or holders. Insurance liability coverage is not liable to pay damages done by the holder, in case the complainant file for a lawsuit. Direct to the point, some insurance companies choose this approach in their coverage. Their target is not to confuse possible and future customers. It is labeled by many as comprehensive policy.
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.
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