Mobile Home Insurance

Posted on August 22, 2008

To find a good mobile home insurance company requires a few simple steps. It is advisable to get a policy with more coverage even if it may cost a little more. The least expensive policy will often have the least amount of coverage so it is best to compare both price and coverage. There are 3 main things to look for when buying this type of insurance.

First, personal property or possessions: this includes furniture, clothing, electronics, appliances, etc. You should make a list of these as well as take photos. Keep both the list and photos off site in a safe deposit box.

Second, liability coverage – your assets: this pays for someone’s medical bills if they accidentally get hurt on your property and property damage expenses if you damage their property. It also pays legal fees and court costs. For liability there are options from $25,000 to $500,000.

Third, insurance on the mobile home itself and surrounding property: there are 2 types of this coverage. Replacement cost coverage pays to replace your mobile home after it has been destroyed. Actual cash value coverage pays to replace your home after it’s been destroyed, but only for its depreciated value.
Find a good policy that covers things like fire, storm damage, smoke damage, vandalism, explosions. Nothing is more disheartening than to have a natural or man-made disaster wipe out your home, only to find out it was not covered.

In your search be sure to get and compare quotes from 5 or more insurance sites. You can check out a company with the Better Business Bureau (BBB) for consumer response. You can also see its financial standing by checking with A.M. Best Co., Standards and Poor’s Insurance Rating Services, and Phelps Inc. Also, before you purchase a policy verify from you state’s department of insurance website that they are licensed to provide insurance in your state, and you can also check the company’s rating.

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Find home insurance

Posted on August 12, 2008

Where do people search most for home insurance?  Well, no matter where you live in the United States, home owners insurance is a necessary evil.  Without it, you risk losing your house, and even more in some cases (such as where a person is injured).  Here is a chart of how often home owners looking for home insurance by state (in 2008):

1. Florida
2. Mississippi
3. Louisiana
4. Texas
5. Georgia
6. Oklahoma
7. Arkansas
8. Tennessee
9. Alabama
10. North Carolina

Seems that Wyoming just doesn’t have that many houses :)  The only major shift in the last four years actually was from Louisiana to Wyoming.  As you might imagine, home insurance became a hot topic in the Louisiana area the after Katrina hurricane hit.  There were probably a lot more people looking for new carriers after they realized their coverage wasn’t as helpful as they had hoped.

In some upcoming posts, I will discuss some of these specific states and what makes them unique.

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What is homeowners insurance?

Posted on August 12, 2008

Home owners insurance protects the home owner from losses in the case of a disaster or other unexpected event.  It can be purchased from many insurance companies, and is a contract between you and that company.

In short, you pay a small monthly fee, and they protect you in times of need, as long as you still have the contract (are paying the insurance).  This is beneficial especially if a catastrophic event occurs.  You can never know if this might happen to your home.

Homeowners insurance also protects the tenants, and often times, those at the residence at the time of the incident; much like a car insurance policy works.

Eventually, we will cover topics such as how to shop for (or buy) homeowners insurance to best meet your needs, the types of insurance, coverage limits, and what you can really expect from your homeowners insurance company, and even rules and specific things to watch out for in specific states.

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