Reader’s Question:

I’ve called up my insurance company for my mobile home here in Waco, Texas recently. I’m being offered an additional option to my current policy called “Additional Living expenses coverage,” is this a good idea?

Jojo

Waco, TX

Let’s define the subject first, Additional Living Expenses coverage basically means that your insurance company will pay you for any extra cost incurred by you, such as additional expenses for food, shelter etc., necessary to maintain your normal standard of living when a direct property or covered physical loss within your policy makes your home uninhabitable for a certain period of time as defined within your insurance terms and conditions. This policy may or may not include added costs of temporary renting, food and other increased costs incurred.

In my opinion, if you are going to pay for something to insure your house, you might want to get this added to your policy. It might seem to be an unnecessary addition to some on their home insurance but say that your house burns down or is badly damaged by a storm, the last thing you would want to worry about is how you will get by on a daily basis, having to find a place to stay until your premise is habitable again, when you could have had this added in your policy and let your insurance company worry about it for you. Talk to your insurer for your home in Waco, Texas and make sure you have an idea exactly what they will cover you for with this policy and for how long. A policy that will provide you everything you would reasonably need for until you are able to shoulder everything on your own is already a good option.

Tags: mobile home, mobile home insurance

Reader’s Question:

I’ve recently purchased a mobile home here in Wichita Falls, Texas. I just notice something that says “Liability protection” as an option in my mobile home insurance policy, what is that?

Jacob

Wichita Falls, TX

The term ” Liability Protection”, in the context of a mobile home insurance policy, basically means coverage for the insured party from liabilities incurred where he/she is obligated by law to compensate for any damage or loss due done to another party. In this case, any damage to the property that the insured might have caused to a third party can be covered by an insurance policy under Liability Protection. For example, say you were driving and managed to crash your car on another person’s garage, the property damage you have caused may be covered in this policy. Note that this is something that an insurance company would rarely be happy to cover for, but in the essence of additional profit or as a competitive edge they will, so as a consumer you should be well aware of their terms and conditions regarding this.

In the long run though, this is generally a good idea to anyone considering their first mobile home insurance policy. Although it is an extra premium you pay for every month, it can potentially save you thousands of dollars more in the event that you do manage to cause property damage to someone else. You may want to consult your insurance company there in Wichita Falls, Texas, regarding what exactly will be and will not be covered under their Liability Protection policy. Remember that this is only a wise option as long as you are aware exactly how it works and how it can be to your advantage to have one.

Tags: mobile home, mobile home insurance

Reader’s Question:

The nest is empty! Everything is changing. Retirement is near. My bride and I are anxious to see what we can do to control our costs. I was surprised by the cost of our mobile homeowners insurance. We now own our home free and clear and over the past 30 years, we have never had a claim. Any suggestions?

Clyde

Newport, RI

Congratulations, Clyde!

Mobile home insurance should be reviewed regularly. There are some pretty conventional ways to reduce your premiums. Look closely at any riders and see if they are still relevant. Your homeowners insurance has a standard deductible. With your track record, you may consider increasing that deductible to as much as $1,000.00 or could be more. This will dramatically reduce your premiums.

You can also make some improvements to your home. How about considering a security system? Installation should reduce the cost of your homeowners insurance. Don’t forget about smoke detectors. Sounds like you may have purchased your home before they were mandatory.

Over the years, you may have spread your insurances to various carriers. Some providers discount homeowners insurance if other coverages are consolidated with them.

As your mortgage is paid, you have a little more flexibility than most property owners. Most likely, your homeowners insurance provides for certain disasters. You should review these items and consider eliminating unlikely occurrences from your mobile home insurance policy. This can also definitely lower your premium. Be prudent, be safe at this very happy time. Again, congratulations Clyde.

Living in Boston often means more expensive Boston MA mobile home insurance because it is a coastal state. Sometimes, whenever a disaster comes, people find out too late that their Boston MA mobile home insurance doesn’t cover the damages. In that case, what do you do?

If this happens and your Boston MA mobile home insurance policy doesn’t cover you, then you should contact FEMA, which can help you in a variety of ways.

• Financial assistance for repairs or other housing
• Financial assistance through your local government
• Grants that allow you to prevent damage in the future

Q: How can I get a better California mobile home insurance quote?

A: If you want cheap California mobile home insurance, then you should consider asking your California mobile home insurance about the discounts they offer. This is especially important in your state because, thanks to high risks such as fires and floods, California mobile home insurance tends to cost more than the usual policy.

One discount that your California mobile home insurance company probably offers is the multiple policy discount. If you get your car insurance, life insurance, California mobile home insurance, etc. with the same company, then you can pay less on all of your policies.

Most companies reward loyalty, and it’s no different when it comes to cheap mobile home insurance. One way to get cheap mobile home insurance is to simply do nothing–which is to say, keep on with the same company for a few years, and they’ll give you a better cheap mobile home insurance rate.

However, this is no excuse to avoid shopping around. Although being a loyal customer may get you cheap mobile home insurance prices, it’s often the case that you can get even bigger discounts by seeing what the market has to offer.

Q: What are named peril and all risk Florida mobile home insurance, and which should I buy?

A: Well, which kind of Florida mobile home insurance you should buy depends on how much money you have and also where you live. You should consider expenses, of course–all risk Florida mobile home insurance is more expensive. However, all risk Florida mobile home insurance also covers more.

With named peril Florida mobile home insurance, you are able to choose in which events you wish to be covered. If you lived in Oklahoma, you might want tornado insurance, or fire insurance if you lived in California, but depending on what area you will be buying your Florida mobile home insurance in, you might be able to settle for only flood insurance.

If you want to find cheaper rates for your Florida mobile home owner insurance, you might find them by looking at a couple of important things in your life–your job and your college degree.

Many companies and universities have groups that you can join where, as a member, you will get discounts on your Florida mobile home owner insurance policy. Being part of a crowd never felt so good. Call up your home office and your alma mater and see what they have to offer in this area.

Q: I’ve applied a bunch of discounts to my mobile home insurance coverage, but how do I get my rates even cheaper?

A: Well, I’ll tell you the way that is both the easiest and the best: raise the deductible on your mobile home insurance coverage. Never go with the smallest amount, and take the highest whenever possible.

Depending on how much you raise the deductible on your mobile home insurance coverage, you could achieve huge savings. In some cases, you can save as much as a quarter of your current mobile home insurance coverage rates.

We know that when you crash your car, you receive a value from your insurance company called actual cash value, which is the value of your vehicle minus depreciation. How does that work, though, for mobile home insurance in Florida if your home is destroyed?

Most companies that sell mobile home insurance in Florida offer both actual cash value and reimbursement, the latter of which is the complete value of your mobile home without depreciation removed. However, after you’ve had your mobile home for about five years, many companies which sell mobile home insurance in Florida will only give you the actual cash value.