This is why I don’t like to insure mobile homes. Most policies are actual cash value policies, but you can choose replacement cost coverage. When you request replacement cost coverage the insurance companies calculates the replacement cost and it is close to the replacement cost of a site built home. When I give the customer the rate with replacement cost they almost pass out and don’t want the RC coverage. Of course, when they buy ACV coverage and have a claim they get upset with they don’t receive RC coverage. It makes me nervous to insured a mobile home.
Plenty of insurance companies offer a “Replacement Cost for Partial Losses” endorsement that doesn’t require the dwelling coverage limit to be set at replacement cost.
I appreciate the comments I just read, my parents mobile home was declared a total loss due to hurricane Ida, on their insurance policy declaration page the structure has replacement cost coverage, the personal property coverage limits are 29,000, my adjuster wrote a check for 30,000 for the structure stating he gave us an extra thousand for the NDA value difference, I am confused as to why they wouldn’t pay for a new mobile home if they have replacement cost coverage. I asked the adjuster if this was an a c v payment he said no, but the breakdown estimate states it is.. I am so confused, just trying to get my 80 and 83 year old parents what they are entitled to.
This is why I don’t like to insure mobile homes. Most policies are actual cash value policies, but you can choose replacement cost coverage. When you request replacement cost coverage the insurance companies calculates the replacement cost and it is close to the replacement cost of a site built home. When I give the customer the rate with replacement cost they almost pass out and don’t want the RC coverage. Of course, when they buy ACV coverage and have a claim they get upset with they don’t receive RC coverage. It makes me nervous to insured a mobile home.
Plenty of insurance companies offer a “Replacement Cost for Partial Losses” endorsement that doesn’t require the dwelling coverage limit to be set at replacement cost.
I appreciate the comments I just read, my parents mobile home was declared a total loss due to hurricane Ida, on their insurance policy declaration page the structure has replacement cost coverage, the personal property coverage limits are 29,000, my adjuster wrote a check for 30,000 for the structure stating he gave us an extra thousand for the NDA value difference, I am confused as to why they wouldn’t pay for a new mobile home if they have replacement cost coverage. I asked the adjuster if this was an a c v payment he said no, but the breakdown estimate states it is.. I am so confused, just trying to get my 80 and 83 year old parents what they are entitled to.