Real Property

Manufactured home insurance is different than other types of homeowner insurance. Resolve your questions and concerns here!
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Lisa Arsenault

Real Property

Post by Lisa Arsenault » Mon Nov 14, 2005 6:11 pm

Hi,
I spoke to an insurance agent who suggested I get my doublewide deeded as real property. Can someone tell me why I should do this?
Thanks,
Lisa

rmurray

Re: Real Property

Post by rmurray » Tue Nov 15, 2005 9:54 am

I have no earthly idea why an insurance agent might say this..will make no difference with most companies...

Retiring your title might well have some tax advantages..it does in some states..Also some mortgage lenders would require this for the best loan terms...

Donald

Re: Real Property

Post by Donald » Sun Mar 05, 2006 7:31 am

Don't know about any other state but in NC you would be able to get an HO3 policy if MH is real property verus a MH policy. Following is the difference

HO3 MH
Cost $400.00/YR $1350.00/YR
Coverage replacement replacement
Personal Property 70% of home cost 30% of home cost
Earthquake no coverage coverage
Flood no coverage coverage

Flood and earthquake coverage is very important if you live in flood zone or earthquake areas. I would ask the agent why and listen closely to their response. Everyone should review and understand any insurance coverage they have before there is a loss. In NC a lot of folks insure their homes with ACV (Actual Cash Value) and think they are covered but ACV simple means that they will be paid the price the insurance company determines the home was worth at the time of loss. I promise this will be a nightmare to deal with.

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