Why is our insurance so expensive?

Manufactured home insurance is different than other types of homeowner insurance. Resolve your questions and concerns here!
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hogeye
Posts: 3
Joined: Thu Apr 19, 2007 10:25 am

Why is our insurance so expensive?

Post by hogeye » Thu Apr 19, 2007 10:41 am

We have a 1991 Norris mobile home, brick foundation, tied down, heat pump, plastic pipes, smoke alarm, paid in full. It is not in a trailer park. Our area has no tornadoes nor hurricanes, no flooding, no earthquakes. We had the strongest winds recorded in the last 30 years, and our home did not budge. We live North Carolina, just three blocks from the city limits, so the city water runs down into our area, with a fire hydrant directly across the street, and a fire station within two miles. We live on a half acre, have mixed housing around us, including nice two-story homes, regular houses, mobile homes, nothing commercial nearby. We have $7,000 adjacent structures, $50,000 liability, $500 deductible, and replacement coverage. We bought this 1075 sq ft trailer for $62,000. Our insurance bill is more than $700 yearly. Does this seem too high? Thanks.

admin
Posts: 327
Joined: Thu May 25, 2006 6:36 pm

Re: Why is our insurance so expensive?

Post by admin » Fri Apr 20, 2007 6:52 am

The cost of everything seems to be skyrocketing. I just put $40 worth of regular gas into my Honda, something that I thought was an impossibility just a year ago. The $700 policy seems to be very reasonable to me as I live in Florida where I am paying $2500/year to cover my manufactured home. Be sure that your home is fully covered.

North Carolina is a hurricane prone state. The most costly hurricane in recent North Carolina history, Hurricane Floyd, caused an estimated $1.4 billion in insured damages. That figure does not account for property lost that was not covered by insurance.

"North Carolina Insurance Commissioner Jim Long wants citizens in his state to be aware of what kinds of insurance they need in order to be fully covered. The typical homeowners' policy does not provide protection for many of the threats that accompany a hurricane or tropical storm.

'The two largest storm threats not covered by a standard policy are flooding and landslides, and North Carolinians have seen their share of both of these in recent years,' Long said.

Homeowners should consult with their agents to assess their needs for flood and landslide insurance. Flood insurance is readily available through the National Flood Insurance Program, but coverage for landslides is not included in flood policies.

...landslide insurance is expensive -- about 40 cents per year for every $100 of coverage -- or $1,200 on a $300,000 house, according to Insurance Brokers of America West." (source - www.consumeraffairs.com)

Many people naturally, but mistakenly turn to an insurance office where they have purchased auto or business coverage. Manufactured home insurance is different than any other type of insurance. It is important that your insurance company specializes in manufactured home insurance. If you have a claim, you want people who understand how a home is manufactured and the best way to repair or replace it. It's always easier dealing with people who know their business.

Try to lower your insurance by getting a free quote at www.MobileHomeInsuranceQuote.com They offer a free referral service that makes it easy to find the right insurance for your modular home, manufactured housing and mobile home that best fits the needs and budget of you and your family. Their quoting process is fast, easy, friendly and reliable.
David Oxhandler
mailto:[email protected]

hogeye
Posts: 3
Joined: Thu Apr 19, 2007 10:25 am

Re: Why is our insurance so expensive?

Post by hogeye » Sat Apr 21, 2007 6:15 am

Thank you for advising our rate is reasonable. I will not worry so much now. We have first-rate insurance through USAA (military insur) with Foremost. They already have in place a NC insurance rate increase. Also, we have replacement insurance. For your info, altho we live in NC, our mountain area does not have hurricanes, and flooding does not affect our location. We do have blizzards and high winds, but as I said in my post, we had the highest winds ever last week, and our home did not budge. It also survived the Blizzard of '93, as it is was on site in '91. But I understand it's an average that's charged, not based on individual situations.

I worried because I felt the insurance I am paying would equal the full cost of the home and land after just ten years. And as a big picture thing, this is just a singlewide trailer. Our trailer replacement cost was estimated by the insurance people as more than what we paid for the home AND land, which is a half acre in a resort real estate area. So, I just felt in general they were asking so much more than the insurance for a house we used to live in a few blocks away, which was worth three times this home, retail, so I wanted reassurance. Thank you again for that.

rmurray
Posts: 1086
Joined: Thu May 25, 2006 6:49 pm

Re: Why is our insurance so expensive?

Post by rmurray » Sat Apr 21, 2007 11:08 am

Sounds like you got a great deal...Smile and enjoy..

hogeye
Posts: 3
Joined: Thu Apr 19, 2007 10:25 am

Re: Why is our insurance so expensive?

Post by hogeye » Sun Apr 22, 2007 5:34 am

Thanks for your vote of confidence, too. I'll send in my renewal payment now and I'll quit griping.

jtart51
Posts: 25
Joined: Fri Feb 19, 2010 6:09 am

Re: Why is our insurance so expensive?

Post by jtart51 » Thu Mar 11, 2010 5:29 pm

I am in a park and have replacement value insurance...lucky to get it on older homes in NC. I pay $450 yearly. That is based on a home of $45000 plus $$10000 contents and $1000 on shed. Seems you got a good deal to me too.

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