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MOBILE HOME INSURANCE
By Chuck Wells
Here are some common mistakes
people make about insurance on their mobile homes.
They buy their fire insurance through the finance company that
holds the loan on their mobile home. Do NOT buy your mobile home
insurance through the finance company and it is illegal for them
to require you to get insurance through them. They will tack the
premiums for multiple years onto your loan balance and you will
be charged interest on top of your premiums. On top of paying
more money, if you have a fire or theft claim, do you want to
track down your finance company and try to get money out of
them? Keep in mind that the only thing they care about is
charging you more interest and covering their loan balance. What
about getting money for your clothes, furniture, etc. after a
fire? If your insurance is included in your monthly payment to
the finance company, call your own insurance agent today and get
it switched. Your monthly payments will go down and you will
probably have better coverage.
Another mistake mobile homeowners make is over-insuring their
homes. That’s right, too much insurance. Mobile homes are like
cars. They depreciate in value each year. If you bought your
mobile home in 1993 for $30,000, the insurance on it today
should be less. Insuring it for $30,000 does not mean that you
will get that amount if it is destroyed. You may be paying
premiums on higher coverage for nothing.
The third big mistake is not insuring your personal property
inside your mobile home for enough. Since the amount of
insurance on your personal belongings is usually about 50% of
the coverage on the mobile home, it may not be enough to replace
all of your clothes, furniture, etc. The cost to increase this
coverage is very small. Also, make sure you have the full
replacement endorsement or your things will be depreciated about
10% per year for every year you have owned them.
MOST ADMIRED LIST
A Gallup poll just came out with a survey done showing who
we admire most.
- For the men, George Bush,
Jimmy Carter, and Colin Powell were tops. The Pope and Bill
Clinton had equal scores.
- The top women were headed by
Hillary Clinton. Jennifer Lopez tied with Elizabeth Dole and
Condoleezza Rice.
Obviously, the American public
needs a reality check.
SCHOOL GOALS BY THE YEAR 2000
The House Education and Labor Committee approved a bill in 1993
for funding and mandating the following:
- All children will start
school ready to learn
- The high school graduation
rate will be at least 90%
- Students will be first in
the world in math and science
- Every adult will be literate
- Every school will be free of
drugs and violence
The above requirements were to
have been met by the year 2000.
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