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CHUCK'S CORNER

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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. Thatís 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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