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Old 11-14-2014, 01:37 PM   #1
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Insurance

I just spent an hour on the phone with my MH insurance company. My call was regarding why my rates keep rising, to the tune of 20% for each the last two years, now over 40% total. Their answer was less than satisfactory, but I did discover one reason they are so high. This company, which will remain nameless, does not automatically lower the value of our MHs each year as they get older. Car premiums go down with the value of the vehicle, which is automatically lowered as it ages. Since my MH policy did not go down, and I have an Actual Cash Value policy, I was paying premiums on a MH that was valued much more than actual worth. If it was destroyed I would receive what it was actually worth, not the amount upon which I'm paying premiums.

Bottom line...the lady said I have to report the value of the MH each year or it will stay the same.
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Old 11-14-2014, 03:06 PM   #2
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Quote:
Originally Posted by Cat320 View Post
I just spent an hour on the phone with my MH insurance company. My call was regarding why my rates keep rising, to the tune of 20% for each the last two years, now over 40% total. Their answer was less than satisfactory, but I did discover one reason they are so high. This company, which will remain nameless, does not automatically lower the value of our MHs each year as they get older. Car premiums go down with the value of the vehicle, which is automatically lowered as it ages. Since my MH policy did not go down, and I have an Actual Cash Value policy, I was paying premiums on a MH that was valued much more than actual worth. If it was destroyed I would receive what it was actually worth, not the amount upon which I'm paying premiums.

Bottom line...the lady said I have to report the value of the MH each year or it will stay the same.
Having your MH insured to an "Agreed Value" is only way to go.
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Old 11-14-2014, 04:02 PM   #3
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Thanks for the heads-up!
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Old 11-15-2014, 06:12 AM   #4
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This is what happens when you go "direct" to a company... YOU ARE YOUR OWN AGENT and had better know a LOT about insurance.. I've been in the insurance world since 1966, have a current agents license and still go thru an agent who specializes in RV's.
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Old 11-15-2014, 10:04 AM   #5
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You may well find your car insurer is doing the same thing. A conscientious agent will make sure your market values get updated annually, but then that agent is essentially slashing his own pay when he does that. Most do not. It behooves you to check the values shown in your policy at each renewal - don't rely on somebody else to do it for you.

If you have agreed value or full replacement value insurance, then the insured value doesn't change anyway.
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Old 11-15-2014, 10:17 AM   #6
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That's the way my "A Company" insurance works. In addition: The personal property coverage (if you do not have a S&B insured through them) is always a factor (depends on your policy) of the value you have agreed to for the MH. So at some point, you end up keeping the value of the MH artificially high in order to be sure that the contents coverage is adequate.

Doesn't matter to me, however, since I'm being "phased out" with them. Been insured with "A Company" since 1962 and now I am apparently high risk (no claims, no accidents, no tickets).

Shopping for new coverage,

\ken
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