Mobile Home Insurance
The mobile home insurance or the manufactured home insurance policy can be used to cover the losses due to damage of home or its contents. This insurance covers the home and the contents of the home.
Typically the mobile home insurance covers:
- Losses of contents due to theft.
- Loss due to fire, lightning etc.
- Loss due to natural calamities.
- Liability for accidents for someone else in the house.
Generally most of the manufactured home insurance providers use two types of settlement methods( as per the policy).
Actual value cost settlement:
It compensates you with the amount equivalent to the actual value of the property on which the loss has occurred. Here in order to find the actual value the insurers set a depreciation rate as per the normal standards. It is up to you to actually buy those products or repair it again.
Replacement Cost Settlement:
The compensation is done to repair or replace the damaged property without the amount deduction for depreciation.
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