Latham, Albany & New York Mobile Home Insurance
Insuring your mobile home properly is a big deal, after all, it’s a big investment. A Manufactured Home policy can help pay for covered damage to your dwelling and personal property as well as covered claims for injury and liability claims made against you.
We are personal insurance specialists and pride ourselves on finding the right coverage for your needs while providing quality service and competitive pricing.
We have hand-picked the carriers that provide the best mobile home insurance in NY to protect you properly, and better yet, give the best rates for virtually any circumstance.
Manufactured or mobile home insurance really doesn’t have to be complicated. The fact of the matter is, there’s really not much difference between insuring conventional stick-built single family houses and ones that are factory-built.
When you choose the NY Insurance Hub Agency for your mobile or manufactured home insurance, we make it simple for you to get an affordable policy with solid coverage, quickly.
Vital Components of Your NY Manufactured Home Insurance
- Dwelling Coverage – dwelling coverage is the part of your policy that helps to pay for the rebuilding or the repair of the physical structure of your dwelling if it’s damaged by a covered hazard.
- Other Structures – protects structures on your property not physically connected to your dwelling, such as a detached garage, storage shed, or gazebo.
- Personal Property – coverage for your belongings, such as furniture, clothing, sporting goods, household items or electronics, in the event of a covered loss
- Personal Liability – this will cover the insured if there is a claim when someone is injured or their property is damaged.
- Medical Payments to Others – allows for medical payments to others who are injured on your premises. Protects you against liability if a guest is injured at your premises, regardless of who is at-fault.
- Additional Living Expenses – provides the peace of mind and financial assistance you need in the event you are suddenly displaced from your residence due to a covered loss. It covers expenses you wouldn’t ordinarily have if you were living in your own house, such as temporary housing, boarding a pet, additional travel and food expenses, etc.
NY Mobile Home Insurance Replacement Cost Versus Actual Cash Value
It’s common for manufactured homes to depreciate quickly, making it a good idea to have a replacement cost policy for both a new purchase and also for those who own an older model.
So what’s the difference between a Replacement Cost and Actual Cash Value Policy?
Replacement Cost Policy (RCV)
Also known as “RCV”, the replacement cost value is the amount of money it would take to replace your damaged or destroyed dwelling structure with the exact same or similar home in today’s market. The insurance company will pay for the covered structures to be rebuilt with materials at current costs up to your coverage limit.
Actual Cash Value Policy (ACV)
After a loss, an actual cash value (ACV) policy pays you what your property is worth today. Actual cash value is calculated by taking what it would cost to rebuild your property new today, and subtracting depreciation for factors such as age, condition and obsolescence.
Some insurers use a formula to determine the depreciation percentage amount deducted from the replacement cost amount. For instance, a manufactured home has an estimated lifespan of 40 years and is 20 years old at the time of total loss. In this instance, reimbursement would be calculated at 50 percent of the cost of a new similar unit less the deductible amount carried on the policy.
Which is Better – RCV or ACV?
One of major considerations to make when deciding RCV versus ACV is the cost versus protection. In our agency experience, there’s a relatively small difference total overall premium between the two options as to the overall financial protection.
For example, say that you purchase a 15 year old manufactured home with a 30 year life expectancy for $50,000. The RCV policy option premium is $700 and the ACV policy option is $500. A week later the structure is lost in a fire. The replacement cost value of the dwelling is determined to be $80,000.
The insurer uses the “life expectancy” depreciation model for ACV reimbursement. $80,000 RCV times 50% depreciation percentage yields a $40,000 reimbursement for something you just paid $50,000 for, all to save $200 per year on the premium.
If you chose the RCV option, the insurer would have replaced your manufactured home with a new similar model at a cost up to $80,000. You would then own a new unit worth tens of thousands of dollars more than you paid for it.
Other Actual Cash Value Policy Considerations
Actual Cash Value (ACV) not only applies to the total loss of a dwelling structure, but also applies to partial losses.
For instance, say you have a covered kitchen fire that causes $10,000 in damages. Your policy reimbursement would be the $10,000 less depreciation less your deductible.
A replacement cost policy would reimburse the full $10,000 less your deductible.
For the most part, if you carry ACV reimbursement for your dwelling structure, it will apply to your personal property as well and depreciation will apply to lost or damaged property.
In the event of a fire where all or most of your personal property is lost, this can amount to insurer reimbursement at thousands of dollars less than that of RCV reimbursement.
What Perils Do NY Mobile and Manufactured Home Insurance Cover?
A peril is a risk, such as a fire, windstorm or burglary, that can damage your dwelling or your belongings.
Many insurers offer either a Basic, Broad, or Open Perils Form Coverage. There are differences in protection between the forms, often misunderstood by property owners which can lead to unexpected gaps in coverage.
Basic Form – Named Perils
A policy issued with the Basic Form is the least comprehensive of the three coverage options. It includes a list of covered perils. If a specific peril is not named on the list, there is no insurer reimbursement for that cause of loss. Below are the common perils allowed on a Basic Form.
- Sudden and Accidental Damage from Smoke
- Riot or Civil Commotion
- Sinkhole Collapse
- Volcanic Action
Broad Form – Named Perils
A policy issued with the Broad Form offers more protection than the Basic Form. It includes all the same causes of loss as the Basic Form plus several additional hazards. If a specific peril is not named on the list, there is no insurer reimbursement for that cause of loss. Below are some of the common perils allowed in addition to the Basic Form perils.
- Falling Objects (Such as Trees)
- Weight of Ice and Snow
- Freezing of Plumbing
- Accidental Water Damage
This is the most comprehensive form of protection you can get. Whereas the Basic and Broad Forms provide coverage for “Named” perils, an Open Perils policy reimburses for any cause of loss that is not specifically “Excluded” in the policy.
Common Open Perils Exclusions
- Earthquakes, landslides, and other ground movement
- Termites, rats, and other infestations
- Aggressive or dangerous dogs
- Poor maintenance or neglect
- Power surges or outages
- Home-based businesses
- Local building ordinance or law requiring you to bring your dwelling up to code
- Intentional damage caused by you or another resident family member
- Nuclear hazards
- Government action
As you might imagine, it’s very important that you know the perils included on your policy. For instance, if your mobile or manufactured dwelling is located near large trees or in an area that is prone to heavy snow storms, you would do well to have a Broad Form or Open Perils based protection.
We can help you with that.
We service clients for Mobile and Manufactured Home Policies in the Albany, Schenectady, Troy, Latham, Cohoes, Watervliet, Clifton Park, Saratoga Springs, surrounding Capital Region areas and all of New York State from NYC to Buffalo. Each one of our clients is given a dedicated expert to work together to proficiently address all your concerns.
Call one of our professional agents at 518-783-0105 for more about mobile home insurance.
Frequently Asked Questions (FAQ) for New York Mobile Home Insurance
Company A may be great with monoline policies for older dwellings in unprotected fire zones, while Company B may be the best for newer high value structures for people with an excellent credit rating. Company C may be the best for Actual Cash Value policies.
That is why we work with each quote as a unique opportunity and manually quote with the top companies for that specific scenario of qualifying factors.
We have an excellent track record and often save clients up to 50% on their policies. We do this without sacrificing coverage and commonly upgrade protections while still saving customers up to 50%.
Our number one goal with every quote opportunity is to find the lowest cost option that provides the protection you need and deserve, while educating you on the most important aspects of your policy.
In a greater sense, we do make out better by spending extra time with our customers and building relationships with them because we get a lot of referrals for new clients, and our interactions are like talking with friends and family. We simply care about our people and want to make sure they are taken care of.
Even though we manually quote for your home and for most personal lines products, such as auto, umbrella, motorcycle, boat, and RV’s it’s same day service and we can even issue policies that same day.
Once the best quote option is determined, we like to review the quote with you and answer any questions you might have.
We even prepare and send the cancellations to your current insurer for you. If it’s a new purchase, we’ll work with your lender and provide the documents needed for your loan closing. We provide same day service if necessary.
It really does pay to check your renewal each year when in escrow, you could be paying more than you should be.
The data input is run through a calculator that takes the area’s cost of materials and labor into account and derives a final estimated cost of reconstruction for your house including an amount for demolition and debris removal.
The estimated cost of reconstruction is the figure we use as your dwelling limit.
The best way to determine your limit amount is to take an inventory of all your possessions and go online to find out how much it would cost to replace all those items.
Keep in mind that there are normally special lower limits of reimbursement for certain personal items such as expensive jewelry, fine art, collectibles or collections, goldware, silverware, platinum, firearms, and furs. In this instance you might consider scheduling those types of items on your policy or even getting a separate stand-alone policy.
We have hand-picked our A-Rated companies and are directly appointed to the ones we feel are the best for the people of New York for both price and coverage options. We do not use automated rating tools that sometimes result in a higher premium or miss important endorsements, instead we manually quote for your best option. It takes a bit longer, but won’t cost you more, in fact, we feel it gives you an additional benefit.
Our experience is also a benefit to our clients and those seeking a NY insurance quote. With the multitude of major rating factors combined with discount eligibility, our experience has taught us how to compare and contrast these elements from amongst our targeted companies to give you the absolute best deal we can find.
Last but not least, we’re an agency that cares, cares about you as a person, cares that you are properly protected, and cares that your experience with us is a good one.
Contact Us Today at 518-783-0105 to speak with one of our trusted agents about your NY Manufactured Home Insurance Options & answer any questions you may have and provide you with a quote.