Insuring A Mobile or Manufactured Home

Posted on June 1, 2020June 8, 2020 by Brad Smith

Insurers commonly provide coverage for mobile/manufactured homes by modifying a conventional homeowner policy with provisions called endorsements. The endorsements change key definitions and other elements of a conventional policy to fit a mobile or manufactured home situation. The result is a modified homeowner package that protects the home, outbuildings (unattached garages, sheds, etc.) and personal property. They also provide insurance for personal liability. Regardless of the type of home you own or live in, it is important that you learn about the coverage options that are available. You may find that different policies vary considerably in coverage and price.

Coverage for mobile/manufactured homes is generally offered using two approaches. Some policies include a laundry list of items (or perils) that may cause a loss. Other policies protect your home against everything EXCEPT for a host of specified perils. Either approach includes liability coverage that protects you for injuries or losses to others which you accidentally cause.

Property Insurance Needs

Mobile home, manufactured home, or modular home. You need to know! — Mobile, Modular, or Manufactured? Insurance need to Know.

Any coverage option you choose is likely to reflect the fact that mobile homes are, well, mobile. Therefore coverage is affected by the fact that mobile homes:

are able to move under their own power (or are capable of being easily transported);
are more susceptible to wind damage,
tend to lose value with age.

The mobility of such homes creates a special need to protect the financial interest of the business that lent the money to purchase the home. For example, a mobile home owner who lives in Ohio decides to drive his home to Arkansas. The soon-to-be Arkansas resident “forgets” to mention his plan (and his new address) to his Ohio Mortgage Company. The Ohio lender would be out of luck if the policy didn’t include protection for this whimsical act. Another way in which a mobile or manufactured homeowner policy differs from conventional homeowner coverage involves coverage for unattached buildings. This coverage is usually minimal for, say, $2,000. Such a provision helps keep the premiums for policies lower by avoiding paying claims on very low value structures. The coverage is likely to be offered on an actual cash value basis. Unfortunately, mobile and manufactured homes tend to lose value over time.

The policy is likely to include a provision that requires you to get permission to move your home. Once granted, you’re likely to get thirty days of special transportation protection for collision; sinking, upset or stranding (a special, higher deductible may apply during the move). Another common coverage feature is coverage for your attempt to move the home in order to prevent damage from an insured cause of loss. For example, you move your mobile home fifty feet to get away from a neighboring trailer that is on fire. IMPORTANT: coverage for moving endangered property usually has a modest limit (several hundred dollars is typical) because of owners who may be too heroic or clumsy for anyone’s good.

Liability Insurance Needs

The liability protection connected with mobile or manufactured homes is, for all practical purposes, identical to the liability provided to conventional home owners. Why? The likelihood of guests to be hurt at your home, or your probability of being sued, tends to be the same. The important thing to remember is that your agent is a tremendous source for getting the information you need to be sure that your home and property are adequately protected at a reasonable price.

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Homeowners Hurricane Tips

Posted on May 12, 2020June 8, 2020 by Brad Smith

Coastal Homeowner, are you prepared for the next hurricane? — Hurricane Warning! Are you ready?

Homeowners that live near coastlines face possible loss by a hurricane. Hopefully, any affected person will own a homeowners insurance policy to help deal with the crisis. However, they must be aware of their responsibilities under the insurance policy in order to take full advantage of any available coverage.

The main priority for a homeowner is to be sure that the amount of coverage is adequate in the event that the home has to be totally replaced. Also, the homeowner should keep their deductible in mind, seeking options to make sure that it is affordable. Insurers who operate in areas that experience hurricanes typically require deductibles at a high, flat amount (such as $2,000) or at a percentage of the policy’s insurance limit (anywhere from 2% to 5%).

By planning beforehand, you can take active steps that can reduce your potential property loss as well as enhance your personal safety. — Minimize Loss, Maximizing Safety

Naturally, a homeowner should consider ways to minimize their possible loss and maximize their personal safety by:

Making advance evacuation plans (including determining evacuation route, fueling car, preparing supplies, etc.)
Being aware of the nearest, safe shelter
Bring outdoor property inside the home (lawn equipment, toys, tools, etc.)
Installing or building a proper “safe room”
Cover/Secure all windows and doors
Have a portable radio and stay turned to accurate source of weather broadcasts.
Turn off (unplug) small appliances and turn refrigerators/freezers to their highest settings.
If applicable, turn off fuel/oil tanks.
Fill sinks and bathtubs with water.

Returning to a damaged/destroyed site is not when a hurricane victim will be at his or her best, but that is the time that certain obligations have to be met in order to make the most out of any insurance recovery. It is important to do the following:

At the earliest possible chance, contact your insurer with details about your loss
If possible, be sure you have a way to visually record the loss details (camera, digital camera, even a smartphone camera.)
Take reasonable action to keep intact property protected from additional damage or loss
Keep an accurate record of all expenses that are related to protecting your property as well as items related to temporary housing and meals

Though post-catastrophe times are chaotic and spirit-sapping, it is important to keep in contact with your agent and/or insurer. Take the time to be meticulous about filling out reports, documenting the value of your loss and cooperating with claims personnel.

COPYRIGHT: Insurance Publishing Plus, Inc. 2016

Home Generator Considerations

Posted on May 11, 2020June 8, 2020 by Brad Smith

Not sure when, but there is a storm coming. Are you ready for the next Georgia Hurricane? You can beat the storm , but it takes a little advance planning. Storm Preparedness. — There’s a storm coming! Are you prepared?

One issue that may arise because of storms, extreme heat or natural catastrophe is the loss of electrical power. While power outages are often, merely a nuisance, extended power interruptions can cause problems ranging from loss of perishables (particularly frozen and refrigerated foods), damage to property that is vulnerable to temperature extremes, and personal endangerment caused by overheating or freezing.

In Indiana and Kentucky tornado safety and storm planning is a must. Storm preparedness is a must. — Even if your home isn’t hit,
you could go days without electricity.

Many homeowners who, for various reasons, are prone to suffering power loss, use an option to protect themselves; home generators. Such generators are capable of temporarily supplying electrical power to run household appliances and utilities. Home generators come in two basic forms:

Portable Generators. Even if your home isn't hit directly, you still may find yourself with power for days, maybe weeks. A key step to storm safety, generators. — Having a portable generator a key step in becoming storm ready!

Portable Generators – lower-powered units that operate externally from a home’s wiring system.
Standby Generators – high-power units that are attached directly to a home’s wiring system and which takes over automatically when utility power is interrupted

Regardless the type, it is critical to take proper precautions to make sure that no harm or injury results from their use.

With standby generators, installation should be performed by a licensed electrician and installations should be inspected by authorized persons before initial use. Installations should include a proper transfer switch and local utilities should be notified that an installation has occurred. Transfer switches insure that electrical power is properly and safely switched from the generator to a utility supply when power is restored.

Portable generators have a host of procedures that should be adhered to, such as the following:

generators should be located outside the home, in an area that provides proper ventilation and which shields the unit from moisture
generators should NOT be located near window or doors since carbon monoxide exhaust could seep into a home
care must be taken to prevent burns due to contact with hot generator parts
generators should never be plugged into house outlets. This can cause back feeds which results in damaging wiring and endangering utility company personnel (backed power can be transmitted through power lines at fatal power levels)
proper, exterior-rated cords should be the only kinds used with generators
generator power should be matched with essential power needs (core appliances, heating/cooling) and not overloaded (which could damage the generator and powered appliances, etc.)
fuel for generators should be stored properly and refueling should take place ONLY after the generator has cooled after being turned off

Generators can be a tremendous method to compensate for temporary power outages but care must be taken to be sure they don’t generate more problems than solutions.

COPYRIGHT: Insurance Publishing Plus, Inc. 2017

Tornado Shelters

Posted on May 4, 2020June 8, 2020 by Brad Smith

Tornado season is in full swing. Are you ready?

Homes may be built with solid craftsmanship and with the use of the best materials, but most residences offer little to no protection against a common hazard…..tornadoes. Recently, homeowners have begun to embrace the use of tornado shelters. Before discussing this protection method, here is some background information.

In the U.S., tornadoes most often occur in the Midwest, Plains and Southern states. Tornadoes are created by thunderstorm fronts where moist, warm air meets moving cool fronts. Winds first form a horizontal rotation that is lifted upwards by warm air. When the rotating column is tilted high enough, it becomes a tornado.

Tornadoes can occur anywhere and at any time, but the peak season is in late spring through the summer. Wind speeds range from less than 100 to +250 mph. The stronger the storm, the longer its lifespan (generally 10-15 minutes). The damage path of a hurricane is usually narrow and short, but they can be as large as a mile in width and travel tens of miles. Tornado damage can be substantial as the winds and wind-carried debris are powerful enough to demolish buildings.

When a tornado threatens a home, the safest response is to get to the lowest and innermost space; away from all doors and windows. Basements and cellars are ideal, but these features are not found in most homes. In the past, it was common to equip homes with storm cellars, located adjacent to home, to protect against severe storm winds. Today, in response to the need for more protection, there has been a revival in the use of tornado shelters.

Tornado shelters offer the best protection . Buried, reinforced safe rooms that can be designed to fit your needs. — Christie England stands in the storm shelter in front of the remains of her home May 27, 2013, in Moore, Okla. England’s home was destroyed in the May 20, 2013, EF-5 tornado that ripped through Moore. The storm killed 24, injured hundreds and damaged thousands of homes. (U.S. Air Force photo/Tech. Sgt. Bradley C. Church)

Tornado shelter are, essentially, reinforced safe rooms, ranging from regular room size, down to small enclosures that are fitted within closets or garages. They may even, like storm cellars of old, be buried in the ground. They are constructed of reinforced metal walls that are, ideally, bolted to a cement floor. Such structures are capable of staying intact even when the surrounding structure is obliterated by tornado winds. Shelters are designed to accommodate a typical family and may cost several thousand dollars.

While shelters do little to protect a residence, they do respond to the most important issue, increasing the chance that residents can survive a tornado and rebuild.

COPYRIGHT: Insurance Publishing Plus, Inc. 2015

The Importance of Home Insurance

Posted on April 30, 2020June 8, 2020 by admin

Buying a home is a very exciting time. Whether you’re just purchasing yours or you’ve lived in it for a long time, you want to make sure it’s properly protected. That’s where a home insurance policy comes in. At TruePoint Insurance, we’re dedicated to helping all our Central, KY area homeowners get the policies they need to feel safe and secure. Having peace of mind is extremely important, and it’s much easier when you know you have the right insurance coverage. Since your home is such a large and important asset, coverage for it and your belongings is a vital part of building a strong and stable future.

If you’re not sure what kind of home policy to get, or you don’t know the exact type and level of coverage you need, you’re not alone. Plenty of people have questions about insurance on their home. Fortunately, we have agents who can help you get the proper kind of coverage, at a level that works for the assets you have and the way you want to protect them. While an insurance policy can’t stop something from happening to your home, it can help you make needed repairs and get back to living life again. If you’re in Central Kentucky, TruePoint Insurance wants to help you by making sure you have the right home insurance policy for your needs, current situation, and future goals. You don’t have to settle for less than a great policy that will help you feel good about your home and its level of protection. Reach out to us today, and ask any questions you have about insurance for your home. We’re here and we want to help you have confidence in your insurance policy. Whether you’re getting a new policy or reviewing an old one, our professional agents can meet your needs.

Who should get flood insurance in Kentucky?

Posted on March 31, 2020June 8, 2020 by admin

How much do you know about Flood Insurance? Learn more here. — Learn about flood insurance before the waters start to rise.

Anyone that lives in the Fisherville, KY area needs to carefully consider their home insurance needs. One form of insurance that should be considered is flood insurance, which will provide specific coverage if your home is damaged by a local flood. There are several situations when someone should get flood insurance on their property in this area of Kentucky

Anyone with Lender Requirement

Understanding mortgage requirements for flood insuranceFlood Zone, Flood Zone C, Flood Zone A, Flood Zone X, Flood Insurance. Kentucky Flood insurance — Does your home mortgage require flood insurance?

The first situation when someone in Kentucky should get a flood insurance policy is if they are required to have it by their lender. Mortgage lenders are aware of how serious flood damage can be. Due to this risk, lenders often require borrowers to carry flood insurance if they are in a flood zone. Depending on what flood zone you are in, the lender could require you to escrow payments monthly to ensure coverage.

Needs to Cover Against Risk

Where can i buy flood insurance, ky flood insurance, commercial flood insurance in ky, or business flood insurance — Flood Loss versus Cost. You do the math!

Even if there is a small risk for flood damage in your area, you should still consider getting flood insurance. If you do not have a mortgage or are not required to carry it, you should still carefully assess your risks and current insurance coverage. If you are near a waterway that could flood, you should consider getting an additional flood insurance policy to ensure you are fully covered at all times.

When you are looking to learn more about flood insurance in the Fisherville, KY area, you should speak with the team at TruePoint Insurance. Choosing a flood insurance policy can seem quite complicated and challenging. When you call TruePoint Insurance, the team of insurance professionals will be able to provide you with a full assessment to help you determine what type of insurance is right for you. They can then help you get into a policy that provides adequate coverage.

Home Businesses (Wholesale)

Posted on February 26, 2020June 8, 2020 by Brad Smith

Home based business are not exempt form risk. Take some time — Are your protecting your home based business?

A variety of businesses are routinely operated in homes. This article discusses aspects of particular operations. Refer to Home Businesses – Basics for background information on coverage as well as our other articles discussing different in-home businesses.

Homeowners insurance seldom covers a business

Wholesale – As a wholesaler, here are some coverage options for your consideration:

Businessowners Policy – If you are a manufacturer’s representative with limited inventory, some insurance companies will cover your business with a BOP. A BOP provides broad coverage for buildings, personal property, loss of business income, extra expense incurred to remain in business (after a fire or other covered cause of loss), premises liability and medical payments.

If you have more than $1,000 of goods off-premises in transit, you will need to add additional coverage. Coverage for goods stored at other locations must be added to the policy.

Commercial Package Policy – If you cannot qualify for a BOP, your agent will probably have to build a special commercial package policy to meet your needs. You will need a competent commercial lines agent to help you. Commercial lines agents have both the expertise to design the appropriate coverage and the markets for your wholesale business.

Workers Compensation – You will need workers compensation coverage for any employee – even part-timers.

Commercial Auto Policy – You may need commercial automobile insurance if you deliver anything or if your vehicle is larger than a car, van or small pickup, or if the vehicle is owned by a corporation.

Home Businesses (Retail)

Posted on February 19, 2020June 8, 2020 by Brad Smith

Form some Americans, working from home is a considered godsend, home based businesses can also create hurdles. Home-owners and business insurance are good examples. — Home -Based Retail Operations

Retail – Persons with in-home retail operations must look beyond an HO policy for coverage.

Running a home-based business isn't right for everyone. But if your one of those suited to such endeavors you should review your homeowners insurance policy for gaps in coverage. — Home-Based Retail Business owner prepare packages

The Businessowners Policy (BOP) provides broad coverages for buildings, personal property, loss of business income and extra expenses incurred to remain in business (after a fire or other covered cause of loss), premises liability and medical payments. If you have more than $1,000 of goods in transit, you will need to add additional coverage. Goods stored at other locations must be added to the policy, normally as an additional location.

You will need workers compensation coverage for any employee, even part-timers. You may need commercial automobile insurance if you deliver anything or if your vehicle is larger than a car, van or small pickup or if the vehicle is owned by a corporation.

Note: some insurance companies can offer amendments to your homeowners policy that can cover certain, in-home businesses.

COPYRIGHT: Insurance Publishing Plus, Inc. 2016

Attractive Nuisances

Posted on October 28, 2019October 1, 2019 by Brad Smith

Trampolines can clutter your yard, and that's the nicest thing we have to say. — Trampolines; Kids love them, insurers don’t!

What Is An Attractive Nuisance?

This is a term originated by a judge to describe a property that attracts youngsters and, because of its dangerous nature, creates a special obligation to property owners. Examples are:

swimming pools
trampolines
empty buildings
appliances kept outside
excavations
construction materials
zip lines

All of these can lure children onto property and they all have the potential to cause serious injury.

Why Do Attractive Nuisances Create A Special Obligation?

A special obligation exists because of such property’s child endangering nature. Children do not have the reasoning ability of adults. When an opportunity to have fun pops up, it’s a rare child who thinks about the chance of being injured. A property owner with an attractive nuisance on his property cannot escape liability because of a trespassing child. When an attractive nuisance is involved, adults have to make a special effort to protect children from their blind sense of adventure or face the consequences.

How Do You Handle Attractive Nuisances?

Pools increase liability exposures for homeowners. Controling access to the will likely have a positive impact on your homeowners insurance premiums. — Pool Safety starts with controlling access.

The answer is…doing whatever it takes to prevent a child’s access to the nuisance. Therefore, in order of their effectiveness:

1. Eliminate the nuisance

have old appliances hauled to a junkyard
tow old, non-running vehicles away
get rid of construction materials immediately after a building project is complete

2. Secure the nuisance

take off doors or covers from large appliances awaiting garbage pickup
keep sharp tools, especially power tools and equipment, locked away
store construction materials in a garage or shed

3. Reduce the chance for injury from a nuisance

install a pool cover and have a locked fence to prevent access to the pool
do not allow younger children to use equipment such as trampolines
make sure there’s adult supervision of children using play equipment

If you’re not certain about whether you have an attractive nuisance situation, discuss the situation with an insurance professional.

Special Property, Special Coverage

Posted on October 21, 2019October 1, 2019 by Brad Smith

Special property items such as cash, guns, jewelry and other items will only be covered up to the special limit set by the policy — Special Property Insurance Limits

A standard homeowner’s policy offers a limit equal to half of the amount reserved for the residence to protect against loss to a given residence’s personal Property (ex. Your home is covered for $150,000, so your contents and furnishings are covered for $75,000). While this is generous coverage, it doesn’t extend to all types of the property nor for all causes of loss. Certain types of property, because of its high value and liquidity, is far more vulnerable to loss…either easily destroyed, easily stolen or both. So, to compensate for this difference, insurers use coverage restrictions.

Causes of loss can also trigger lower limits. Covered property of any type will be subject to reduced limits when theft is the cause of loss — Property claims due to theft are subject to lower limits

Theft Coverage Limitations

When property is lost due to theft, coverage under a standard homeowner policy is severely limited (generally $1,000 – $2,500) for the following types of property:

jewelry, watches, furs, and gemstones
dinnerware, serving sets, trophies and similar property made of or plated with silver, gold, platinum or pewter
for firearms, accessories and related property

Other Coverage Limitations

Several categories of property are subject to very modest limits ($200 – $2,500) of coverage, regardless of the cause of loss (theft, fire, accidental breakage, etc.). Specifically:

money, banknotes, coins, medals, gold, silver, and platinum (other than jewelry or dinnerware)
securities, accounts, deeds, tickets, stamps, manuscripts, passports and similar property
watercraft and related property including their trailers
trailers not used with watercraft
business property located in your residence
business property located away from your residence
certain types of electronic property which are lost or damaged while in a car or is located away from your home and used for business.

Handling the Limited Coverage Situation

Insurance companies are happy to provide more coverage if they are paid for their trouble. Specifically, limited coverage can be handled using the following methods:

Increased Coverage C Endorsement – this form is only appropriate for property saddled with limited coverage for theft losses. This form is attached to a basic policy and it increases the theft insurance limit (i.e. for jewelry from $1,500 to $5,000).

Scheduled Personal Property Endorsement – this form is used for increasing coverage for property that has protection reduced for all sources of loss. The property is removed from the basic policy’s limits and is covered exclusively by the endorsement. This form takes more work since each item of property has to be listed and assigned a particular insurance limit.

Inland Marine Property Floater – this method works like the personal property endorsement, except that it is a separate policy. This alternative is more appropriate for persons owning substantial amounts of high-valued property. The coverage must often be purchased from specialized insurers and comes at a high cost. In order to qualify for such coverage, you may need to meet special circumstances such as having a residential alarm system or make use of vault storage.

Another Advantage of Special Handling

In order to arrange coverage under a schedule or an inland marine policy, the property must be properly valued. This often involves appraising the property. It’s very helpful to have an expert source to establish the current value of jewelry, furs or other valuable possessions. In fact, such property should be appraised every two or three years since their values often increase over time.

Do you still have questions about property that needs special handling? Talk to an insurance professional about your needs and make sure that you have proper protection.

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