How do I insure my mobile home?How do I insure my condominium?Are there disasters my property insurance will not cover?What is the difference between actual cash value and replacement cost?What is coinsurance?
If you own a mobile home, it may need to be on a special policy as well, depending upon the age of the home and it's installation. A call to one of the professionals at Clark-Mortenson allows you to review your specific situation and assure you are properly covered.Read more
Owning a condominium or a mobile home puts you in a unique position. If you own a condo, your condominium association probably has an insurance policy for the common areas, but you are still responsible for insuring your own interests such as your personal property and liability. Sometimes you are responsible from the studs in ~…Read more
Even though "all risk" property insurance contracts do extend to cover a variety of calamities, there are standard exclusions where, in some cases, coverage is simply not available. For example, if you think in terms of natural disasters that may occur, like flood and earthquake, there are standard exclusions regarding these perils on most property…Read more
If you have replacement cost coverage on either your dwelling or your personal belongings, in the event of a covered loss you would be reimbursed for the cost you incur to replace your damaged property, or items, brand new. If you were to have Actual Cash Value, this means you would be paid the current…Read more
Coinsurance is a contractual requirement that the insured carry agreed upon insurance-to-value, as specified by a percentage (usually 80%, 90% or 100%). If, at the time of loss, the limit of insurance is less than the value of the property times the coinsurance percentage, the insured will become a "co-insurer," along with the insurance company,…Read more