answersLogoWhite

0


Best Answer

They would pay up to the limit of your insurance coverage, but if its an older modular home its value may not reach your limits. They would basically pay to replace it with another modular home or with something similar. LKQ - Like kind and quality.

User Avatar

Wiki User

13y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Do insurance companies pay the amount on a homeowners policy for older modular homes?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Can you buy the amount of homeowner insurance you want?

Insured Property ValuationIn the united States there are two valuations that can be used to purchase your homeowners insurance coverage. ACV (Actual Cash Value) or RC (Replacement Value). If you are wanting to insure just the amount you we on a finance or mortgage note, That would be called mortgage insurance, not homeowners insurance..


What insurance will cover you for damage to your expensive block driveway for the sudden and accidental spillage of a large amount of oil on your new driveway?

homeowners insurance or renters insurance


Can homeowners insurance cover owners medical bills when hurt in a park?

No, That's what your Major Medical or Health Insurance policy is for. Homeowners Insurance is "Property Insurance". The very, very small amount of medical coverage offered on most home insurance policies is for accidental injuries to others while on your property.


Are required to have homeowners insurance on just a credit line?

You will be required to carry insurance to protect any collateral for a loan, no matter how much the amount of the loan.


Is there a statute of limitations for insurance companies to settle a claim on auto insurance?

Yes, but it varies by the state and insurance companies can extend the amount of time to pay claim, such as if they need to investigate fraud.


Is it legal for the bank to require you to purchase home owners insurance for 3 times the value of the loan?

Your homeowners insurance in the United States must by law cover the value of the home being insured with no more than a 20% deviation. This may be more or less than the amount of your loan. No insurer will knowingly sell you a home insurance policy below the home value as such an insurance contract would be invalid. Homeowners insurance is for the home, not for the loan. You can purchase your homeowners insurance based on actual cash value of the home or on the replacement cost of the home. If you only want to insure a mortgage loan amount, that's what mortgage insurance is for.


Can your homeowners insurance company raise your coverage amount to whatever they want without your consent?

Yes. This occurs when a review of your home shows it to be under insured. If your house is insured for 200,000 when it would actually cost 300,000 to replace then it is a problem as most insurance companies guarantee to cover up to the replacement cost.


How do you get insurance for external damage to homeowners association buildings?

Any damage to the association building can be collected through the tenants of the association. The tenants insurance will pay a limited amount for the repairs.


How much homeowners insurance do you need?

That depends on how big of problems you want to be protected against. Ask your insurance agent--they will usually recommend a typical amount based on your area and home.


Will homeowners insurance pay for work tools?

yes but recovery is limited to a specific dollar amount depending on where they are stored at the time of loss.


What is the minimum amount of homeowners insurance you need on a home in Florida?

There actually is no legal requirement that says you must have homeowner's insurance. However, most mortgage companies will require you to have a policy that at a minimum covers the remaining amount of the mortgage. This will depend on the regulations of each individual insurance company. Some specialize in low value dwelling policies. Others have rather high minimum coverage amounts. Be carefull and read the terms of the policy. Most all homeowners policies have penalties if you do not insure it for a certain percentage of either actual cash value or replacement cost depending on the policy.


How do insurance companies rank homeowners to determine the amount you pay for home insurance?

Some common rating factors which will differentiate homeowners and the amount they pay for their insurance are:Claims History Companies will look at the total number of claims and the type to determine if they will even offer coverage at all. If coverage is offered and there are a lot of claims, there will probably be a surcharge base on the number and types of lossesTheft being their most hated type of claim as it is often times the most fraudulent.Some States allow credit checking - the argument being that somebody who takes care of their financial well-being is more likely to take care of the other areas of their life, as well (I'm not saying I agree, but that is the argument).Whether or not you have multiple types of policies for multi-line discounts (i.e. auto insurance & life insurance from the same company you have your home insurance with).Hope this helps!