Ins declination letter

[Sandy in SC]

Yes folks, I got one of those declination letters in the mail today. 

This is for the new mh we bought in Dec.  It's a 2005 on permanent foundation and has been detitled so here in SC it's considered one with the property. 

The explanation is "insufficient underwriting information"  --thanks but we're canceling you. 

I've emailed the agent since it was after hours and hope to hear from her.  She may not know it yet and this will give her an opportunity to find out what's up. 

I know, I know, it doesn't mean anything anymore having been her customer for 18 yrs and a State Farm customer for over 25 but one can hope.

[Lori (NV)]

Join the crowd, Sandy.  We are really in the wrong business.  It's insurance we should have been in.  Everyone needs insurance--good times or bad.  And they seem to do what they want, when they want.  Go figure.

Lori

[Sandy in SC]

Agent has already responded and said it was all a mistake and the declination wasn't to be sent out. 

Whew! 

And yes Lori, insurance compaines do do what they do, it's a necessary evil

[gevans]

I don't carry insurance on my MHs. If they burn, we'll bulldoze and pull in another.

[Mike (SWMO)]

Spent a couple of hours with one of my Insurance agents this afternoon.  Trying to figure out what it is all about.

Have been reading about you guys that say you have so much regular insurance and then have an umbrella police of 1 to 2 Mil.  Have ask agent about this before and they didn’t seem to know what I am talking about.  Finally got them to understand what I was asking about.  They said they don’t write that kind of insurance very much around here.

However, they do have general liability insurance that kind of does something of the same thing. I keep my regular insurance on properties and then get a general liability insurance of 500K to 1 Mil that kicks in if needed.  Guess it’s about the same as the umbrella policies.  Need to get a list of properties and go back and talk to them when I get to come back here in a couple of weeks.  Might even talk to an agent while down at mom’s in SEMO.

If anyone has any input or info that might help me figure this out I am all ears.

Gevans - I am also with you.  Have a few places that I don’t carry coverage on.  If something happens then I just try to sell the empty lot.

[Sean]

Mike,

Policies may be called different things in different areas.

Here, we have a dwelling policy on each property some are landlord policies (no contents coverage), some are builders risk policies (same type of coverage but for home undergoing rehab - costs more).. This is our primary coverage.

Then we have a liability umbrella. This is SECONDARY coverage and would only get hit if the limits on a primary policy weren't high enough to cover a claim or court order. The beauty of an umbrella is that it is cheap coverage (about $350 a year for 1 million in coverage - providing your underlying coverage meets the insurers criteria).

Locally, a "general liability policy" would be primary insurance.. The kind a business owner would have to cover a slip and fall, or an employee dropping a hammer off a ladder and hitting someone.

[Sandy in SC]

The umbrella policy, for me anyways, is to protect Phil and I against being sued in the event of any accident or someone falling on our property, blah blah.  We have personal and business-it's strictly a 'get sued' kinda policy, not everyone will write it and not all will pay for it.  Phil is one of those '1/2 full kinda guys' so we have it.

As to mh's insurance.  If you don't have insurance on mh's and they burn up, how do you pay the mortgage off, if you have one? 

I'm insurance poor.     But, I've always been treated well by ins (declination aside-even if it was a mistake)

[gevans]

No mortgages on any of my MHs.  The most expensive is worth maybe $12k without the land.