Klueck
Florida
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Joined: 11/15/2008
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eornomp@msn.com wrote:Most have given reasonable responses to your question. It is the insurance companies option to repair or replace.
One thing that has me concerned, however, is that your agent wrote it as a mobile home. I don't know what kind of RV you have, I assume some kind of travel trailer, but I can't believe your agent was able to get it underwritten as a mobile home if it is, indeed, an RV. An RV typically would not qualify, based on construction methods and local statutes defining what is a 'house' (vs an RV), for coverage as a mobile home. An RV policy would not typically provide for living expenses during repairs. If the agent bound the coverage and took your money, however, the company would be 'stuck', regardless. My concern is, they are now aware of exactly what it is, will you still have coverage as a mobile home?
As insurance is regulated at the state level your local statutes may allow your RV to be classified as a 'mobile home'. Likewise, perhaps your insurance company has different underwritting standards than I'm familier with. In either case, it would be good for you to confirm whether or not you will be allowed to continue with your current policy, or if you will need to change it.
This is good advice. I was also wondering why an RV was written as Mobile home. They are two very different types of policies with different coverage. Unless you had a fulltimers policy, I don't know why you would be able to get ALE (adtl living expense)
Your AGENT is licensed and trained to sell insurance. Your CLAIM ADJUSTER, is licensed and trained to handle claims. Talk to the claim adjuster! As far as whether or not to total the RV,it would depend on the amount of repairs. $15k will not total a $42k RV, and the decision is up to the insurance company.
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eornomp@msn.com
The frozen tundra known as WI
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Joined: 08/04/2009
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Before you waste any money on an attorney (BIG misunderstanding with the general public. They are paid from YOUR money, not the insurance company's. In other words, they share what you were entitled to anyway) check your policy. No doubt there is language in it that confirms that the choice to repair vs replace is theirs, not yours. This is standard language. If it were not you'd have people insisting on a new car, RV or whatever because of a scratch on their 'baby')
The standard is: Add the cost to repair to the salvage value (what is it worth unrepaired). If that exceeds the value of the property in an undamaged condition it is a 'total'. Anything less than that it will usually be repaired.
Jay and Peggy Monroe
Pine River WI (central)
2011 American Revolution LE 42W
'07 Jeep Wrangler Unlimited Rubicon 'toad'
One more house to sell, one more of us to retire
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smkettner
Southern California
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Joined: 03/21/2005
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Let them fix the trailer. You are not getting a new trailer nor is the insurance going to pay you the full replacement value. The loan is still your resposibility no matter what the outcome.
2001 F150 SuperCrew
2006 Keystone Springdale 249FWBHLS
675 watts solar
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mgbogue1
Colorado
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Joined: 09/17/2007
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Sandpiperinthewoods wrote:My trailer is parked on a double lot (I own) in a campground that received 200 inches of snow and was declared a national disaster!! It's an '07. My ceiling sunk a 1 and 1/2 inches from the weight and 2 of my interior walls are bulging!! Problem is the original estimate is over $15,000, but my replacement costs on my policy is $42,494!! My agent wrote it as a mobile home since we don't move it. I simply don't want it repaired, however I owe $30,000 on it!! I do have over $8,000 additional living expenses on my policy~which would pay for a RV rental during repair time....which I told best case scenario is 3 weeks!! Please HELP!!
We're missing one very important piece of information here. What's the current VALUE? It doesn't matter what your policy would pay for replacement. The determining factore will be whether the repair cost is greater than or less than the market value of the trailer. If less, they're going to pay to repair, if more, they'll total it.
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