The Bastrop Advertiser and County News (Bastrop, Tex.), Vol. 131, No. 65, Ed. 1 Monday, October 15, 1984 Page: 4 of 10
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THE BASTROP ADVERTISER AND COUNTY NEWS
Monday, October 15. 1984
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Mobile home insurance
Buying insurance for your mo-
bile home can be confusing, espe-
cially if you're doing it for the first
time. For instance, it’s not easy to
decide what types and amounts of
coverage you need to best protect
your home. Or, what method of
payment would work into your
budget with the least amount of
pain. And, how can you tell if the
coverages you buy today will be
adequate to pay for a loss three
years from now?
Those are tough questions and
there is an insurance company that
specifically deals with those issues,
particularly concering mobile
homes.
Foremost insurance offers five
and seven year Mobileowners
policies.
They specialize in mobile home
insurance and insure more mobile
homes than anyone else.
What is it that most of us buy but
hope we never use?
If you answered insurance
you’re off to a good start. But hop-
ing you’ll never use insurance is no
reason to ignore the important part
it could play in assuring a secure
future for a homeowner and his
or her family. Mobile home own-
ers have special insurance needs.
It is best to become familiar with
those needs and then take a look
at how they can be satisfied. It is
best to do it now and be ready if
and when one ever does need to use
insurance protection.
Multi-year or annual
Foremost’s five and seven multi-
year Mobile-owner policies offer
the same premium rate for the
whole five or seven years. And yet,
it changes coverage limits yearly
by automatically increasing tnem
so that they keep up with the
home’s value. A one-year policy
cannot offer the same benefits.
The Maynard Agency on Warn
Street in Bastrop handles Foremost
insurance for mobile home Owners,
and an agent there can help with
insurance decisions for mobile
homes.
The guaranteed rate
When a person buys a seven-year
policy he or she gets seven full
years of protection for their mobile
home at a guaranteed rate. No mat-
ter how .much insurance rates in-
crease during that time the
premium stays the same.
Another advantage with the
guaranteed rate is that it makes it
possible for a person to buy addi-
tional coverage anytime during the
seven years at the original guaran-
teed rate. So once again, a mobile
home owner would not be affect-
ed by rate increases.
Mobile homes appreciate
Both the Manufactured Housing
Institute and Foremost insurance
have documented facts to show
that, in most cases today, mobile
homes appreciate (increase) in
value like site-built homes. Nation-
al averages show that single wides
appreciate at about 5% annual rate
and double wides increase even
more rapidly.
This brings up an important
question concerning insurance: is
the mobile home owner’s coverage
keeping pace with the increasing
value of the home, or is it becom-
ing increasingly underinsured with
each passing year? One-year poli-
cies are frequently simply renewed
without checking to see if the
coverage is still adequate. Multi-
year policies help to avoid this
pitfall.
Inflation protection
Multi-year policies have built-in
inflation proetection to make sure
that the coverage never falls behind
the actual value of the home. It
does this by automatically increas-
ing the limits of coverage by 5%
at the end of each year during the
life .of the policy. So, as the home
becomes more valuable, the insur-
ance protection increases automat-
ically, at no extra cost.
Compare the costs
There are alot of factors to take
into account when trying to project
into the future. The inflation rate
and the rate of increase in insur-
ance costs are just two. The follow-
ing chart indicates that a mobile
home owner would probably fre-
quently come out money ahead
with a multi-year policy.
7 Annual
Mobilowners
Policies
7-Year Policy
Your home’s purchase
price
$18,000.00
$18,000.00
Monthly Payment with
insurance
Probable average
$
243.86
$ 247.14
monthly rate increases
$
5.87
$ 0.00
POTENTIAL
AVERAGE
MONTHLY COST
Potential monthly
$
249.73
$ 247.14
savings
POTENTIAL 7-YEAR
$
0.00
$ 2.59
SAVINGS
$
0.00
$ 217.56
Note: These calculations are based on 12-year financing at a 14%
APR (annual percentage rate).
Here's How Inflation Protection
Works
To fully understand how important Inflation Pro-
tection is and how it affects your coverage limits, let’s
look at an example. Let’s say you just bought a beautiful
new mobile home for $18,000 and then made another
wise investment in a 7-year Mobilowners policy. During
the first year of the policy, your coverage would be lim-
ited to the $18,000 purchase price. However, in the
second year it would automatically rise to $18,900 and
then continue rising in each successive year until it
reached $24,120 in the seventh year.
So, as your home appreciates in value over the
years, your insurance automatically increases... and your
investment is secure. Foremost Inflation Protection
also increases your coverage limits for Personal Effects
and Adjacent Structures in the same manner.
To see how Foremost Inflation Protection will
work locate your home’s value in the first col-
umn of the chart below and read across.
INFLATION PROTECTION
Mobile Home Coverage
Present value
of your home
1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7 th Year
$11,000
$11,000
$11,550
$12,100
$12,760
$13,420
$14,08Q.^
$14,740
12,000
12,000
12,600
13,200
13,920
14,640
15,360
16,080
13,000
13,000
13,650
14,300
15,080
15,860
16,640
17,420
14,000
14,000
14,700
15,400
16,240
17,080
17,920
18,760
15,000
15,000
15,750
16,500
17,400
18,300
19,200
20,100
16,000
16,000
16,800
17,600
18,560
19,520
20,480
21,440
17,000
17,000
17,850
18,700
19,720
20,740
21,760
22,780
18,000
18,000
18,900
19,800
20,880
21,960
23,040
24,120
19,000
19,000
19,950
20,900
22,040
23,180
24,320
25,460
20,000
20,000
21,000
22,000
23,200 -
24,400
25,600
26,800
25,000
25,000
26,250
27,500
29,000
30,500
32,000
33,500
30,000
30,000
31,500
33,000
34,800
36,600
38,400
40,200
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Birthdate
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Goldsmith, Richard. The Bastrop Advertiser and County News (Bastrop, Tex.), Vol. 131, No. 65, Ed. 1 Monday, October 15, 1984, newspaper, October 15, 1984; Bastrop, Texas. (https://texashistory.unt.edu/ark:/67531/metapth746743/m1/4/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Bastrop Public Library.