MOBILE HOME INSURANCE
MOBILE HOME 1) Construction Factory built on a chassis.
2) Mobility Towed to location (Park - rented lot).
3) Foundation Poured concrete or concrete block.
4) Doublewide Two similar units installed back to back.
5) Skirting Cover between underside of unit and ground.
6) Tie downs Straps from unit fixed to foundation or ground (Wind).
7) Built ins Appliances, equipment or furniture.
Disadvantages 1) Susceptible to major fire damage (Frame).
2) Susceptible to wind damage (Lightweight).
3) Lower durability = quicker depreciation.
POLICY FORM Includes standard homeowner elements and adds to dwelling building:
1) Attached equipment / furniture Built in appliances.
2) Emergency Removal Expense Cost of moving unit to protect from insured peril (Forest Fire) up to 5 % of limit.
3) Exclusions a) Damage caused by moving unless emergency (+ E.R.E.).
b) Conversion, embezzlement or secretion by possessors.
TENANT INSURANCE
TENANTS Need coverage for personal property and liability for occupancy as:
1) Renters Rented dwellings.
2) Employees Private dwellings owned by employers (Estate).
3) Proprietors Commercial buildings owned by company.
POLICY FORM Includes standard homeowner elements except dwelling coverage, their exclusions, and adds:
1) Improvements or Betterments Added to the dwelling and paid for by insured.
2) Dwelling Damage $500 limit for theft/vehicle damage by insured.
COOPERATIVES AND CONDOMINIUMS
COOPERATIVES 1) Members share building ownership by purchasing a share.
2) Share entitles member to use a building unit.
3) Share capital pays maintenance expense, mortgage, taxes and insurance.
4) Members need Tenant insurance.
CONDOMINIUMS 1) Individual unit owners jointly own building/common elements.
2) Units include walls, floor and ceiling.
3) Mortgages must be registered with corporation.
CORPORATION 1) General guidelines established under provincial law.
2) Elected board comprised of unit owners.
3) Manages building and assets.
4) Creates and enforces by-laws.
5) Arrange building and liability insurance.
POLICY FORM Includes standard homeowner elements and adds:
a) Definitions 1) Condominium corporation.
2) Unit replaces dwelling.
b) Exclusions Glass breakage.
c) Basis of Claim Payment 1) Less recovery from building insurance.
2) Includes improvements and betterments.
U1) Improvements / Betterments Added to the dwelling and paid for by insured.
U2) Loss Assessment Each owner pays their share of a deficiency in the insurance for common elements due to:
a) Underinsurance. c) Excluded peril.
b) Coinsurance. d) Breach of condition.
CONDITIONS 1) Valid by Corporation rules.
2) Direct loss by insured peril.
U3) Unit Additional Protection Pays in the event the building policy is inadequate for their individual unit.
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