Mobile home insurance going

Sun Herald - 12/13/05 Tue, December 13, 2005 Home | Sports | Classifieds | Charlotte News | Englewood News | North Port News | DeSoto News | Venice News 12/13/05 Mobile home insurance going sky high NORTH PORT -- Insurance rates for owners of manufactured homes are skyrocketing with no sign of stopping any time soon. So said John Ruggeri, an insurance executive with Ruggeri Insurance of Sarasota, whose clients include many manufactured-home owners. Ruggeri will speak about insurance issues at 11 a.m. on Wednesday at the recreation hall of LaCasa, and anyone with a manufactured home is urged to attend. Residents of River Walk, Lazy River, Harbor Isles and Harbor Cove, as well as LaCasa, are welcome. "Insurance for manufactured homes is going to get horrendously more expensive," Ruggeri said. "After Hurricane Andrew, new construction codes came out in 1994." Ruggeri said that insurance carriers are now trying to limit their obligation to only insure manufactured homes built prior to the 1994 codes. After Andrew, many insurance carriers would not insure manufactured homes at all, Ruggeri said, so the state formed its own company - now called Citizens - to act as a pool to insure the highest risks. Their rates, by law, are based on the average of the five highest private insurers' rates in the state, so they do not compete with private carriers. "Citizens is like a company of last resort," Ruggeri said, "but they have continued to raise their already-high rates." For example, he said they (Citizens) "just tacked on a six-percent increase from the 2004 hurricanes." This fall, citizens raised its rates by another 15 percent, and for the 2005 hurricanes it looks as though rates will increase yet another 10-11 percent, according to Ruggeri. "Citizens is looking at a $1 billion loss for 2005. They are going to have to get that money from somewhere," he said, adding he believes, the rest comes from everyone else's pockets. Private carriers will be required to help fund the losses that Citizens is facing, he said. They will, in turn, pass the costs on down to their customers. Ruggeri said that this year he lost almost 1,000 clients who did not renew their manufactured-home policies. He suspected that these people now are without property insurance. Ruggeri said that when people can't get insurance for their manufactured housing, the owners are more inclined to seek rezoning and sell the land at a profit. This results in a loss of affordable housing. Ruggeri was invited to speak to residents by John Clancy, who is on the Homeowners Association board at La Casa. Clancy urges residents to attend the meeting, learn about this insurance crisis and available options. Anyone interested in attending, call Clancy at (941) 423-5570. You may e-mail Susan Hoffman at shoffman@sun-herald.com. By SUSAN E. HOFFMAN North Port Assistant Editor © 2006All rights reserved. Your Local Internet Service Provider A division of Sun Coast Media Group Inc. Publishers of the Sun newspapers.

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Mobile home insurance developed

American Association of Insurance Services This article appeared in the Summer 2004 Vol. 29, No. 1 issue of Viewpoint. BACK TO VIEWPOINT ARTICLES Manufactured Housing A new term does not eliminate old distinctions Precise use of language is essential in insurance underwriting. Unfortunately, people in other fields can sometimes adopt terminology that can be misleading for property/casualty professionals. Residential property insurers have long understood the distinction between site-built (or stick-built) homes constructed at permanent locations, and mobile (or trailer) homes constructed in factories and hauled to a site. That distinction in how homes are constructed leads to different property loss experience for site-built and mobile homes, and provides the basis for the separate Homeowners and Mobile-Homeowners insurance programs offered by AAIS. Beyond the loss experience, however, standardized homeowners and mobile-homeowners programs are very similar. AAIS uses largely identical forms in both. Confusion can arise, however, when the term manufactured housing is used to identify mobile homes, as the mobile home industry has done in recent years. That term was adopted by mobile home trade groups to improve the image of mobile homes and reflect the enhanced size and features offered in today's mobile homes. Manufactured housing, however, also refers to modular housing, residences constructed from modules that are assembled in manufacturing facilities, shipped to permanent locations, and permanently affixed to a foundation and adjoining modules. Modules can arrive at a site completely pre-assembled, with plumbing and wiring included. Manufactured housing, therefore, encompasses structures ranging from million-dollar estate homes to traditional trailers. Beyond that, virtually all new residential construction has some manufactured elements. What is happening is that all new dwellings have some degree of pre-assembly, says Tom Underwood, president and COO of Utility Body Works, Elkhart, Ind., a mobile home manufacturer. Even stick-built structures have trusses that are pre-assembled. It used to be that everything was either stick-built or a mobile home. Now there's more of a continuum. While that may be true for residential construction techniques, the old distinction between site-built and mobile homes still appears to be valid for property insurance purposes. The challenge is to make sure that residences are properly classified. Mobile homes stand apart Mobile homes have long been defined as a unique subset of owner-occupied residences, and that is still the case. For example, American Modern Insurance Group, a carrier that specializes in insuring manufactured housing, defines a mobile home to be a factory-built structure at least eight feet in length that is constructed on its own chassis. According to Jerry Wachter, vice president for manufactured housing, the requirement that the structure be built on its own chassis ensures that a mobile home policy cannot be written to cover other types of manufactured housing. The American Modern definition of a mobile home explicitly includes expansions and additions to mobile homes, as well as fixtures. The purpose, says Wachter, is to allow for the full range of possibilities in modern mobile homes, without applying mobile home coverage to structures that have different loss characteristics. A fire safety study conducted by Foremost Insurance, Grand Rapids, Mich., indicated that the fire rate for mobile homes was less than that for site-built homes. The better fire rate is attributed in part to implementation of a national building code by the U.S. Dept. of Housing and Urban Development (HUD) in the 1970s. Mobile homes are more susceptible to windstorm loss, however. As the American Modern definition suggests, there are three characteristics that can be used to define a mobile home: Off-site construction in a factory setting; Construction on its own chassis; and Construction to HUD building standards, as opposed to local building codes. Does method matter? As for establishing other categories of manufactured housing for insurance purposes, there is little evidence of statistically significant distinctions in loss experience between modular and completely site-built homes. Modular homes are treated the same as site-built homes in terms of financing and insurance, says Bruce Savage, spokesman for the Manufactured Housing Institute. I'm not aware of any statistics showing they perform (in loss situations) differently than site-built homes. Also, modular housing must generally be built to standards in local building codes, even if the modules are constructed out of state. The growth in modular construction would not be possible without widespread use of standardized building codes. Thus, when a carrier receives an application for a manufactured home, the first order of business is to determine if it meets the characteristics of a mobile home. Many manufactured homes would be better classified with site-built homes. The construction of the residence--frame, masonry, etc.--will, of course, be a key factor in determining the premium, but there is no indication to date that the method of construction, in itself, alters the risk. (As a practical matter, most manufactured homes that are not mobile homes will be frame construction.) Enduring distinction Property/casualty professionals accustomed to using identical forms to write homeowners and mobile-homeowners coverage may be surprised to learn how differently the two lines started out. Mobile home insurance developed from the identity of mobile homes as chattel property rather than real property, says Wachter of American Modern. Early trailer homes had axles with wheels and could be literally hauled away at a moment's notice. Given the character of early mobile homes, the insurance policy [covering a mobile home] was really a takeoff on auto physical damage coverage, Wachter says. That steadily changed as mobile homes came to be permanently affixed at locations and developed risk characteristics similar to those of site-built homes. For decades now, the basic, broad, special, and limited perils forms, as well as the personal liability sections, have been largely identical in the AAIS Homeowners and Mobile-Homeowners Programs. The persistence of distinct homeowners and mobile-homeowners programs lies in two related factors: rating and valuation of structures. Perhaps the last vestige of the original auto character of mobile homes is the fact that their structures depreciate faster than they accumulate real estate value, if they accumulate any real value at all. With mobile homes, the depreciation is greater than the growth in replacement cost, says Werner Kruck, executive vice president of American Superior Ins. Co., Plantation, Fla., a company that specializes in residential property insurance. With traditional site-built homes, replacement cost usually grows faster than the depreciation of the home. Replacement cost Every student of insurance learns that the market value of a home should not be confused with replacement cost, but it frequently is because mortgage lenders often insist that residential property insurance be written to cover the balance on a mortgage loan. Also, the appreciation in market value has often been considered a factor in calculating replacement cost, the assumption being that the cost of living drives the cost of construction. Whatever the reason, depreciation is rarely a major consideration in home owners insurance, except for older homes in areas with relatively low real estate values. For that reason, replacement cost loss settlement, with a coinsurance requirement, is a standard feature of most homeowners policies written in the U.S. Standard homeowners forms explicitly state, however, that replacement cost terms do not apply to mobile homes, whether or not on a permanent foundation, but without otherwise defining the term mobile home. Actual cash value loss settlement automatically applies to mobile homes; replacement cost settlement, if desired, must be added by endorsement. 'Gap' coverage In practice, the underwriting of a replacement cost endorsement on a mobile home policy is analogous to the underwriting of gap coverage on a personal auto, says Jeffrey Holaway, AAIS manager of personal lines pricing. According to Holaway, car owners frequently buy coverage that will pay what it costs to replace a vehicle that has been effectively destroyed, even if the amount of insurance exceeds the book value of the vehicle being insured. Replacement cost coverage for a mobile home is written on a stated value basis in some states, says Kruck. This raises the possibility that an owner can collect an insurance payment for a total loss, replace the damaged home with a used one at less cost, and pocket the rest of the money. Apart from the settlement terms, the distinction between homeowners and mobile-homeowners insurance lies in the distinction between loss costs for the two lines, and subsequently the information used to rate policies. Insurers should be cautious about applying loss costs derived from mobile home experience to manufactured housing that may be more appropriately classified with site-built housing. Joseph Harrington Editor Christi DeBrock Design Reprinting Viewpoint Articles Articles generally may be reproduced, provided the appropriate credit is given and a copy is sent to the Editor. For details, please call or write. Viewpoint welcomes your comments. Write us at: American Association of Insurance Services 1745 S. Naperville Road | Wheaton, IL 60187-8132 630-681-8347 | 800-564-AAIS | Fax 630-681-8356 Phone: 630-681-8347 | Fax: 630-681-8356 e-mail: info@aaisonline.com Top

RV traveler? U.S. ownership

RVIA - Media - RV Fast Facts RV Quick Facts What is a recreation vehicle (RV)? An RV is a vehicle that combines transportation and temporary living quarters for travel, recreation and camping. Two main categories of RVs are motorhomes (motorized) and towables (towed behind the family car, van or pickup). Type A motorhomes are generally the largest; type B motorhomes or van campers are the smallest and type C motorhomes generally fall in between. Types of towable RVs are folding camping trailers, truck campers, conventional travel trailers and fifth-wheel travel trailers. The annual retail value of RV shipments is $14 billion. There's an RV for every taste and budget. Prices for new RVs are typically $4,000-$13,000 for folding camping trailers; $4,000-$26,000 for truck campers; $8,000-$65,000 for conventional travel trailers; $48,000-$140,000 for type C motorhomes and $58,000-$400,000 for type A motorhomes. Who is the RV traveler? U.S. ownership of RVs has reached record levels, reveals a 2005 University of Michigan study commissioned by Recreation Vehicle Industry Association (RVIA). Nearly one in 12 U.S. vehicle-owning households now owns an RV. That's nearly 8 million households–a 15 percent increase during 2001-2005 and a 58 percent gain during 1980-2005. Today's typical RV owner is 49 years old, married, with an annual household income of $68,000–higher than the median for all households, according to the Michigan study. RV owners are likely to own their homes and spend their disposable income on traveling–an average of 4,500 miles and 26 days annually, RVIA surveys show. A leading force behind RV ownership's upswing is the enormous baby boomer generation, supported by strong ownership gains among both younger and older buyers. In fact, high RV ownership rates now extend across a 40-year span from age 35 to 75, the study found. More RVs are now owned by those age 35 to 54 than any other group, according to the University of Michigan study. Nearly 9 percent of U.S. households headed by 35-to-54 year olds own an RV, slightly exceeding the 8.6 percent ownership rates of those 55 and over. Those under age 35 posted the largest gains in RV ownership over the past four years. Approximately 8.2 million RVs are on the nation's roads, according to the Michigan study. RVIA estimates nationwide there are as many as 30 million RV enthusiasts, including RV renters. Why do people choose and use RVs? Flexibility and convenience – RVs offer a convenient, hassle-free way to see America. RV travelers enjoy the freedom and flexibility to go where they want, when they want–without the worry and stress of inflexible schedules, advance reservations, airport lines and luggage restrictions. Comfort – With fully-equipped kitchens and baths, rooms that slide out at the touch of a button, central air and heat, plasma TVs, surround-sound stereos and more, today's RVs provide travelers with all the amenities of home while on the road or at the campground. Family appeal – RVing is a uniquely enjoyable way to travel as a family. In fact, families that frequently vacation by RV say it fosters an increased sense of togetherness and helps improve family communication. RV owners say that strengthening family relationships is important for their pleasure trips. Affordability – RV vacations are more affordable than travel by personal car, commercial airline or cruise ship, according to vacation cost-comparison studies by PKF Consulting. Even factoring in RV ownership costs, and considering resulting tax benefits, a family of four can spend up to 74 percent less when traveling by RV. Lure of the outdoors – RVers can enjoy the mountains, beaches, parks, popular tourist attractions and small towns whenever they want, without giving up the comforts of home. With the new sport utility RVs, RV travelers can easily haul their ATVs, snowmobiles, motorcycles or other outdoor vehicles right on board. Versatility – In addition to travel, camping and outdoor recreation, RVs are being used year-round for a wide variety of other purposes, like shopping, tailgate parties at sporting events, pursuing special interests like horse, dog and antique shows and other hobbies. Rentals available – Renting an RV is a popular way to "try before you buy." The RV rental business is a $350 million industry and grew by 36 percent in 2005, according to figures compiled by the U.S. Census of Retail Trade and the RV Rental Association (RVRA). Where do RVers travel? With more than 16,000 public and privately owned campgrounds nationwide, RVers are free to roam America's highways and backroads for a weekend or months at a time. Privately owned RV parks and campgrounds are found near popular destinations, along major tourist routes and even in metropolitan areas. These campgrounds appeal to travelers by offering a variety of activities to keep the whole family happy, including swimming pools, game rooms, playgrounds and snack bars. RV travelers seeking a resort atmosphere are especially attracted to the growing number of luxury RV resorts with facilities such as tennis courts, golf courses and health spas. Facilities at public campgrounds tend to be simple, but offer great scenic beauty. Public lands are popular for hiking, fishing, white water rafting and many other outdoor recreational opportunities enjoyed by RVers. What does the future hold for the RV market? Changes in the frequency and duration of vacations favor the RV industry. Americans are traveling shorter distances and on weekends with less planning, according to recent studies. For RV owners, this is a convenient travel pattern. Primary RV demand remains very good and the potential for future sales is bright, according to a 2005 University of Michigan study. Among U.S. households that have never owned an RV, more than one in six expressed interest in purchasing an RV in the future. Both parents and empty-nesters are strong potential buyers of RVs, and promising future prospects are emerging among younger, ethnically diverse consumers, reveals a Harris Interactive study commissioned by the Go RVing Coalition. Generation Xers, exhibit interests in outdoor activities that are highly compatible with RVing, the study found. Ownership and demographic trends favor substantial RV market growth, according to the University of Michigan. As baby boomers have been entering their prime age range — 55 to 64 — with the highest ownership rates, according to the Michigan study. The number of RV-owning households in the U.S. is projected to rise to nearly 8.5 million by 2010–a gain of 15 percent between 2001-2010, outpacing overall U.S. household growth of 6 percent. How can I learn more about RVs? Surf the web – Check out the RVIA and Go RVing websites ( rvia.org and GoRVing.com ) for information on RV travel trends, vehicles types, show listings and lists of RV dealers and campgrounds in your area. Order a free DVD or CD-ROM – Visit GoRVing.com or call 1-888-Go-RVing for a free RV "getting-started" DVD or CD-ROM. Visit an RV dealer – Check the yellow pages or the website of the Recreation Vehicle Dealers Association, www.rvda.org , for local dealership listings. Attend an RV show – A variety of RVs of all shapes, sizes and costs are displayed at dozens of RV shows around the nation. Show dates and locations are searchable at rvia.org . Rent an RV – More than 460 RV rental outlets are located across the country. Renting allows potential buyers to try RV travel and determine which vehicle types best suits their needs. Check the yellow pages under "Recreation Vehicle–Rentals" for the nearest rental outlets. Obtain an RV buyers' guide – Visit a local bookstore or library. Who can talk about the RV experience? RVIA offers a diverse roster of expert RV media spokespersons: Recognized travel authority and RVIA President Richard Coon ; RV historian David Woodworth ; award-winning travel expert Harry Basch ; travel filmmaker and lecturer John Holod ; "Millionaire" game show winner and RVing author Brad Herzog ; and former New York City executives Sandy MacGregor and Marilyn Abraham , who found "life" in an RV. For more information about these media spokespeople, visit www.rvia.org/media or call RVIA Public Relations, (703) 620-6003 ext. 306. Back to "For The Media" search | sitemap Recreation Vehicle Industry Association 1896 Preston White Drive, P.O. Box 2999 Reston, Virginia 20195-0999

RV Travel How To

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