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Buying and using a Motorhome or RV is one of life’s great pleasures – providing life on the open road and the opportunity to find great weather and spectacular locations. But what happens when something goes wrong? With the right insurance policy, virtually any situation can be managed quickly, efficiently and hassle-free. But with the wrong insurance, you run the risk of encountering heartache which could drag on for days, weeks or even months. One of the easiest ways to get the very best Motorhome or RV cover is to use a company that specialises in bespoke Motorhome insurance – like Sureterm Direct, for example – who understand exactly what’s required to guarantee a trouble-free life when accidents happen. Here’s a list of the key dos and don’ts when insuring your Motorhome. 5 ESSENTIAL Dos DO consider exactly what your circumstances are likely to be over the coming year. How much will you be using your vehicle? Where will you be going, especially abroad? How many miles do you expect to do? All these factors can affect your policy. DO make sure your policy covers personal effects that will be in the Motorhome or RV, and extras like awnings. Some large awnings, for example, can be expensive to replace. Specialist insurers pick up on these little things when you’re discussing your requirements. DO ask if there are discounts available depending on the length of time you’ve owned your Motorhome or RV, or if you’re a member of a club or association. Many specialist Motorhome insurers reward experience with better premiums. DO be clear about your No Claims Discounts (NCD). Many insurers will mirror the NCD you’ve accrued while driving your car. DO make sure your policy provides adequate cover for legal expenses. In the USA, particularly, personal claims lawyers can be as vicious as the alligators in the Florida swamps, and you may need to fight fire with fire. If you’re policy means you can employ your own alligator – at no extra cost to you – it makes sense! 5 IMPORTANT DON’Ts DON’T lie about your circumstances - be honest with your underwriter. If you cause a pile-up in Peru having claimed you were never going to leave Peterborough, be prepared for a nasty surprise! DON’T make assumptions. For example, many Motorhome owners tow a small car behind to make it easy to pop to the local shops. But don’t assume your Ford Ka, Smart car or little Fiat will be covered simply because it’s attached to your Eldiss or Bessacar. Some policies automatically give you third-party cover for your cover, but in other cases you might need to take out full-comprehensive car insurance too. Always check. DON’T always settle for a high Excess figure. The joy of using a specialist insurer is that they can often create Motorhome cover with lower than expected Excess figures (the initial amount you have to contribute to any repairs to another vehicle before your insurer covers the rest). The usual Excess figure is between ?100 and ?500. But with a specialist company, even if your Excess is slightly higher than you’d expected, the policy you get is often way better, with many more features, than an ‘off the shelf’ product.

Read full article: http://kvadra.07x.net/2009/03/10-tips-to-get-the-best-motorhome-insurance/

PMI - a recurring, monthly, unwelcome guest. It sounds similar to and is about as welcomed as a similar acronym. PMI is private mortgage insurance. This insurance policy is paid for by the homebuyer when the amount of their primary mortgage is greater than 80f the value of the property.

You will note that the term “primary mortgage” was used. This is for a specific reason. It is not the total of all mortgages and home loans on the property that is evaluated, but rather the amount of the primary or largest mortgage on the property that can trigger PMI.

PMI is calculated by taking 0.5f your primary loan balance and dividing it by 12 (12 monthly payments). For example, if your primary mortgage is $200,000 and you are required to pay PMI, your mortgage payments would be an additional $83.34 per month. For most homebuyers, this additional premium is a considerable financial burden to undertake.

There are ways around PMI for those homebuyers unable to put down 20r more on their new home. Mortgage lenders have created loan packages which include two or more home loans that when combined exceed the 80 hreshold, while no one of the loans exceed that threshold. Typically there is a primary mortgage and either one or two home equity loans taken out simultaneously which are 81 100or sometimes more) of the home value. This affords the homebuyer to put less than 20 own, or perhaps put nothing down at all while at the same time eliminating the need to pay PMI.

If you know you are going to be putting less than 20 own on the purchase of your home you should immediately speak to your home lender about avoiding PMI. A good home lender will inform you about these types of packages. Though the rules on these packages may differ from state to state, the vast majority of states allow for these types of loan packages.

When you review this type of package you will note that there will invariably be a different interest rate on the mortgage than there is on the home equity loan(s). The mortgage rate may have a slightly lower interest rate or perhaps even a considerably lower interest rate. You should be able to calculate what the monthly payments would be for the combined loans and then determine if it comes out less than a single mortgage with PMI. Obviously, a good lender is only going to present you the package if the payments are cheaper than a single loan with PMI.

You are able to refinance the loans at any point and combine them into one payment. You would only do this when the value of the home is more than 20
bove of the amount you will mortgage. As the value of your home increases through home improvements or time, you can receive an appraisal and speak to your home loan professional to determine if refinancing the loans into one loan makes sense.

These types of loans are often referred to as 80-10-10 loans or 80-15 loans, among other names. An 80-10-10 loan is a mortgage at 80f the amount to be financed and than two home equity loans at 10ach. You will likely find that all three loans will have a different interest rate with this type of package. 80-15 loans are similar but would be the main loan at 80
nd a secondary loan at 15

Article source: Avoiding PMI