Buying a home is a huge expense, but if you don’t mind having a smaller place to live, you may want to consider purchasing a mobile home to save money. These homes offer everything that a traditional house can, but at a much lower cost. Owning a mobile home is the same thing as owning a regular house, right down to the need for homeowner’s insurance. This is going to protect you under many different sets of circumstances, including natural disasters, fires, theft and more.
Although mobile home insurance policies are a specific type of insurance, the coverage you will receive is similar to that of regular homeowner’s insurance.
Many people don’t realize that not only do they need to protect their own property, but that they also must take reasonable steps to make sure that anyone who is visiting their property is also protected.
When you have liability insurance coverage for your mobile home, you will be covered in the event that someone is injured while on your property, or suffers any property damage. If the injury is caused by personal negligence, chances are that you are not going to have to pay any expenses. But, if the injury happened due to negligence on your own part, then you could be held liable for any expenses. The more liability coverage you have, the higher your mobile home insurance premiums are going to be.
What Does Mobile Home Insurance Cover?
Your mobile home insurance will cover many things, and any buildings that are attached to your mobile home or on the property, such as sheds and garages, are going to be included in your coverage. Some of the things that may be covered by your policy can include:
- Property damage is covered – Expenses that arise from damages from storms and other natural disasters (flood insurance is usually purchased separately), will be paid for, up to the limits of your policy.
- Moving damages are sometimes covered – Damage that can occur when a mobile home is moved from one lot to another will be paid for if this is specified in your policy.
- Personal property is covered – Your furniture, clothing, jewelry and more will be replaced in the event that it is destroyed or stolen. Even if your items are not actually on your property, they will still be covered by your mobile home insurance, up to the limits of your policy.
- Personal injuries are covered – If someone is on your property, and they are injured as a result of negligence on your part, such as tripping over a broken walkway or stairs, you will be held liable for their expenses. Your mobile home insurance will take care of most of these expenses, up to a certain limit.
- Hotels and meals are covered – In some cases, depending on the type of mobile home insurance policy you choose, if you must relocate while damages to your mobile home are being repaired, or you must find a new home due to damages, your accommodations and meals will be paid for, up to a certain limit.
Getting Additional Coverage
Some insurance companies will offer you even more in mobile home insurance coverage. For example, if a tree falls on your property, additional coverage will pay to have that tree removed. If food has spoiled during a lengthy power outage, you will be able to get new groceries without any out-of-pocket expenses. You may even be covered if you get stuck with forged checks.
Actual or Replacement Value?
You have two options when it comes to insurance for mobile homes.
- You can choose to have actual value replacement for your coverage, which will pay you for the actual value of the property damage and losses. This means that if your mobile home is worth less than you paid for it when the damages occur, you will only receive as much as the home is worth.
- The other option is to have replacement value coverage. This will pay up to the amount of the purchase price of the mobile home, and depreciation is not taken into account.
The Difference between Manufactured Home Insurance and Mobile Home Insurance
There really is no difference between manufactured home insurance and mobile insurance. Manufactured and mobile homes are basically the same thing. The only real difference is that any mobile homes built after 1976 are referred to as manufactured and not mobile homes. So, most insurance companies don’t distinguish between the two, and you can get a manufactured home or a mobile home policy, whichever you prefer.
How Coverage is Determined
A number of factors are used to determine your mobile home coverage. For instance, if you live in an area where there is little in the way of severe weather, your policy is going to be a lot different from someone who lives where there are a lot of storms, such as hurricanes or tornados. Common losses are also considered, such as furniture, clothing and jewelry. You may even be able to create a customized policy that lets you name certain perils to be covered.
Are There Any Discounts That Will Lower My Premiums?
There are a number of discounts that you may be eligible for that will help defray the cost of your mobile home insurance premiums. For instance, if you are senior citizen or retired person who spends most of your time at home, you will be eligible for a discount, because you can prove that you will be around when or if something were to happen. Many insurers offer discounts to people over 50 years old, because they are considered to be a better risk than younger customers. Ask your insurance representative if there are any discounts that you may be eligible for.
If you are in the market for mobile home insurance, you need to get quotes. You can go online and get a number of quotes from different insurance companies at once. Then, you can study the quotes, and decide which company is going to offer you the most, at the best price.