A mobile home is often the subject of a number of misconceptions. While it is true that they do decrease in value as they age, they are still worthy of being insured. If you have a loan on your mobile home, the provider may insist that you have coverage to protect the asset because the risk of full loss with a mobile home is much higher. It is important to find cheap mobile home insurance that covers your home without breaking the bank.
Find Cheap Mobile Home Insurance by Knowing the Types of Coverage
Just as with a regular home, there are several different types of cheap mobile home insurance. Make sure that you understand the difference in the two major forms so that you are protected. Those two types are:
- Replacement cost coverage, which reimburses you if you replace your mobile home in the event of any type of covered loss.
- Actual cash value coverage. This coverage only reimburses you for the value of the mobile home at the time of the loss, which may not be enough to pay for a replacement mobile home.
What Cheap Mobile Home Insurance Will Cover
Before buying insurance, always make sure that you know exactly what is and is not covered by the policy in question. With mobile home insurance, the coverage should include:
- Natural disasters such as fire, lightning, earthquakes and more. Some insurance policies restrict certain disasters based on the area where the home is located. Flood prone areas, for instance, may require separate flood policies for full coverage.
- Theft, vandalism and acts of crime.
- Structures that are attached to your home. Other structures may be covered if they are specifically listed on the mobile home insurance policy.
- Injuries that occur inside or around your mobile home.
What Cheap Mobile Home Insurance Will Not Cover
There are restrictions with any type of insurance, including cheap mobile home insurance. These restrictions can include:
- Any damages that occur during the moving process. Because moving a mobile home can be dangerous, it might be important to choose to use a specific type of insurance coverage for transportation and set up.
- Any damages that occur because of neglect or fraudulent activity.
- Any damage that occurs because of a non-covered event.
Before you add on to a mobile home or improve the property around it, it is highly suggested that you ask the insurance company to determine if these improvements will be covered by your insurance. It may cause the policy to need to be rewritten or drive the cost higher.
The Best Way to Get Cheap Mobile Home Insurance
As with other types of insurance, getting the best cost on your mobile home insurance is very important for a number of reasons. You want to have good coverage that you can actually afford. To help get the best coverage at the best price:
- Get several price quotes for insurance coverage before committing to a policy.
- Shop both online and with an agent.
- Get the best insurance that you can afford.
