Mobile Home Insurance – FAQs
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UPDATED: Oct 1, 2020
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When you are looking for mobile home insurance, you will probably have a lot of questions about the coverage, and the costs. After all, if you are going to be paying for something, you need to know exactly what it is that you are paying for. Here are the answers to some of the most frequently asked questions about buying mobile home insurance:
Q: What is a deductible?
A: Before your insurance company will pay a claim, you will have to pay a deductible. The amount of your deductible for mobile home insurance will depend on the actual terms of your insurance policy. Although many people don’t like to have a high deductible, remember, you will save money on your premiums if you choose to have the higher deductible. Most insurance companies will recommend that your deductible for mobile home insurance be at least $500, and $1,000 is even better, because you can save as much as 25 percent on your premiums.
One thing to consider is the area where you live. If you are in an area that has severe weather, such as hurricanes or tornados, you may be required to have a separate deductible. Mobile home owners on the East coast may want to have a windstorm deductible. There are also special deductibles for those who have damaged property after hail storms, earthquakes, etc.
Q: Is the replacement cost the same as the original cost of my mobile home?
A: There are two different types of mobile home insurance, replacement value and market value. If you choose to have the market value of your mobile home, then you will only be able to claim what the property is actually worth at the time you make your claim.
If you want to be able to claim the full cost of what you paid for your mobile home, then you should opt for the replacement value.
Remember, you don’t really need to insure your land against perils, and if you do, you will have to pay a higher insurance premium.
Q: How can I improve security for my mobile home?
A: You can save money on mobile home insurance if you have added security features in your home. You can save at least five percent by having smoke detectors, burglar alarms and dead-bolt locks.
If you install a sprinkler system and alarms that ring at the police and fire stations, you can save 15 to 20 percent on your insurance premiums. These things may cost a bit of money, but not only will they end up saving you money in the long run, they could end up saving your life, or the lives of your loved ones.
Talk to your insurance agent and find out which products are recommended.
Q: How can I protect my mobile home in the event of a natural disaster?
A: Yes, there are things you can do that will make your mobile home more resistant to certain types of severe weather, including windstorms. In fact, by making a few simple upgrades, you may be able to save money on your insurance premiums. Some of these upgrades include storm shutters, reinforcing the roof, or refitting older mobile homes to withstand earthquakes.
Another way that you can make your mobile home safer is to upgrade heating, plumbing and electrical systems, which will help reduce the risk of fire and water damage.
Q: Are there other ways I can save money on my mobile home insurance premiums?
A: Insurance companies offer a variety of discounts, but not all companies offer the same discounts. This is why it is so important to shop around and get quotes from many different insurers before you buy anything.
Some discounts you may want to inquire about include: discounts for retired people who live at home; discounts for belonging to certain organizations, some of which offer group insurance programs that have special rates for members.
Q: How often should I review my premium?
A: You should review your policy limits, as well as the value of your possessions, at least once every year. Sometimes things change, and you may have more items that you want to have insured, or you may find that you need less coverage. For instance, you may have items that are worth much less than they were the previous year, so you will want to have less insurance on them, which will cut back on the cost of your premiums.
There are some things that are not covered by standard mobile home insurance, such as computer equipment and jewelry, and you will need to have separate coverage for these items.
Q: Does my credit rating affect my mobile home insurance premiums?
A: Cutting insurance costs is just one reason to make sure that you have a good credit history. Most insurers use your credit information to set the price of insurance policies. Insurers must advise you if there is going to be a higher rate. To keep this from happening, all you need to do is protect your credit rating, by making sure that your credit balances are as low as you can possibly keep them, pay all of your bills on time, and don’t get more credit than you actually need. You should also monitor your credit record on a regular basis to make sure that there are no changes or errors, and that your credit remains good.
These are just a few of the questions that most people ask about mobile home insurance. If you have any other questions, never hesitate to talk with your insurance representative, and ask as many questions that you have to in order to get the information you are looking for. Just because you need to have mobile home insurance, it doesn’t mean that you have to pay a lot for it. Go online today and get your free quotes. You can get many quotes at once, and you never have to give out any personal information until you are ready to buy your policy.