Mobile Home Insurance: Why You Need It And What It Covers

Mobile home insurance is also referred to as manufactured home insurance. It is primarily designed as a homeowner’s insurance policy because it can provide adequate financial protection for the home if it gets some unfortunate damage. Although it is not a prerequisite need by law, mobile home communities and mortgage companies require that homeowners purchase and provide coverage.

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Your exact coverage for your mobile home insurance company is, to a considerable extent, dependent on the kind of policy you purchase. Policies are designed to protect your home as well as personal belongings by offering liability coverage.

Policies come at different prices among the highest-ranking insurance companies. Therefore, it is essential to make a proper comparison to find the most useful mobile home insurance tailored to your exact needs.

Is mobile home insurance a need for you?

As mentioned earlier, there is no specific law that requires mobile homes to have insurance coverage. However, mortgage companies and places you can take your mobile home may require you to provide proof of insurance before agreeing to work with you. Therefore, as an intentional mobile homeowner, mobile home parks and mortgage companies will require that you provide your cover.

In the US, a brand new manufactured home does not go for less than $70,000 on average, and it is therefore in your best interests as a homeowner to purchase mobile home insurance to be in a much better position when it comes to matters related to protecting the entire home and its belongings. As much as it is not easy to get the cover, the biggest mistake would be to forgo the coverage because it would necessarily mean that you have put yourself to a tremendous financial loss.

How about modular home insurance?

Both modular homes and manufactured homes are built in companies and beyond that do not share many characteristics. Modular home insurance and mobile home insurance apply to two different homes, meaning that you do not necessarily need to have another if you have one.

To get a proper understanding of whether you need mobile or modular home insurance, it is essential to be cognizant of the different features outlined below.

Common characteristics of modular homes

  • They are often delivered in many different pieces to the owner.
  • They look like ordinary homes.
  • They are typically built in a basement.

Common characteristics of mobile homes

  • They are delivered to the property as a single piece.
  • They are built on a metal frame, unlike modular homes.
  • They have foundational metal hooks that tie on the ground.

If you are still unsure of your home type, look for the Housing and Urban Development tag, a small metal plate tag that is, in many instances, clipped to the outside of a manufactured home. You can also ask for your insurance agent to help you identify the exact type of home that you have.

What exactly is covered by mobile home insurance?

This cover includes all coverage available for all typical homeowners’ insurance policies and can protect the property and dwelling.

Mobile home insurance is in very many ways similar to a standard homeowner’s insurance policy. It provides coverage for the policy holder’s name and belongings. It also protects from any liabilities.

Mobile home insurance covers do not exempt policyholders from customizing their policies using endorsements that function as reliable gateways to a standard policy. Endorsements can provide coverage that does not come as a standard feature with a homeowner’s insurance policy.

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On the other hand, manufactured homes are easily damaged by fire, and therefore, many insurance companies the fire damage part for high-risk regions. It is important to be keen on checking whether your policy adequately covers this peril. As a policyholder, you can also determine unique coverage limits that will help you a great deal.

  • Dwelling coverage: This goes a long way in helping to rebuild or repay to restore the physical structure of the home if, in the unfortunate event, it is damaged. If a fire causes the mobile home wall to take a collapse, it would be under this coverage for it to be replaced or repaired.
  • Private Property: Mobile home insurance providers are well known to protect their goods. However, for you to make a claim, you would need to pay an insurance excess cost that is deductible.
  • Liability Protection: This particular cover protects you when someone gets injured on your property. If something unfortunate happens, your insurance company should pay the legal fees and proceed to pay damages if you are found liable.
  • Additional living expense: If, for any reason, you are not able to live comfortably in your home owing to some loss that is covered, this coverage helps you in providing you with compensation for any additional expenses you might have.
  • Other structures: Mobile home insurance policy covers also provide coverage for permanent structures not attached to your home.

How to find the best insurance quote for your mobile home

Looking for the best insurance quote can be challenging since many of the best-known companies do not provide their quotes online. Many mobile insurance companies’ costs are primarily dependent on the particular insured home area, the coverage limits, and age.

The best thing to do when looking for a mobile home company to insure your home is to compare notes, and if you go through a lot of trouble finding records to compare, consider contacting an insurance agent in your area for guidance.