Mobile home insurance is a special type of homeowners’ insurance policy designed to cover a different set of risks compared to traditional site built homes.
The coverage one needs for a mobile and modular home is similar to a traditional home.
Basic types of mobile home insurance coverage:
Mobile Home Liability Coverage
This covers you if a visitor on your property gets injured due to your negligence, or if you damage someone else’s property and you are taken to court.
Property Damage Coverage
This covers any significant loss to your property that requires repair.
Personal Property Coverage
This covers your belongings in case of burglary or theft, as well as damage or loss due to weather events or disasters like fires, tornadoes or falling objects.
How mobile home insurance works:
Because mobile homes tend to have lower overall value than a traditional home, their insurance costs tend to be lower.
Mobile homes are generally considered more risky to insure.
When shopping for mobile home insurance you’ll want to consider whether you would be able to rebuild in the event of a total loss.
You need to consider how much coverage you need to protect your finances in the event of a large claim.
Other factors you need to consider:
Structure of the policy
You need to find a policy to suit your unique needs.
Amount of coverage needed
Don’t underestimate the amount of cover that you need. Make sure that you compare at least five quotes from different lenders.
Size and value of the home
The size and value of the home is a factor that determines how much coverage you need.
Whether you own the land the home is built on
This factor may affect the amount of coverage you need as well as your premiums.
Risks in the area
If you live in an area with a high crime rate you may need more coverage.
