Mobile Home Insurance: All you Need to Know
Mobile home insurance is usually given to homeowners who want their manufactured homes to remain financially protected in any situation that causes damage. Any mobile home owner who does not want to go lose their investment on their wheeled homes in case of any situation that destroys their property should get a mobile insurance cover.
When you purchase a mobile homeowners insurance cover, all your belongings, liabilities, and mobile home are covered by the policy. If you are looking for an affordable, convenient, and well-tailored to meet your personal needs, you should do some research on different provider premium rates and conditions.
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Mobile or manufactured homes are not considered viable for a typical home insurance cover
What Events are Covered by Insurance for Mobile Home?
Your insurance cover will cover damages caused to your home by natural disasters and unplanned events. As a homeowner, you need to be aware of the various situations which will be financially covered.
Below are the events that will be catered for in case your house is destroyed.
- Wind and hail
- Ice and snow weight
- Fire and lightning
- Burst pipes
- Vandalism
- Explosions
- Falling objects
- Damages caused by wild animals or stray animals
What Events are Not Covered?
Your policy may not cover damages caused by some events and natural disasters. You should also know the coverage limits before buying mobile home insurance.
Some of the situations not covered include:
- Earthquakes- if your home is located in an earthquake-prone area, you will need to buy a separate earthquake cover since it is not included in the insurance.
- Insect and animal infestation- these are taken to be normal and are part of your daily maintenance.
- Flooding- people in homes in areas that easily get flooded need to purchase flooding insurance separately.
- Wear and tear- the insurance will only cover accidental damages. Repairing and replacements due to wear and tear are ordinary maintenance practices.
- Damages as a result of operating your home as a business location- you will need a commercial policy to cover your home when operating a business on the premises.
Who needs Mobile Home Insurance?
It is not a law or a necessity that all homeowners should have an insurance cover. It is however important since some companies such as mortgage companies will ask you for your mobile home insurance before working with you as proof that you are reliable.
Every property owner should consider getting it to protect their wheeled home and items within the home. You can also buy mobile home insurance if you are planning to get a mortgage in the future.
What will be covered by your mobile home insurance policy?
Here are the coverage offered in a mobile insurance policy.
Liability Protection
The liability protection cover on your mobile home insurance will apply when someone or a pet gets injured within your property. In some cases, a homeowner is usually held accountable when someone gets harmed within your home.
Instead of going through various legal proceedings and paying defense fees and damages compensation, consider purchasing mobile home insurance. The coverage will offer help pay for all costs incurred.
Dwelling Coverage
Mobile home insurance guarantees a homeowner that their home will be rebuilt and replaced when it is damaged or destroyed. Your insurance cover will specify what conditions and causes of damages will be accepted as dwelling coverage.
It should also specify which structures and features will be replaced and which are covered by the insurance. Ensure that the insurance protects your roof and deck area which have a high risk of damage.
Personal Property
We all have items that we treasure and would like to protect from damage and getting lost. Convenient mobile home insurance will protect your precious belongings when stolen or damaged.
You may however have to pay a deductible when filing for claims or damaged or stolen property.
Additional Living Expenses
Some areas usually experience disasters once in a while forcing settlers to move to a different locations. Any homeowner who purchases such a cover will be financially protected whenever they are forced to move away from their home and stay elsewhere.
Your insurer will cover all costs and additional expenses incurred when living in a different location. Your premium rate will determine your coverage limit when paying for such living expenses.
Other Structures
Your home is surrounded by various structures and features that may be very valuable to you. With the policy, structures that are attached to your property will be covered when damaged.
These structures should be permanent to be considered during compensation.
How much will it cost you to insure your wheeled home?
Anyone who owns a mobile home should get affordable home insurance coverage. Averagely, you should pay as low as $300 and as high as $1000 every year.
This amount will always vary depending on different factors. The price range will vary depending on the location, age, and condition of your mobile home. When your manufactured home is at a high risk of damage, your insurer will tend to charge a higher premium rate.
Where will You get Mobile Home Insurance?
Unlike other types of home insurance policy, a mobile insurance cover cannot be found easily and purchased from an online provider. You will need the help of an agent to acquire a quote.
A third party may be needed even if you found an insurance company that will sell you an insurance cover that meets your needs. You can also find a few mobile insurance providers in the market or get referred by an affiliate company.
Conclusion
Mobile or manufactured homes are not considered viable for a typical home insurance cover. If you own a mobile home you need to buy a mobile home cover to protect your home and belongings.
Your mobile home is always at risk of being destroyed by bad weather and other factors making it very vulnerable. As a mobile home owner, you should check to ensure that the cover you buy will protect all your needs.
It is always good to compare insurance companies to find your personalized offer. John Finds has a great tool to help you out with this and we recommend taking a look.