Mobile Home and Contents Insurance
In terms of purpose and definition, mobile home insurance is a lot like standard homeowners insurance.
Like standard homeowners insurance, there are different types and levels of mobile home insurance. It will be up to you and your insurance agent to select the best policy for your needs.
Mobile Home and Contents Insurance
- 1 Mobile Home and Contents Insurance
- 1.1 What is mobile home insurance?
- 1.2 What does mobile home insurance cover?
- 1.3 What does a mobile home insurance policy not cover?
- 1.4 Mobile home insurance companies
- 1.5 How much does mobile home insurance cost?
- 1.6 What is the difference between mobile home insurance and standard home insurance?
- 1.7 Older mobile home insurance qoute:-
- 1.8 Why is mobile home insurance more expensive?
- 1.9 Will my homeowners insurance policy cover my mobile home?
- 1.10 Do I need a mobile home insurance policy for my modular home?
- 1.11 How can I save money on my mobile home insurance policy?
What is mobile home insurance?
Mobile home insurance, or manufactured home insurance, is insurance that covers any home that falls within the definition of manufactured home.
While these homes are often cheaper to buy, it is important to have a mobile home insurance policy. After all, many people do not have $87,200 in their bank account to replace their home in case it is destroyed. That’s what mobile home insurance is for.
What does mobile home insurance cover?
Mobile home insurance provides coverage for your home, personal belongings, liability coverage, and more.
- Home Coverage – This coverage is for the actual manufactured or mobile home, as well as other permanent structures on the property. In other words, any damage to your home or other property structures (like a deck, garage, or shed) that is a covered hazard is covered by your home coverage.
- Personal Property Coverage – This coverage is for your personal belongings.
- Liability Coverage: This coverage is to protect you in the event someone is injured on your property and you are liable. Liability protection can cover legal fees and medical costs up to your coverage limit.
- Additional Living Expenses (ALE) – This can include things like rent or hotel costs.
Some mobile home owners choose to purchase hazard policies, a type of low-premium but high-risk mobile home insurance. Hazard policies only cover very limited causes of damage, which means that you will be in a bind for any cost that does not result from one of the listed perils.
What does a mobile home insurance policy not cover?
There are some things that standard mobile home insurance policies don’t cover. Some of these require add-ons or additional policies for coverage and may or may not be necessary depending on your geographic location.
- Flood damage
- Damage in transit
What Manufactured Home Insurance Covers. The State Farm manufactured home policy provides coverage for direct and accidental physical loss of your home and specific peril coverage for your personal property.
If your community participates in the National Flood Insurance Program (NFIP), flood insurance is available to single-family residences, condo owners and associations, renters, manufactured and mobile homes, commercial structures, and other residential structures regardless of your risk of flood.
Mobile home insurance companies
Although homeowners insurance and mobile home insurance share some similarities, not all homeowners insurance providers offer mobile home insurance in every state.
Still, if you currently have homeowners insurance, the best place to start is by contacting your provider to see if you can bundle policies and get a discount on your mobile home insurance. Some insurance providers, like USAA and Geico, work with third-party mobile home insurance providers to offer more specific coverage.
The best mobile home insurance provider for you will depend on your geographic area and the type of coverage you need. Here are some of the most popular mobile home insurance providers:
Foremost – A subsidiary of Farmers Insurance, Foremost earned an A rating with AM Best and is known for few customer complaints. Quote requests can be made over the phone or on your website, but they are not instant.
Assurant: Assurant is a partner in Geico, Liberty Mutual and Progressive, and handles mobile home insurance policies. Its easy-to-use quote tools are available online. Assurant earned an A rating from AM Best and exclusively covers flood damage as part of its standard policy.
With over 20 years of manufactured home experience, Home First is a great option when it comes to specialized manufactured home insurance needs. Their policies include flood coverage, which is often non-standard. You can make a request for a quote on their website and an agent will contact you. They earned an A rating with AM Best.
Allstate – A nationally known provider, Allstate offers some unique optional coverage features like hail coverage and mine subsidence coverage. They have a great discount buffet and they got an A rating with AM Best.
Farmers – Also a recognized name across the country, Farmers offers mobile home insurance coverage. Although you can’t get a quote online, which can be inconvenient, Farmers has a wide variety of additional coverage options that many insurers don’t offer. They earned an A rating with AM Best.
American Modern: Earn an A + rating with A.M. Better, American Modern is very strong financially. Their policies are a bit more restrictive than some others, as your home coverage is only covered up to the actual cash value rather than the replacement cost value. However, they can be a good option for someone looking for specialized coverage that cannot be found elsewhere.
As with home and auto insurance, you’ll get the best coverage by requesting older mobile home insurance quotes from multiple providers and comparing prices.
How much does mobile home insurance cost?
Mobile home insurance policies often cost more than standard homeowners insurance policies due to the increased risk associated with owning a mobile home.
The average policy premium could cost anywhere from $ 300 to $ 1,000 a year, depending on a number of factors and circumstances.
Many factors go into determining the cost of mobile home insurance. They include:
The state you live in.
- Weather conditions and risks in your geographic area, including hurricanes, tornadoes, and floods
- Frequency of forest fires in your geographic area
- The crime rate in your neighborhood
- Quality of local emergency response departments, such as police and fire departments.
The value, age, and condition of your mobile or manufactured home.
There are also a few ways to get discounts on your mobile home insurance. The types of discounts normally available include:
- Be the original owner of the mobile home.
- Combine your mobile home insurance with other policies through the same insurer
- Installing a home security system
- Discounts for retirement and / or seniors
What is the difference between mobile home insurance and standard home insurance?
As similar as they are, mobile home insurance is different from standard homeowners insurance policies. due to the major structural differences between the homes that are covered.
Since mobile homes are not attached to a foundation, they have a few more inherent risks. Fire, wind, and broken pipes pose a greater threat to a mobile or manufactured home. And mobile homes are more likely to be targeted for theft.
On the other hand, the total value of a mobile home is usually lower than that of a house built with sticks. Because they carry so many different risks, insurers prefer to bundle mobile homes under their own type of policy.
Older mobile home insurance qoute:-
Mobile home insurance is more expensive due to the reduced ability of mobile. And manufactured homes to withstand incidents such as floods and fires. Mobile homes are also at a higher risk of theft and vandalism.
One of the reasons mobile homes depreciate is because they are personal property, not real property. On the other hand, houses built with sticks are considered part of royal property. A related downside is that mobile homes, because they are personal property, are often more expensive to finance.
Why is mobile home insurance more expensive?
Mobile home insurance is more expensive due to the reduced ability of mobile. and manufactured homes to withstand incidents such as floods and fires. Mobile homes are also at a higher risk of theft and vandalism.
Will my homeowners insurance policy cover my mobile home?
Homeowners insurance policies do not cover mobile homes. If you have an existing home insurance policy and need to insure a mobile home, contact your insurance provider to inquire about offers and discounts.
Do I need a mobile home insurance policy for my modular home?
No. Mobile homes and modular homes are similar in that they are both manufactured in a factory, but in most cases, you will need a regular homeowner’s insurance policy for your modular home.
How can I save money on my mobile home insurance policy?
Some mobile home owners choose to purchase a cheaper hazard policy rather than a more comprehensive mobile home insurance policy. Just keep in mind that lower premiums carry higher risk if any damage occurs due to an event not covered by the risk policy.
You can also get discounts by bundling policies through the same provider or by installing home security cameras and an alarm system. Contact your provider to inquire about mobile home insurance discounts.
Another way to lower the cost of your premium is to increase your deductible. The higher the deductible, the lower the premium.
- Mobile Home and Contents Insurance Compare Quotes.