Mobile Home Insurance

The Basics of Mobile Home Insurance

If you own or are considering buying a mobile home, you’ll certainly need to consider what kind o mobile home insurance you’ll need. Because mobile homes are different from traditional, stationary homes, mobile home insurance is different from typical homeowners insurance, and it covers different things. Many companies that sell homeowners insurance also sell mobile home insurance, but you should definitely check the policy to see what it covers before you actually buy mobile home insurance.Home Insurance

Different Options

Some insurance companies offer mobile home insurance that will actually insure your home as it is transported from the construction site to your lot. This could be really smart coverage to have, as you never know what may happen to your brand new home while it’s getting to where it needs to go. The most basic mobile home insurance policies, though will cover the same things as your basic homeowner’s insurance policy, including actual cost of the home or replacement cost to buy a new home if you lose everything in a flood or fire.

What’s the difference between actual cost and replacement cost? Well, if you’re buying a mobile home today, insurance that will cover the actual cost of your home will pay out a maximum of whatever you actually paid for the home. If you lose your home in five years, though, this won’t be enough to buy you another mobile home of the same caliber and size, though, because inflation will keep the basic cost of a mobile home on the rise. So a policy that covers replacement costs for your mobile home will give you enough money to actually buy a new mobile home if something happens to yours.

Extra Coverage

Basic mobile home insurance, like basic home insurance, doesn’t cover the valuables you have inside your home. Look over your policy carefully, as it may give you some property coverage, but there’s probably a limit that may not be enough to cover such things as expensive jewelry and valuable collectibles if you lose everything. If you need extra coverage for these things, most insurance companies will tack them onto your policy for a certain price.

You can also get extra coverage on your mobile home insurance policy for a business you run from home. The rules for business insurance are different from those for home insurance, so if you operate a business out of your home, be sure you know the delineations and speak with your insurance company about what you need to be fully covered.Home Insurance

Discounts

You can get several discounts on your mobile home insurance, depending on what company you go with. Some companies will offer discounts for single-owner mobile homes since they’re likely to be in better shape, and other companies will offer discounts for mobile homes made of fire-resistant materials. Most of the time, you can get a discount for holding multiple policies with the same company, so you may want to begin your search for mobile home insurance with your car insurance company. Just be sure to keep an open mind and look around before you make your final decision!

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