Mobile Home Insurance: Description Of Mobile Home Insurance

Your mobile home is vulnerable to many hazards and it is important to have financial protection so you can repair or replace your home. Mobile home insurance is similar to homeowner’s insurance for a traditional home because both types of homes face many of the same risks.

The term mobile home has been used since the beginning; however, the government started calling them manufactured homes on June 15, 1976. Mobile home insurance and manufactured home insurance are one in the same. As long as your mobile home meets the U.S. Department of Housing and Urban Development (HUD) standards, you can qualify for mobile home insurance.

You can save on the cost of your mobile home insurance premium in different ways:

  • As the original owner you can save up to five percent for the first five years.
  • Combine your mobile home and auto insurance with the same insurer and you can save up to ten percent.
  • Installing security, electrical, and fire protection devices can save you up to 15 percent.
  • Retirees over 55 years of age can save ten percent.

There are two types of insurance available to mobile homeowners:

  1. Comprehensive coverage is a standard policy that covers the most common issues that can occur to your mobile home and any detached structures on your property.
  2. A by-line policy includes a number of not-so-common issues in addition to what the comprehensive policy offers. You can create a tailor-made policy for your unique situation.

There are a few special situations that may apply to you and may affect your ability to obtain mobile home insurance or cost you extra to have full coverage.

  • Mobile home insurance is not readily available to Florida mobile homeowners due to the extreme winds that are common for that state. Only some commercial insurers will cover Florida mobile homes; if you do not qualify with them you can receive coverage through the state’s Citizen’s Property Insurance Corporation. You can be covered for damages resulting from wind, wind-borne debris, sinkholes, and so on.
  • Earthquakes occur in 39 U.S. states; therefore, earthquake insurance for mobile homes is often only available through the National Flood Insurance Program (NFIP) managed by the federal government’s Federal Emergency Management Agency (FEMA). Depending on the flood zone risk designation of your area, you may end up with a high premium.

Most money lenders require you to have mobile home insurance before you can qualify for a mortgage. It is important for you to protect your investment too.

Mobile Home Insurance: What Does Mobile Home Insurance Cover?

Mobile Home Insurance: Description Of Mobile Home Insurance

Mobile homes are much more susceptible to the ravages of nature than traditional homes. Mobile home insurance will help you pay for damages to your home and detached buildings, including a shed or a barn, as well as attached structures such as a porch or a garage. Your coverage also includes most of the contents of your home.

The buildings and personal effects on your property are covered for a wide variety of circumstances, including:

  • Fire, lightning, falling objects and explosions.
  • Vandalism, burglary.
  • Water damage from frozen pipes.
  • Run-off-road vehicle collision.
  • Wild animals and pets.
  • Collapse from ice or snow buildup.
  • Damage or loss of a personal item anywhere in the world.

During the repair or replacement of your mobile home, you can incur excessive costs while living in temporary housing. Your mobile home insurance will cover the rent of an apartment or hotel room as well as food and any other related expenses.

If you live in an area that is susceptible to severe weather, such as wind, hail storms or floods, or if you live in an earthquake zone, it is recommended you purchase a by-line or all-risk policy. This type of policy will allow you to be covered for a much wider array of situations and you will be able to add specific contingencies to customize your insurance coverage.

Also, if you decide to move your mobile home, you may need to purchase trip collision coverage for the duration of the move.

In order to receive an accurate indemnity for the loss or damage to your personal items, make a list of your home’s contents and include their value as well as a photograph. The more information you can provide to your insurance company, the better chance of restoring your property back to its original state.

Liability coverage is also included in your mobile home insurance to cover your legal costs if you are ever sued for another person’s bodily injury or property damage. Accidents happen and if your friend slips and falls on your property, you can be held liable. You are covered for:

  • Medical bills, including ambulance, hospital, x-rays, surgery, dental, and so on.
  • Lawyer and court fees, including a judgment or settlement.

Mobile home insurance will financially protect you if your mobile home is damaged or if your guest is injured on your property.

Mobile Home Insurance: Who Needs Mobile Home Insurance?

Mobile home insurance will financially cover the high cost of repairs or the replacement of your mobile home if it is destroyed in a natural disaster. You can also end up paying expensive medical and legal bills if a guest is injured while visiting your home.

Most people who own a mobile home live in it year-round. Some people who own a mobile home use it as a vacation get-away or simply as an investment property. The conditions of your mobile home insurance change depending on how long you live in your home during the year, how long it may stand empty and whether or not you have tenants that rent your mobile home on a permanent or temporary basis.

As a landlord, you can protect your property with mobile home insurance. If you own several mobile homes, you can be covered whether you rent them out as private residences or for light commercial use. For a landlord with ten or more mobile units, you can consolidate your policies into one to simplify your property management.

If your mobile home stands vacant for a large portion of the year, you will need additional coverage. While your mobile home is empty it is more susceptible to unchecked fires, vandals and vagrants, and it can end up with extensive damages due to a lack of supervision.

Seasonal-based mobile home insurance is for an owner who occupies his mobile home for less than five months in a year. If you live in your mobile home for more than five months out of a year, you may be considered a full-time occupant and should have a full mobile home insurance policy.

Occasional rental mobile home insurance will cover your mobile home when you rent it out to a tenant on a temporary basis. As a landlord you are responsible for a reasonable level of maintenance. If your tenant or his guest is injured or sustains personal property damage due to your negligence, you will be liable.

If you rent a mobile home, it is recommended you purchase renters insurance. Your landlord is not responsible for your property, nor your guests and their property. If you have a friend visiting and he is injured due to your negligence, you can be sued for your liability and can be faced with medical and legal bills.

© 2018 Copyright | | All Rights Reserved | Terms of Use | About Us | Privacy Policy | Contact Us