3 Things To Know About Insuring A Mobile Home
If you are getting ready to buy a mobile home to live in, you will need to purchase insurance coverage for it. While some insurance companies might allow you to protect a mobile home with a regular homeowner's insurance policy, other companies will require that you purchase a special type of home insurance policy called a mobile home policy. If you have never owned a mobile home before, here are a few things to know about the insurance you will need for the home you are buying.
Mobile home insurance is based on different risks
While mobile home insurance is practically the same thing as homeowner's insurance, insurance companies view insuring a mobile home differently than a stick-built home, and this is primarily because the risks are different. A mobile home might be more susceptible to damage from wind and other types of storms than a traditional type of house, which means you might have to pay slightly higher rates. On the flip side, though, a mobile home is probably worth less than a stick-built home, which means you might not pay as high of rates because you need less coverage.
Mobile home insurance provides coverage for all the basic things
When you purchase mobile home insurance, you will receive a policy that provides the normal types of coverages, as long as you choose those for your policy. This should include structural coverage, which protects the house if anything happens to it, and it will include liability coverage for accidents that might occur on the property. It will also have personal possession coverage for the contents of your home. These are the basic forms of coverage you will have on any type of home insurance policy, including a mobile home insurance policy.
Factors that affect your rates
When you get a quote, the agent will base the rates on a lot of different things, including the year and value of the mobile home. It will also be based on the type of foundation the home has, the materials in the home, and the cost to replace it. Additionally, insurance quotes for homes are always based on demographics too, such as the homeowner's age and the history of claims he or she has. The location of the home will also play a role in the rates you pay too.
If you would like to get a quote for insurance coverage for a mobile home, contact a home insurance agent today.
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