How To Find The Cheapest Mobile Homeowners Insurance Coverage
Mobile homeowner insurance is also called an HO-7 homeowner policy. Unlike home insurance, mobile homeowner insurance is not mandated by state law. However, most lenders will require mobile homeowners insurance to cover the investment on a mobile home that is owned by the borrower. In addition, mobile home parks may require mobile homeowners insurance for all mobile homes rented in the park. Depending on your location and the park rules, you may be required to purchase additional insurance as well. Here are some things to keep in mind when purchasing mobile homeowner insurance.
The first thing to consider is the amount of personal belongings that are covered by the mobile homeowners insurance policy. Most policies provide coverage for the purchase, temporary storage, and personal effects, such as furniture, electronic equipment, clothing and shoes. There is usually a limit on the total value of items that you can insure. In addition, you should inquire about what is usually covered under the loss of use feature. Many policies provide coverage for personal belongings lost from a fire, water damage and theft.
Most mobile homeowners insurance policies will also include property protection. This coverage usually pays for damage or destruction that does not exceed the amount of personal belongings that is protected under the policy. Usually, this type of protection will pay for damage caused by windstorm, vandalism, malicious mischief, theft or natural disasters, such as an ice storm, snow storm and tornado.
Another consideration is the location of the mobile homeowner. Most mobile homeowner policies provide coverage from the point of sale of the home, or from the date of purchase, but not from the date that the homeowner actually moves in. This is because many policies change from one location to another. If you are living in an area that is prone to hurricanes, then perhaps it would be a good idea to check with your mobile homeowners insurance company. You may be provided with a hurricane coverage clause in your contract.
Another thing to consider when purchasing mobile homeowners insurance is the kind of belongings that you would like to protect. If you live in mobile homes, then you know that it is difficult to maintain your possessions, because if they are flooded, then they are often ruined. However, there is no denying that the majority of people who purchase mobile homes do so because they are on vacation and they need a place to live while they are on vacation. Therefore, the majority of mobile homeowners insurance policies do offer some form of rental reimbursement.
You may also want to include accidental coverage, which provides coverage for damages that occur to your mobile homes due to vandalism, theft, or storm damage. Most policies require homeowner’s insurance policies to also require accidental coverage, but it will vary from policy to policy. Usually, accidental coverage is provided when you purchase mobile homes, and they also cover things like RVs. Therefore, you may want to inquire about this coverage before you purchase your homeowners insurance policy.
The final way that you can find mobile homeowners insurance cost is to shop around. There are plenty of different companies that offer insurance policies to people who live in mobile homes. Therefore, you may want to look around and compare prices. Of course, you want to get a policy that has a reasonable cost, because you obviously want to get coverage that you can afford. If you feel that you cannot afford a particular policy, then you should always have another alternative available.
Hopefully, this short article has given you some good insight into what homeowners coverage can cost for mobile homes. Next time you are shopping for a homeowner insurance policy, you should definitely consider shopping around for a cheaper alternative. Most insurance companies provide coverage for mobile homes built within their systems. However, you may have to do a bit of shopping around. Either way, you are sure to find an affordable option for coverage for mobile homes built within your system.