mobile home insurance cost

Mobile Home Insurance Covers the Difference Between Traditional Homes and Manufactured Homes

The cost of your mobile home insurance will vary over time, based on the value of your mobile home at the time of purchase, and any potential insurance claims you incur on it in the future. Some insurance companies and underwriters set the rate for mobile home insurance at a rate much higher than what others would charge. This is due to the fact that mobile homes are considered high risk due to their size, and the associated higher insurance premiums go into this category. Insurance companies need to make a profit, so they can raise their rates and pass the savings onto the consumer.

You should have two primary insurance needs when you purchase a mobile home: home and flood insurance coverage. These coverage amounts will vary depending upon which company you purchase your coverage from. In most cases you will be required to purchase both flood and home insurance coverage. If you do not purchase both types of coverage from the same underwriter, you will be mandated to purchase coverage from them.

Homeowners who live in areas of high theft or vandalism are often charged a higher mobile home insurance cost. This is due to the fact that mobile homes are easier to steal and more likely to become targets for vandalism and theft. Often, if a homeowner does not have both theft and home protection coverage, he or she will be charged a higher rate. The cost will depend upon the underwriting guidelines of the insurance company.

Home and dwelling coverage are both requirements that must be purchased separately. Home coverage provides the funds to repair or replace a damaged structure, or replace personal items in a damaged dwelling. Usually, this type of coverage is only available through a building coverage policy. The cost for home and dwelling coverage varies greatly depending upon which underwriters are doing the underwriting. It is best to shop around with different agents to find the most competitive premiums for your desired level of coverage.

In addition to home and dwelling coverage, mobile homeowners may also need to purchase liability coverage through their state farm insurance company. Liability coverage pays for property damage and injury that occurs on a property owned by a person or family. This type of coverage may be required for mobile homes, but is certainly not required for manufactured homes. Again, if you purchase it as a standalone policy from your state farm insurance carrier, you can obtain a more affordable price for your mobile home insurance coverage.

There are also discounts available to protect you and your family should someone injure themselves on a manufactured home. Some insurance carriers will offer discounts if the insured utilizes safety devices on a manufactured home. If you install safety devices on your manufactured home, many insurance carriers will offer you a discount on your premiums.

There are some significant differences between traditional homes and manufactured homes. For instance, manufactured homes are much taller, have more square footage, and are typically located in rural areas. The mobile home insurance cost reflects these differences in location. In order to adequately protect you, it is important that you consider the differences between traditional and mobile homes when determining your mobile home insurance cost.

A mobile home insurance policy will likely pay for property damage, personal injury, and lost income, but will not cover you for items damaged during a fire or flood. As a wise mobile home owner, you should ensure that any items you purchase have the proper coverage by obtaining flood and fire damage insurance coverage, which is often not included with mobile home insurance. You should also find out what the maximum amount of coverage is that your manufactured home owner’s policy covers.