Why It Is Important To Have Park Home Insurance
Park home insurance policies are considered “investment value”, and this means that they offer coverage for a period of time beyond the purchase date. This offers a homeowner an opportunity to create equity in their property while protecting it with an insurance policy designed to protect the investment. The amount of time that a policy covers is called the “guaranteed renewable term”. It is best to consult with an insurance agent who specializes in park home insurance policies to determine the precise length of time that a policy will cover.
The primary reason for purchasing park home insurance is to protect the equity in your home in the event that you should not live in it. Equity is what makes a house a good investment and a smart one at that. Most homeowners take out a mortgage, but rarely do they include coverage for the land that they own along with the house. This lack of protection leaves the homeowner at risk if the worst should happen and they should no longer be able to afford the monthly payment on their mortgage.
Insurance companies have devised a plan to combat this risk. A home insurance policy provides protection for any expenses beyond the “wear and tear” of the home itself. This does not mean that you are stuck replacing your entire home if something should happen, but rather the cost of replacing everything inside and out. With a home insurance policy, you can replace, repair, or remodel virtually anything damaged by fire, flooding, vandalism, smoke, wind, or ice, as long as it is your primary residence.
The policy does not only cover the cost of repairing or remodeling your home, but also covers your personal belongings. Your condo unit in the park, for example, would be covered under your insurance policy as long as the property is rented out for business purposes. You may also insure the land that you own along with your home. In this case, you would be covered both for the physical property of your unit, as well as for the investment value of the property.
Because of the location of such investment properties, many people choose to insure their park homes. These homes are oftentimes located in high-end parks, gated communities, or other highly sought after areas. If you own a park home, you should consider investing through park home insurance.
When purchasing park insurance for your home, be sure to research each company you are interested in dealing with. Find out about the reputation of each insurer as well as what kinds of coverage they can offer. Most companies will provide an insurance quote for your park home within a few days. This is typically a quick and easy process. You will simply fill out some information, submit your property details, and then the insurer will give you an instant quote.
When purchasing park home insurance, remember that there is more to protecting your investment than simply replacing whatever was lost during a fire or flood. For example, if you have a swimming pool on your property, there is a possibility that it could be damaged by a child. There may also be electrical wiring that can be compromised by a fire. Insuring your park home will allow you to take care of those potential problems without worrying about them.
In addition to protecting your assets, park home insurance also allows you to build peace of mind. Insuring your park home will make it easier to access your possessions and liabilities in the case of a disaster. You will know that all of your assets and liabilities are covered no matter what happens. This means that you won’t have to worry about losing everything if the worst happens.