Your mobile home is probably one of the most valuable things you own. You need to protect it from damage and destructions. Finding insurance coverage isn’t that difficult. Here are a few tips to find a affordable policy you need.
What does Mobile Home Insurance cover?
Insurance for your mobile home is not the same as standard Home Insurance. However it can protect against such calamities such as:
Smoke and Fire
Hail, wind and lightning
Burglary and Vandalism
Damage from ice and snow
Water damage (but not flood damage) from home appliances
Mobile home insurance also covers you against lawsuits from someone having an accident on your property. Some mobile insurance policies even provide money for living expenses should a disaster leave your mobile home uninhabitable.
What about flood coverage for my mobile home?
One VERY important factor is to remember mobile home insurance DOES NOT cover your home for storm related flood damage. You need to purchase separate flood insurance to protect against this peril.
It is also a good ideal to get additional coverage for personal valuable/contents in your mobile home.
How can I save some money when I buy my coverage?
Insure your mobile home for its “replacement cost.” A replacement cost policy covers your home and possessions of their worth—without a deduction depreciation. However an “actual cost” policy pays to replace your belongings with a deduction for depreciation. You could lose thousands of dollars with this policy.
Increase your deductible. Like most insurance products increasing the amount you pay out-of-pocket on a claim will automatically lower your premium. Just make sure to choose a deductible that you can afford in case you have to file a claim.
Look for discounts. If you’ve recently upgraded your storm windows or doors, live near a firehouse, or insure your car with the same company as your mobile home, you could save money on your insurance premium.
Check out special group programs. If you are senior citizen you may qualify for a special mobile home insurance program through the AARP. These special group programs often come with special deals and discounts.
