Mobile Homeowners Insurance

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Mobile homes, like standard residences, are eligible for insurance coverage. Unlike structures built on-site, mobile homes are generally built in a factory with lightweight materials, and then transported to a place where they are tied down with ground anchors for stability. Due to their unique design, mobile homeowners insurance assumes additional risks that do not affect homes constructed on concreted foundations. Standard home insurance for these dwellings includes the following categories: home structure, other structures, liability protection, guest medical protection, and personal property. You can also choose to supplement your insurance with optional coverage, which covers a variety of unforeseen expenses related to natural disasters, theft, business pursuits, and more. Depending on what type of insurance you choose, you may be eligible for certain discounts, which can lower your monthly premium rates.

Standard Insurance

At a minimum, your policy will cover expenses from property damage due to fire, wind, hail, lightning, theft, vandalism, and more. Primary residence insurance protects the physical structure of your house, such as the walls, roof, and basement. Insurance for other structures protects the physical structure of non-residential buildings on your property like a shed or stand-alone garage. Personal property insurance covers belongings within your home. If those items are stolen or destroyed, personal property insurance helps you replace them. This includes valued possessions like laptops, televisions, artwork, tools, collectibles, jewelry, and more. Depending on your insurer, personal protection can also include identity theft protection. Liability insurance is another standard coverage. With this protection, you'll be covered if someone is injured on your property and either files a claim against you or sues you for damages. Lastly, guest medical protection is included in a mobile home insurance package. This insurance covers medical expenses for anyone who is injured on your property. If homeowners can no longer live in their home because of destruction, most insurers cover temporary housing costs.

Optional Insurance

Standard insurance covers most, but not all, circumstances that may arise during homeownership. If you don't want to go through the trouble of replacing your personal belongings that are destroyed due to an unforeseen circumstance, consider getting a personal property reimbursement provision. This coverage provides you with the cost equivalent of your destroyed personal assets instead of making you wait to replace them. Another optional insurance is fire department coverage, which covers expenses you might face if the local fire department is called to protect your property from a loss that your insurance policy covers. If you have particularly valuable assets, consider extended coverage, which protects goods like jewelry, fur, antiques, and watches. Occasionally, homeowners add business pursuits to their preferred insurance coverage. This means that if they have a home office, they can get additional insurance protection and liability coverage.

Pricing Mobile Home Insurance

Like other types of insurance, there is no uniform cost for people who insure mobile homes. Many factors play into the equation. Age, zip code, the age of your home, and unique structural features influence the amount that you'll have to pay for insurance. While home insurance might seem quite expensive, many companies offer discounts that people can take advantage of to make their payments more manageable.

Discounts

By meeting certain criteria, people can reduce the cost of their mobile home insurance. Original owners can save up to 5 percent each year on insurance. Many companies also offer multi-policy discounts. That means you can save more if you bundle insurance for other assets like vehicles. Seniors also get benefits on insurance policies. Typically, individuals who are age 50 or older can save money on their yearly insurance costs.

Other Types of Insurance

Natural disasters are a common reason for people to get additional protection. In addition to the policies above for mobile homes, people sometimes purchase other types of insurance to cover their needs. According to Allstate, flood insurance and personal umbrella insurance are popular options. For some people in flood-prone areas, flood insurance is mandated by federal law. Most companies do not offer this type of insurance as a standard features, but you can get it through the Federal Emergency Management Agency (FEMA). If your home is located in a flood-prone area, check to see if your community participates in the National Flood Insurance Program (NFIP). If it does, you might be eligible for a modest flood insurance cost through the federal government.

How Much Insurance Do You Need?

Since the cost of home insurance can add up quickly, you'll want to make sure that you only pay for what you need. Before purchasing insurance, experts recommend tallying up the value of your home and all of its possessions, including art, electronics, appliances, and jewelry. A typical minimum insurance cost is $30,000 per year, while a maximum price might be closer to $45,000. You should also think about whether or not you'd want to rebuild in the event of a loss.

To make sure you get the best coverage with your needs, talk to an insurance agent. He or she can help you decide what you should get coverage for, and what you could go without.