Things To Know When Insuring Your Mobile Home
If you own a mobile home, you need to make sure it is properly insured. This article will take you through what to know when insuring your mobile home.
The coverage options for mobile homes are the same as those for any other type of property, but there are some things that are specific to them only. Whether they're covered by homeowner’s insurance or an automobile policy, it's important to understand the limitations and exclusions that might apply.
Value of your Mobile Home
The value of mobile homes is subject to change over time, as prices fluctuate. Homeowners typically don’t have much control over those prices, or even a way to estimate them for insurance purposes. Those factors are up to the various manufacturers and distributors in the market. Because of those fluctuations, it’s important that you discuss the value of your mobile home with your agent to keep it covered at its full value. This is especially important for homeowners who live in flood plains or areas with a higher risk of tornadoes or other natural disasters. You can speak with your agent to set coverage limits that fit your budget, or ask for a replacement value policy.
Policy Limits
Most policies will pay out only up to 60-70% of the mobile home's value. If you want to add more coverage, you'll likely have to purchase an endorsement. If you're adding that endorsement, you have the option of adding your personal property and other liability coverages as well. Remember, though, that it's always better to be over-insured than under-insured! So if your mobile home is particularly expensive (i.e., over $100,000), it's a good idea to check with your insurance agent about how much coverage you need for it.
Coverage Exclusions
You may not be able to cover your mobile home under a typical homeowner's insurance policy. In fact, typically they won’t cover any part of your mobile home. So if you insure your home with your renter or condo association, you’ll need to make sure that their insurance covers the whole building. They may also have additional coverage requirements, such as additional limit or coverage per unit (including residents' personal property), but these are generally very similar whether you're insured through them or on your own. If it's in someone else's name, be sure they have liability coverage for themselves and their family too.
If you're insured through the Mobile Home Insurance Group, we can provide you with additional information about your coverage options. We can also arrange for insurance comparisons from several different carriers. If you have any questions about your policy or how it works, our team is here to help! Talk to one of our licensed experts today.
Title: Mobile Home Insurance - Tips for Enjoying the Great Outdoors!
Title: Things To Know When Insuring Your Mobile Home
- [EINSTEIN CAPTION] Title: Preparing For the Next Holiday Season [ARTICLE END]
If you own a mobile home, you need to make sure it is properly insured. This article will take you through what to know when insuring your mobile home.
The coverage options for mobile homes are the same as those for any other type of property, but there are some things that are specific to them only. Whether they're covered by homeowner’s insurance or an automobile policy, it's important to understand the limitations and exclusions that might apply.
Value of your Mobile Home
The value of mobile homes is subject to change over time, as prices fluctuate. Homeowners typically don’t have much control over those prices, or even a way to estimate them for insurance purposes. Those factors are up to the various manufacturers and distributors in the market. Because of those fluctuations, it’s important that you discuss the value of your mobile home with your agent to keep it covered at its full value. This is especially important for homeowners who live in flood plains or areas with a higher risk of tornadoes or other natural disasters. You can speak with your agent to set coverage limits that fit your budget, or ask for a replacement value policy.
Policy Limits
Most policies will pay out only up to 60-70% of the mobile home's value. If you want to add more coverage, you'll likely have to purchase an endorsement. If you're adding that endorsement, you have the option of adding your personal property and other liability coverages as well. Remember, though, that it's always better to be over-insured than under-insured! So if your mobile home is particularly expensive (i.e., over $100,000), it's a good idea to check with your insurance agent about how much coverage you need for it.
Coverage Exclusions
You may not be able to cover your mobile home under a typical homeowner's insurance policy. In fact, typically they won’t cover any part of your mobile home. So if you insure your home with your renter or condo association, you’ll need to make sure that their insurance covers the whole building. They may also have additional coverage requirements, such as additional limit or coverage per unit (including residents' personal property), but these are generally very similar whether you're insured through them or on your own. If it's in someone else's name, be sure they have liability coverage for themselves and their family too.
If you're insured through the Mobile Home Insurance Group, we can provide you with additional information about your coverage options. We can also arrange for insurance comparisons from several different carriers. If you have any questions about your policy or how it works, our team is here to help! Talk to one of our licensed experts today.
Title: Mobile Home Insurance - Tips for Enjoying the Great Outdoors!
Title: Things To Know When Insuring Your Mobile Home
- [EINSTEIN CAPTION] Title: Preparing For the Next Holiday Season [ARTICLE END]
If you own a mobile home, you need to make sure it is properly insured. This article will take you through what to know when insuring your mobile home. The coverage options for mobile homes are the same as those for any other type of property, but there are some things that are specific to them only.
Conclusion
The value of mobile homes is subject to change over time, as prices fluctuate. Homeowners typically don’t have much control over those prices, or even a way to estimate them for insurance purposes. Those factors are up to the various manufacturers and distributors in the market. Because of those fluctuations, it’s important that you discuss the value of your mobile home with your agent to keep it covered at its full value. This is especially important for homeowners who live in flood plains or areas with a higher risk of tornadoes or other natural disasters. You can speak with your agent to set coverage limits that fit your budget, or ask for a replacement value policy.