Buying a mobile home can be relatively inexpensive, but mobile home insurance can be comparatively costly. Because a mobile home involves more risk for the insurer, the premium will be higher for mobile home insurance. Here are some of the basics covered in mobile home insurance. Be sure to check with your state to see what the mobile home insurance requirements are for your area.
What Is Covered?
Your mobile home insurance liability will cover you in case you are sued by someone for your negligence and something happens to them or their property. This covers accidents caused by you, your family members and even your pets.
Property coverage will repair or replace your mobile home or your property inside if it is damaged, destroyed or stolen. Mobile homes are not necessarily more susceptible to fires, but once fires start, they spread quickly through mobile homes; fire coverage on mobile home insurance is more expensive. Also, mobile homes are more susceptible to wind damage, so this raises mobile home insurance premiums. Because mobile homes usually have less insulation than regular homes, mobile homes' pipes are more likely to freeze in the winter, which also causes mobile home insurance to rise.
Like regular homeowners insurance, most mobile home insurance comes with medical payments coverage, which will provide for medical payments for any accidental injuries you or a member of your family (or even your pets) inflict on another person.
Most mobile home insurance policies come with coverage for damage done to the property of others. If you accidentally do damage to someone else's property, your mobile home insurance may cover the cost of repair or replacement up to a certain amount.
As always, insurance policies offer numerous optional add-ons, and your lender may require specific additions to your mobile home insurance.
How to Save
Of course you will want to shop around for your mobile home insurance policy to get the best deal. You can look on the Internet for competitive quotes on mobile home insurance from many different companies all at once.
Check with the company with whom you carry your auto or life insurance policy. Many insurance companies will offer discounts to customers who have multiple accounts. They may either discount your other insurance, or give you lower rates on your mobile home insurance.
Beef up your mobile home. Most insurance companies will give you discounts when you take extra efforts to make your home safer and work on preventative measures. Add extra insulation to your walls. This will prevent frozen pipes in the winter and lower heating and cooling costs. Add tie-downs and/or ground anchors to your mobile home. This will help your home withstand high winds and storms.
Raise your deductibles as high as financially comfortable. When you do this, your premium will lower dramatically. Also, ask about paying your mobile home insurance premium annually rather than monthly or biannually. You could qualify for a prepayment discount or the insurance company could possibly waive the service fees attached to your policy.
By D. Blair Thompson