Your home is most definitely your most expensive possession. And if something happened to your invaluable possession, your Mobile Home insurance policy should be able to pay for the repair or replacement of what may have been damaged. What if your mobile home gets damaged during a storm and you don’t have insurance to pay for the repairs. Would you be able to afford the repair work?
This brings us to the question – what is mobile home insurance? Mobile home insurance is similar to homeowner’s insurance. However, it is prepared to keep in mind the needs of mobile homeowners. A mobile home insurance policy provides you, the mobile homeowner, coverage for the contents of the home while also providing you personal liability protection.
Here’s a list of things that a mobile home insurance policy covers:
- Mobile Home
- Personal belongings inside the mobile home
- Other structures within the property boundaries
- Liability coverage
When you are getting your mobile home insured, make sure your policy provides coverage against the following major and minor hazards:
- Broken or burst pipe damages
- Damages caused due to ink, paint, dye, shoe and nail polish
- Damage caused by wild or stray animals
- Damage due to weight of ice and snow
Having additional coverages is a good idea. However, for this, you may have to pay a higher premium. But these coverages will help you in the long run. Here are some of the other coverages you may require:
- Coverage for additional living expenses
- Removal service during Emergencies
- Emergency repair services after a loss
- Services of the fire department
- Coverages of damages caused to trees, shrubs, plants and lawns
- Coverage for debris removal after storm or natural calamity
Let’s help you understand mobile home insurance policies types in more detail below:
Types of Mobile Home Insurance Policies:
Named Peril or All Risk (Comprehensive) Mobile Home Insurance – Perils or dangers mentioned on the policy will be covered by the policy and these include fire, ice storm, lightning etc. These policies may be cheaper but restrictive. All Risk policies are comprehensive by cost more.
Coverage for Trip Collision – homes as their name suggests are movable, unlike stationary homes. If you move from one place to the other fairly regularly, then be sure to discuss the coverage aspect with your insurance carrier.
Coverage for Emergency Removal – During the event of a covered loss, your insurance company may agree to pay ‘X’ amount of money towards the cost of removing your home from its present location. Ex – Moving your home away from a storm or flood-hit area to preserve it.
Valuation of home – It broadly has two values – replacement cost and actual cash value (ACV). Your home should be insured at replacement cost, thereby ensuring that you get the total cost to replace your home during dangerous situations.
Shop extensively for a home insurance policy that suits your needs.