Mobile homes are a prefabricated structure something similar to a moving caravan which is attached to the chassis of a factory before being transported to the work site. These are used as permanent homes or for holidays as temporary accommodation. The modern terminology used for mobile homes is modular homes. The trend for mobile homes started from 1970s. It looks similar to HUD homes but design & safety features varies a bit. It is generally small family dwelling places which are built in the factories & transported. These are also helpful for insurers as they act as rescue when homeowners claiming their insurance need to be provided with a temporary accommodation place.The Insurance varies depending on the type of insurance company & the mobile homes are accordingly classified. These are less expensive compared to the traditional homes. But the home insurance for modular homes are quite similar to that of traditional site built home insurance policies.
There are several insurance companies who are specialized for providing mobile home insurance policies. Some of the top notch players in mobile home insurance are: Foremost Insurance Group, a brand since 1950’s. Other leading providers are Sky Blue Insurance Agency, Pacific Specialty Insurance Company; Alliance Insurance.
What do mobile home insurance cover?
Mobile home insurance policies typically cover:
- The mobile home in question
- neighboring structures such as a car parking
- Your personal property including furniture, clothing, gadgets, etc.
- Your responsibility if anyone else is injured or damaged.
- In most of the policies protection against fire, lightning, windstorm, hail, explosion, smoke, and more are included supplementary coverage for losses from earthquake and flood, or special coverage for valuable items may also be available in some cases.
Important factors playing role while making your choice :
- Try to go for policies & policy makers which are rated A+ as they are dependable.
- Chose a policy that fits the value, size & the belongings of your home.
- The monthly premiums are affordable.
- Good in claim settlement & don’t take advantage of the customer once the policy is made.
Must Check:- How to save money on home insurance
The Limitations of your type of Mobile home insurance :
Similar to traditional home insurance mobile home insurance also offers different types of coverage. It is advisable to calculate the cost of replacement for your home & the possessions before applying for the policy you chose.
- Property damage coverage : This protects your mobile home from natural calamities & fires.
- Liability insurance : This insures that if anyone is wounded in your home or in the premises of your home & files a complaint.
- Contents coveragethis protects the personal belongings inside your mobile home.
What all does the Replacement Cost covers?
When you claim a modular home insurance there are two factors to be kept in mind that what will be the way of compensation
- Actual cash value:The value of the construction in the existing market, which takes into account depreciation
- Replacement cost value:The quantity that it would cost to reconstruct the configuration to its previous condition with similar resources.
What is case of Modular home insurance when you do not own the land?
In a situation where your mobile home is placed in a land which is not owned by you, make sure that your policy includes the structure of the home. Also enquire with the landowner & the policy provider what if some policy coincides with that of the land owner. the best answers for this is instead of opting for an insurance company yourself discuss with an agent who deals with multiple such insurance companies.