Mobile Homes are different from other residences in many ways. But they should be insured like any other type of home. Usually this means hazard insurance. But it also may be for flood or earthquake.
Really good cheap Mobile Home Insurance is available, but be sure to shop for the best deal! Not every Insurance Agent knows how to get the best price and coverage. The difference can save you a ton of money.
Hazard insurance covers damage from:
Fire, wind, theft, vandalism, collision, freezing and pipe burst (leaks from pipes, washing machines, water heater, etc.)
Collision would be from a car or other automobile, or an aircraft.
Hazard insurance includes the following categories:
A – Dwelling – this covers the actual structure. Usual Premium amount per year for a normal mobile home will run from a couple hundred dollars to several hundred dollars.
B – Other Structures – this would be out buildings like a shed.
C – Contents – this would be for a certain amount for all of the possessions and appliances in the home. Make sure you video tape all of your belongings and put the tape in a safe place outside the home.
D – Loss of Use – this would be for any costs when you cannot use your home for any cause. An example would be the fires in Santa Barbara California. Some residents did not have any damage to their homes, but they were forced to evacuate. Well, their costs of evacuation would be covered. Not many people know this!
Next there is Flood Insurance.
Flood insurance is either Preferred or Normal.
Preferred is when the home is not in a flood zone according to the flood maps by FEMA. These maps are constantly changing and it is possible for a home to not be in a flood zone one year, and in a flood zone the next. Now, this is not normal but it does happen. This type of coverage is very cheap.
Normal flood insurance is issued when the manufactured home is in a FEMA designated flood zone.
Flood insurance can be the most costly, being upwards of thousand dollars per year for a normal mobile home (however, we just found a carrier who will write flood coverage for hundreds less). To decrease this cost the home owner could get an elevation certification by a surveyor and if the home is high enough, the insurance cost would be lowered considerably.
Flood insurance would cover dirt and debris damage from a flood, water damage from an actual flood or from a burst pipe, or any other type of water problem.
Lastly, there is Earthquake coverage.
This covers the home from damage from an Earthquake. Typically the most damage a home will have from an earthquake is from coming disconnected from the foundation piers. This usually is not that damaging and can be righted quite easily by a mobile home contractor with the right tools. However, the plumbing system (including gas) and electrical connections would have to be repaired.
Next, where is the best Mobile Home Insurance? There are a ton of Agents who want to sell you insurance, so the best thing to do is to call around – get a minimum of 3 competing quotes before proceeding. Especially if your current insurance carrier (for your car for instance) can write a manufactured home policy.
Good luck in your quest for Cheap Mobile Home Insurance – remember to shop around before deciding.
For more information about park home insurance, please visit: HomeInsuranceFacts.com