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Key Terms for Mobile Home Insurance
If you are looking for mobile home insurance, there are several things you should consider before shopping for the best rate. There is some confusion between mobile homes, manufactured and modular. When you are looking for a quote, the insurance agent or broker will want to know which type of home you have. These are some key terms that will help you find the best rate when you are getting quotes for an insurance policy.
Liability Coverage - This protects you in the event that you cause damage or injuries to another person or property. Liability coverage is recommended in most circumstances.
Modular Home - Built in sections at a factory. This is a stick-built home. This is often confused with a manufactured or mobile home.
Manufactured Home - Has a metal chassis and a tag from Housing and Urban Development (HUD). This is what is commonly referred to as a mobile home. It is not the same as a modular or stick-built home. These houses generally carry a title rather than a deed. Manufactured houses have a higher likelihood of decreasing in value over time.
Property Coverage - This covers damage that occurs to the structure of your home. The damage could be as a result of vandalism, a car accident or acts of Mother Nature. That includes fire damage, lightning and windstorms.
Depreciation - The decrease in property value due to time, wear and tear. Manufactured homes are more likely to decrease in value, while modular homes tend to increase in property value along with stick-built homes.
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If you own a mobile home, you should invest in insurance coverage. Depending on where you live, there may be laws dictating that you must have mobile home insurance, and it’s good to protect your property anyway.
Mobile or manufactured homes are subject to the same liability as a regular house. You also have to worry about the same threats, such as damage due to a windstorm, lightning or fire.
You should get quotes for property and liability insurance. Ask many providers to find the policy with the right rates and coverage. An insurance broker will be able to help you find the right protection for your structure.
Once you have gathered the quotes and compared rates, you can choose an affordable plan. You will then be protected for injuries and casualties that happen on your property, as well as any damage to your home from the elements.
While every insurance carrier is different, most offer tiers of coverage based on the size, location and price of your home. For example, a modular home in an area with few natural disasters might be less money to insure than one in an area with frequent natural disasters. You should check the laws in your area to make sure that you have at least the minimum amount of insurance required.
Choosing an insurance provider for your mobile home doesn’t have to be stressful. Just educate yourself and ask your neighbors for referrals to the companies they use. If you go in with a plan, you will find what you need at a price you can afford.