Deciding to get mobile home insurance can be a very important step in your life. Your manufactured home, whether it is movable or not, is unique, and you need to learn about the different ways in which you can take care of it. The standard mobile home insurance coverage options that exist are helpful, but they are not always as comprehensive as some people may need.
In these instances, it can be a smart idea to invest a little extra money every year in getting some optional mobile home insurance coverage. By getting as many diverse insurance coverage options as you can, you may be able to save a lot of money in case something bad happens to your manufactured home.
Why might someone need optional mobile home insurance?
Generally, the only reason why someone would want to get additional insurance coverage is if the basic policy’s coverage is not enough to satisfy certain conditions.
Mobile home insurance coverage is a complex system, with many different things that fall under its services. To start, it insures your manufactured home in the instance that it is damaged by a peril, of which include a variety of scenarios including fire, storms, explosions, theft, freezing pipes and more. Additionally, it allows for some liability coverage in case someone is injured on your property.
However, there are a variety of perils and other scenarios that are not covered by standard mobile home insurance. You can insure some specific perils through specialized policies if necessary, such as flood insurance or earthquake insurance, or get extra liability coverage through a personal umbrella insurance policy.
But on the other hand, the majority of your extended coverage needs can be met by simply adding optional mobile home insurance to your standard policy.
What are some optional mobile home coverage plans?
There are many different kinds of optional mobile home insurance policies that you can attain, which have to do with protecting the value of goods and concepts that are not addressed under standard coverage plans.
The first category of optional coverage is additional protections for your mobile home’s structure. These external property coverages include:
- Trip coverage: This is perhaps one of the most heavily utilized supplemental mobile home policy additions that exists. It basically insures your mobile home against collisions and other accidents while it is moving from one place to another, including first travelling from the factory to your eventual property. Trip coverage may not be entirely necessary for manufactured homes that do not have extended mobility, but it can be very useful for movable mobile homes and trailers.
- Fire department coverage: This is protection against costs that may arise due to a fire department’s decisions during a fire or other peril. This can include axed-down doors, broken windows and even broken walls. Damage caused by an actual fire or smoke is typically already covered under standard mobile home coverage.
- Mine subsidence coverage: This includes protections against underground mines affecting or collapsing the foundation of your home. While some counties in different states make this a mandatory coverage, you may have to opt into it in others.
Next, certain optional mobile home coverage plans allow for extended coverage for personal items.
While your personal property is covered up to a certain maximum cost limit under standard mobile home coverage, you can pay higher premiums to cover the rest of your belongings in the case of a total loss due to peril. Additional property coverage can also be extended to satellite dishes, which are easily affected by wind and storms, as well as firearms, jewelry and other expensive items.
Finally, mobile home coverage can also be extended to more conceptual losses. If you use your mobile home as the site of your business or workplace, business pursuits coverage may be added to your policy. Additionally, mobile home insurance can also extend to identity theft coverage, which can protect your financial assets in case your identity is stolen. While all of these different coverages are situational, and will increase the amount of premiums that you must pay each year, they provide excellent preparation for the future and help to protect mobile home owners from unnecessary financial hardships later on.
Additional Mobile Home Insurance Factors to Consider
An important thing to remember about any kind of home insurance is that the value of your home matters quite a lot with regards to how much insurance coverage you should receive. Because mobile homes are generally less expensive than traditional homes, they are also less expensive to insure and rebuild in case of a devastating peril. Your mobile home will be assessed by your insurer to determine the overall replacement cost, or value, which will be applied to your coverage. In order to ensure that their figure is accurate, it is very important to come up with your own estimates for this value, and compare them with your insurer’s. Then, you will have a better idea about whether or not adding additional coverage makes sense financially.
Additionally, it is always crucial to remember the second, more hidden cost of home insurance policies, the deductible. This is a cost that is paid by you as a mobile home owner, which must be taken care of before your insurance is able to cover the damages caused by a peril. Deductibles vary widely in price, much in the same way as insurance premiums. However, the more you are paying on premiums each year, the lower your deductible will be when you need to pay it after a peril. So, while having optional coverages can add to the amount you are paying in premiums each year, it will simultaneously lower the amount that you will need to pay in case of a total mobile home loss.
Once you have made the decision about whether or not supplemental coverage is a good idea for your mobile home insurance, the easiest way to go about getting it is to contact your existing mobile home insurance agent. Some insurance companies in certain states do not offer all mobile home coverage options, but most of these options should be fairly well-represented by your insurer of choice. Making the move to add additional coverage can be a difficult one from a financial perspective, but choosing to do so could save you a lot of money and heartaches in the event that your mobile home is seriously affected by a peril in the future. When obtaining mobile home insurance, it is important to see if you save money on your policy by asking for discounts or shopping around to find the best deals. No matter what policies you sign up for, it is important to protect your family and belongings with comprehensive policies.