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Mobile home insurance costs vary based on many factors. Learn more about mobile home insurance, what it costs, and what it covers. ( Shutterstock )
If you live in a mobile home, you need mobile home insurance.
This type of homeowners insurance covers physical damage to the mobile home itself and personal property within your home. It also includes personal liability coverage and additional expenses coverage if damage causes your mobile home to become uninhabitable.
Here’s what you need to know about mobile home insurance and how much it costs.
With Credible, you can easily compare mobile home insurance rates from top insurance carriers.
Mobile home insurance is a lot like traditional homeowners insurance. It covers damage to your mobile home, your personal belongings, and liability claims if someone else is injured on your property. It’ll also help pay for additional expenses (like hotel and laundry costs) if you have to temporarily relocate, and will pay for medical expenses if someone injures themselves on your property.
Mobile home insurance isn’t required by law, but if you finance the purchase of a mobile home, your mortgage lender or mobile community will likely require you to purchase coverage.
Even if your lender doesn’t require it, insuring your home and its contents from loss and damage can help protect your investment.
DO YOU NEED HOMEOWNERS INSURANCE?
Many people use the terms mobile home and manufactured home interchangeably. Both are built in a factory rather than at their eventual homesite. The difference between them is simply when they were built: A home built in a factory before June 15, 1976, is a mobile home, and one built after that date is a manufactured home.
Manufactured homes typically have the following characteristics:
Companies that offer mobile home insurance may cover both mobile homes and manufactured homes. However, insurance providers may tailor specific coverages and exclusions to the type of home you want to insure.
Mobile home insurance provides a few kinds of coverage:
Visit Credible to get mobile home insurance quotes from multiple carriers in minutes.
HOW MUCH DOES FLOOD INSURANCE COST?
The cost of mobile home insurance can vary greatly depending on the coverage you need and your home’s size, condition, and location. In California, mobile home insurance typically costs between $250 and $1,300 per year, according to insurance provider Kin.
Your mobile home insurance policy premium depends on several factors. Let’s look at some of those factors in more detail to get an idea of how much your insurance might cost and look for ways to reduce your costs.
The coverage options you choose have a big impact on your overall costs. One way to reduce your insurance costs is to opt for named-perils coverage.
In a named-perils policy, your mobile home and its contents are only covered for damage due to specific perils, such as fire, lightning, hail, water damage, smoke, and vandalism. This differs from open-perils coverage, which covers damage to your mobile home and its contents for all perils except those specifically excluded, such as floods and earthquakes.
However, while named-perils coverage may be less expensive, it might not provide all the protection you need. If your named-perils policy doesn’t list a hazard that causes damage to your home, you won’t have coverage for the loss and will have to pay to repair or replace any damage out of pocket.
A better way to reduce your overall insurance costs might be to look for potential discounts. Some common discounts on mobile home insurance policies include:
WHAT IS A HOMEOWNERS INSURANCE DEDUCTIBLE?
Here are the answers to some of the most commonly asked questions about mobile home insurance.
A traditional homeowners insurance policy typically won’t cover a mobile home. But if you already have homeowners insurance, contact your insurance agent to see if your insurer offers mobile home insurance. You may be able to bundle your homeowners, auto, and mobile home insurance policies together. Many insurance companies offer discounts to customers who carry two or more insurance policies with them.
As with traditional homeowners insurance, your policy should provide enough protection to cover the cost of replacing your mobile or manufactured home and your possessions in the event of a total loss.
Most policies automatically set the coverage limit for your personal property at 50% to 70% of your dwelling coverage amount, but this is likely not enough, since most of us can’t cover 50% of our home’s replacement cost out of pocket.
While the law doesn’t require home insurance, it’s always a good idea to have it, no matter what type of home you have. Plus, your mortgage lender will require you to have it. Even though modular homes are built with high-quality materials, you’ll still want to purchase coverage to protect your investment.
If you’ve paid off the loan you used to purchase your mobile or manufactured home and don’t live in a flood zone, then you typically aren’t required to have flood insurance. But if you live in a flood zone, it may be worth it to purchase flood insurance coverage to protect your home and its contents from flood damage. An inch of water in your home can cause as much as $25,000 worth of damage.
Credible makes comparison shopping for mobile home insurance easy. Get quotes from top insurance carriers, all in one place.
Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.
This material may not be published, broadcast, rewritten, or redistributed. ©2022 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy