If you live in a mobile home, you'll need specific mobile home insurance rather than a traditional homeowners insurance policy. But what exactly is mobile home insurance, and how is it different?
Here is a quick guide to the important facts about mobile home insurance:
Is mobile home insurance really necessary?
Mobile home insurance is required by mortgage companies for loan approval. So, if you're trying to get a mortgage, it's in your best interest to research your options for mobile home insurance companies and find a good fit. However, it may not be mandatory otherwise.
What does mobile home insurance cover?
Mobile home insurance policies have the same components as traditional homeowners insurance: dwelling, other structures, personal property and liability coverage.
What's not covered?
Both mobile home insurance and manufactured home insurance policies cover a list of events known as perils. While there's a long list of perils included, your mobile or manufactured home might need additional policies for certain weather or natural disasters. Generally, these are the events requiring supplemental or separate coverage:
- Flooding
- Earthquakes
- Insect or animal infestation
To find out what a covered peril is, check with your insurance company. Often, you can get an additional policy for one of the above events added onto your regular policy for a discounted rate.
While not strictly required, mobile home insurance is one of the best ways to protect your property and assets. Consult an insurance provider to learn your best options for financial coverage.
About the Author
Kevin Kelleher
The thing that sets me aside from other agents is my experience, I started out a young man in construction learning everything from anyone that could teach me so before long I had my own company as a remodeling contractor then specialized in historical renovations by the end I had the pleasure of working on great jobs with great clients for 30 years. For the past 12 years, I have been enjoying the process of assisting my faithful clients with real estate transactions my knowledge of houses has given my clients a huge advantage when viewing properties and what is needed when selling. I have always enjoyed working with people and helping them in probably the largest investment they will make. I hope you will give me the chance to show you that honesty and hard work does pay off in the end whether you're buying or selling.
