What Should You Know About Mobile Home Coverage?
Mobile Home Insurance is sometimes also known as Manufactured Home Coverage. It has much similarities with the traditional Homeowner’s Insurance Policy. As such, it provides coverage if your home has received damage. However, it is not a legal requirement. Regardless, the mortgage companies, or mobile home communities require you to acquire this coverage.
A typical Mobile Home Insurance policy provides protection to your home, your belongings, and provides coverage for certain liabilities. However, the policy contract outlines the full extent and scope of coverage. Policies vary with their price. You must compare different policies and insurance carriers before buying it.
Need for Mobile Insurance
As stated above, Mobile Home Coverage is not a legal requirement. However, many mortgage companies, or mobile home communities require you to acquire this coverage before agreeing to work with you. Contrary to popular belief, a mobile home is not cheap. On average, it can cost more than $70,000. This kind of investment needs proper coverage. You must purchase an appropriate insurance policy for your manufactured home. The insurance policies might seem costly, but they are worth it if you wish to safeguard your investment.
Manufactured Home vs. Modular Home
Manufactured and modular homes have much in common. They are both built in factories. However, this is where their similarities end.
- A manufactured house is delivered to the door of a client in one piece; whereas, a modular house is typically delivered in multiple pieces.
- A manufactured house has a solid metal frame as foundation; a modular home is generally built on a crawl space, a garage, or a basement.
- There are metal devices that tie a manufactured house to the ground, which serves as foundation; on the other hand, modular homes just look like regular homes from the outside.
Both kinds of factory-produced homes require different insurance policies for appropriate coverage. You can ask your insurance carrier for clarification on which Mobile Home Insurance plan benefits you the most.
Extent of Mobile Home Insurance Coverage
Mobile Home Coverage is quite similar to a typical Homeowner’s Insurance Policy. It provides protection to your home, your belongings, and covers certain liabilities. However, unlike Homeowner’s Insurance, it is not a legal requirement. Regardless, acquiring this policy for your mobile home will prove extremely beneficial.
Many policies contain Endorsements, which essentially function as Supplements to the Standard Policies. You can customize your Mobile Home Insurance services through said endorsements. Additionally, these Endorsements also provide additional options of coverage which do not come with a standard Homeowner’s Policy. It can allow you to include special coverages, such as debris removal and water damage to your policy.
Manufactured homes are much more vulnerable to damage by fire as compared to ordinary homes. That is why, many insurance carriers exclude fire damage from the policies sold in high-risk areas. You must verify if your Home Insurance covers fire damage. As a policyholder, you can set your own limits in an insurance policy.
Coverage Offered by Mobile Home Insurance
- Residential Coverage
Mobile Home Insurance coverage helps pay for rebuilding or repairing the physical structure of your home. However, the cause of damage must be a covered peril. If a fire causes damages to your house, then its coverage will fall under dwelling coverage. The roof and deck attached to your mobile house has coverage under the policy.
- Personal Property Coverage
You can get coverage for the damages done to your personal belongings. The policy covers against damage, as well as theft. Remember, you will have to pay an insurance deductible to make a successful claim.
- Liability Coverage
Liability coverage provides protection if someone receives an injury on your property. Moreover, it also covers any expenses for legal defense, as well as payable damages. The extent of financial coverage depends on the coverage limit of your policy.
- Coverage for Other Structures
Majority of the Mobile Home Coverage policies do not include coverage for permanent structures outside your home. This includes any adjoining structures that have no permanent attachment to your home, such as a garage, or tool shed.
- Extra Living Expense
Sometimes, it happens, you cannot live in your home because of a covered loss. In such a case, the insurance policy will provide compensation for any additional living expenses incurred while living elsewhere. It will pay for the accommodations, or hotel costs up to the policy limit.
Get Access to the Best Mobile Home Insurance in Texas
SG Financial Inc. offers you a chance to acquire the Best Mobile Home Insurance in Plano, Texas. We can offer you cheap and efficient protection. You can rest easy knowing that your mobile home has proper coverage. You can trust us to faithfully cover your back. We will not disappoint you.