Choosing A Better Insurance Plan

3 Important Things to Know About Mobile Home Insurance Coverage

by Isabella Torres

If you own a mobile home, it is essential that you fully understand what mobile home insurance can provide you with.

#1: Mobile Home Insurance Not Required by Law

The first thing you need to understand is that mobile home insurance isn't required by state law. However, if you have mortgage insurance, your mortgage insurance company may require you to have a mobile home insurance policy.

Also, if your home is located within a mobile home community, you may be required to carry mobile home insurance as a member of the community. Although you may not be required by law to carry mobile home insurance, there are multiple situations where you may be required to carry mobile home insurance. Having a policy would help keep you covered for various scenarios or requirements. 

#2: Mobile Homes Have Defining Characteristics

Second, it is essential to understand that mobile home insurance only covers mobile homes, which have to fit a very narrow definition. First, the home must be built inside of a factory; it cannot be built on-site. Second, a mobile home must be situated on a movable chassis. It cannot be sitting on top of a crawlspace, a basement, or a slab. 

Mobile homes come in three different sizes. They are built in a controlled environment, although they can be customized during the building process. A manufactured home is different than a mobile home and requires a different type of insurance policy. 

#3: Mobile Home Insurance Coverage Offers Basic Coverage

Any mobile home insurance policy offers much of the same basic coverage as a homeowner's insurance policy. The policy should be set-up to pay for physical damage to your mobile home, other structures, and your belongings. Your home should be covered against perils such as wind, fire, theft, hail, vandalism, and falling objects. Other structures on your property, such as a porch or a garden shed, will be protected under your policy. Your personal belongings that you keep on your property should be covered as well.

Your policy should also be set-up to provide you with liability coverage. Liability coverage will protect you if someone is injured at your home. Liability coverage will also help you if you or a family member are found responsible for damaging someone's property.

If you have a mobile home, you will want to get a mobile home insurance policy that will protect your physical property and provide you with liability protection. Even if you are not required to carry a policy by a mortgage company or mobile home park, it is still good to get one. Talk to an insurance agent to learn more about getting a mobile home insurance policy.