Mobile Home Insurance
Mobile home insurance, or manufactured home insurance, is a special type of homeowners policy designed to cover a different set of risks compared to traditional site-built homes.
What Is Mobile Home Insurance?
Mobile home insurance, or manufactured home insurance, is a special type of homeowners policy designed to cover a different set of risks compared to traditional site-built homes. Manufactured homes are built in a factory with lighter materials, then transported to a site where they are typically tied down via ground anchors for stability. Because these homes are designed and built differently than traditional site-built homes, they need a special insurance policy that assumes the added risks that come with a strapped-down home vs. one built on a concrete foundation.
How Much Mobile Home Insurance Do I Need?
There are many factors that go into determining the right amount of coverage for your manufactured or modular home. Consider the value of your home and all of your possessions, including furniture, art, electronics, appliances, jewelry, and so on. Typical minimum insurance amounts are $30,000 worth of coverage for single section manufactured homes, and $45,000 for double section homes. However, you want to consider whether you would be able to rebuild in the event of a total loss.
The other factor to consider is liability. Consider how much coverage you need to protect your finances in the event of a large claim, which can result from dog bites, four wheeler accidents, slips and falls, and other injuries that may occur on your property. If you are sued, your basic liability coverage may not be enough to pay for legal costs, any awards, lost wages or medical bills for the injured party.
Talk with a member agent in the Trusted Choice network about how much coverage is right for you, and whether a personal umbrella liability policy may make sense for your needs.
What Is the Difference Between Mobile Home Insurance and Modular Home Insurance?
Modular homes are actually more like site-built homes in that they are constructed on-site onto a foundation like a traditional home. Modular homes are only similar to mobile homes in that they are built in a factory and then sections are transported to the site for construction.
Modular homes may be treated like site-built homes for insurance purposes. Because they are built on a foundation like site-built homes, they generally have fewer risks of damage or loss than mobile and manufactured homes. For more information about the insurance requirements in your state, talk with your independent Trusted Choice member agent.
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