Buying Mobile Home Insurance
What to Look for When Puchasing Insurance for Your Manufactured Home
Before buying mobile home insurance, learn more about the policy. And, find out why you should purchase manufactured home insurance from a specialty insurance company.
Before buying mobile home insurance coverage, familiarize yourself with the specialty insurance policy. Standard homeowner’s insurance may offer coverage for a mobile home, but it may not be the right coverage for you. Consider purchasing manufactured home insurance from a specialty insurance company.
Specialty insurance companies provide coverage that doesn’t compete with large homeowner’s insurance companies. They provide niche coverage that’s geared towards unique situations. Specialty insurance companies provide insurance coverage for items like boats, personal watercraft, motorcycle and prefab homes (also called mobile homes and manufactured homes). The specialty insurance claims adjusters receive specialized training to understand the mechanisms and unique features of a manufactured home.
Mobile home insurance policy coverages include:
- Insurance coverage includes damage to the manufactured home due to perils including windstorm damage, fire, lightning, damage from falling objects and explosion. Additional perils may or may not be included, depending upon your specialty insurance company’s guidelines. Replacement cost insurance coverage for your prefab home is costly but worth it- check to see if this available.
- Purchasing manufactured home insurance from a specialty insurance company means you can also buy coverage for your personal property. Replacement cost coverage for your personal effects may also be covered by your mobile homeowner’s insurance policy.
- Adjacent structures coverage where available provides insurance coverage for buildings outside of your mobile home, like a garage or shed.
- Personal liability coverage is typically included when you buy mobile home insurance. This provides insurance coverage if you or someone on the mobile homeowners policy unintentionally cause property damage or bodily injury to a non-family member.
- Additional coverages not included in the prefab home insurance policy but that you might want to buy include a personal property floater, to cover collections and items of high value in your home. You may also want to purchase identity theft coverage when you buy a manufactured home insurance policy. Identity theft insurance provides you with some protection in case someone steals your identity. Finally, consider increasing your limits of coverage on your personal property and liability to make sure you have enough insurance.
Buying package and by-line mobile home insurance coverages
Package mobile home insurance coverages include coverage for the home, personal effects and personal liability. By-line manufactured home insurance policies are the only way you can buy mobile home insurance in some states. With a by-line mobile homeowner’s insurance policy, you pick and choose the coverages you need to protect your home.
Puchasing manufactured home insurance from your lender
You may also be able to purchase a manufactured home insurance policy from your lender. If you do decide to buy insurance from a mortgage company or bank, make sure that you have coverage for more than just your prefab home. Lenders’ policies typically provide coverage for just the home, with no additional coverages for items inside or outside the home, no liability coverage, and no extras.
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