Mobile homes are common in the Southern USA, and Florida ranks 2nd behind Texas for the total number of mobile homes as of 2022. With over fifty thousand mobile homes in the state, there are many residents who need insurance but are unaware of the benefits, costs, and process. Mobile home insurance is intended to protect homeowners living in manufactured or modular homes, RVs, and certain trailers. This blog will teach you the importance of insurance for your mobile home, an essential protection that doesn’t have to break the bank.
Mobile Home Coverage
No matter the type of dwelling you live in, having insurance is essential to protect your livelihood should disaster strike. Mobile homes, with their noticeable differences compared to traditional houses, also come with unique protections, stipulations, and levels of coverage. Contacting a licensed insurance broker is the most surefire to ensure you receive a policy that works within your budget while still providing the protection necessary for your situation.
Most policies will cover a wide range of areas:
- The structure of the house, including the foundation
- Damage to the home resulting from wind, fire, floods, hurricanes, or accidents.
- Loss of personal property as a result of theft or disasters
- Legal liability protection
- Loss of use assistance
- Medical bills associated with injuries
- Mobile Home/RV-specific features, such as awnings and decks
Not all of these aspects will be covered by every policy, which is why determining your specific needs and balancing the insurance cost with the coverage is so important. For example, it is common for personal property loss payments to be capped unless supplemented with additional coverage.
Coverage Cost
Finding a policy that works within your budget can be difficult, and understanding why the cost is so high can be just as complex. There are many factors that determine the cost of your insurance, most notably the risk factors that the insurance company identifies. Florida, despite the large amounts of mobile homes and numerous options for coverage, has higher than average insurance costs stemming from the risks associated with hurricane and flood damage. Your price might even vary depending on the area of the city you live in and the resulting crime rates of the area.
Here is a list of the most important factors insurance companies use when preparing a quote:
- The location of the mobile home
- The quality of the house (structure, age, manufacturer)
- Value of the home
- The history of renovations and safety features installed by the homeowner
- The deductible and premium amount
- The amount of coverage and types of coverage being offered
In general, a higher deductible will lead to lower premiums. However, this means that you will be paying more out of pocket should you be forced to call upon your insurance by a natural disaster or theft.
Mobile homes, when compared to traditional houses, have unique insurance needs. It is essential to have an adequate insurance policy in place to protect your home and personal property if living in a mobile home or similar dwelling. You can compare quotes together with an insurance broker and weigh the price against the coverage amount to find a policy that satisfies your needs and works within your budget.
Everyone, no matter their living situation, needs an insurance policy on their residence. Insurance is essential for protecting your home and belongings should disaster strike. Call Anderson & Associates Insurance today to receive expert advice on the best policy for your situation.
