What do you need to know about mobile home insurance
Mobile home insurance is required in all states, just like home insurance. You cannot own a mobile home legally without insuring at least your property and liability. Many people fear mobile home, or manufactured home, insurance costs will be too high to afford. However, the value of the mobile home is lower than the value of a permanent structure on average, which means the cost can be lower than many expect. Proportionally to the value of the structure, though, mobile homes may be more expensive to insure for a few unique reasons.
1 – Mobile Homes Have High Theft Exposures
When an insurance company issues a quote, it is considering the likelihood a claim will occur. Property coverage insures your home against theft of its contents in most cases. It is important to note you may not be covered if you fail to lock your door or close your window. However, in most cases, stolen items will be covered in a property and contents policy.
Mobile homes are usually less secure than permanent features. This can be due to a lack of security system or simply because mobile homes, on average, have a higher amount of traffic through their yard area due to the confines of mobile home properties. Whenever more people are passing through your yard, your exposure to theft will be higher. Because of a high exposure to theft, as evidenced through a high number of theft claims from mobile home owners, protection for contents of your mobile home will be more expensive.
2 – Mobile Homes Have High Damage Exposures
Mobile homes are more likely to be damaged than permanent structures. There are a few reasons for this high-damage rate. First, the mobile home is not anchored to the ground with a foundation. This means natural disasters, such as tornadoes, are more likely to lift the home from its location. It also means pieces of the home are more likely to remove themselves from the structure than with a permanent home.
Aside from their lack of foundations, mobile homes have high damage exposures because of the types of materials used in their construction. Cement, bricks and insulation tend to be more resistant to accidental damage than the sidings used with mobile homes. Further, the roofing on permanent structures usually withstands weathering more than the roofing on a mobile home. The insurance company expects more claims from a mobile home if a storm happens, and mobile home insurance will be costly for this reason.
3 – States Have Different Requirements
Insurance requirements are set at the state level. This means you will have to carry specific amounts and types of coverage just to meet the legal requirements of the area you live in. For example, one large insurance carrier cannot offer mobile home insurance in Louisiana. You will not likely know about these types of restrictions until you seek a quote. Always speak with your insurance company about the requirements of your state regulating board before singing any