Before buying mobile home insurance coverage, get comfortable with the specialty insurance policy. Standard homeowner’s insurance may offer coverage for a mobile home, but it may not be the right coverage. Consider purchasing manufactured home insurance from a specialty insurance company.
Mobile Home Insurance Policy Coverages
Mobile home insurance policy coverages include:
- Insurance coverage covers 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 the specialty insurance company’s guidelines. Replacement cost insurance coverage for a prefab home is costly but worth it- check to see if this available.
- Purchasing manufactured home insurance from a specialty insurance company means there is also coverage available for personal property. Replacement cost coverage for personal effects may also be covered by in the mobile home quote.
- Adjacent structures coverage where available provides insurance coverage for buildings outside of the mobile home, like a garage or shed.
- Personal liability coverage is typically included with a mobile home quote. This provides insurance coverage if the insured or someone on the mobile homeowner's policy unintentionally causes property damage or bodily injury to a non-family member.
Additional Coverages Available with a Mobile Home Quote
There are a number of additional coverages that are not included in the mobile home quote but can be added on to the policy.
- Additional coverages include a personal property floater, to cover collections and items of high value in the home.
- Many people also choose to purchase identity theft coverage when they get a mobile home quote. Identity theft insurance provides families and individuals with some protection in case someone steals an insured's identity.
- Finally, consider increasing the limits of coverage on the personal property and liability to make sure there is enough insurance.
Mobile Home Insurance Coverage Basics
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 to buy mobile home insurance in some states. With a by-line mobile homeowner’s insurance policy, customers pick and choose the coverages they need to protect their home.
Benefits of Specialty Insurance Companies
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 mobile or prefab homes. The specialty insurance claims adjusters receive specialized training to understand the mechanisms and unique features of a manufactured home.
Purchase Manufactured Home Insurance from Lenders
Many people purchase a manufactured home insurance policy from their lender. When buying insurance from a mortgage company or bank, it's important to ensure that there is coverage for more than just a 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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