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Home Insurance
What you should look for before taking a mobile home insurance policy?
Mobile home insurance policy features vary from state-to-state and company-to- company. Generally a policy will provide for coverage against losses to the home structure, personal belongings and coverage for personal liability.
Before you take up a policy read up carefully on the perils for which coverage is provided. Mobile home insurance is not like a normal home insurance and you should take the policy up with a company that specifically caters to such type of home insurance. This is because the cost of rebuilding or repairing a mobile home structure is different and a company that specifically offers such insurance is in a better position to understand what this is and cater to it accordingly.
Check out what the company means by a mobile home. For example, they may state a mobile home as one that is transportable or they may state it is a structure that is mobile but which includes attached structures such as a built on deck or porch, and surrounding structures such as garages or storage sheds. Your mobile home should come into their definition and ask questions here if you have doubts or queries, so that you have no surprise later if you have to make a claim.
Consider if you want a named risk policy or an all risk policy. In a named risk policy you will get compensation for losses specially mentioned in the policy, while in an all risk policy as the name suggests, you will get compensation for all risks. Name risk polices cost lesser than all risk policies, however, in an all risk policy find out the losses not covered by the policy before you take it up. This way you can be sure of what you are covered for and what coverage is not available to you.
It is advisable to take up trip collision, to have coverage against losses or damages that you can incur while you move about.
You can get coverage for expenses that you incur to remove your mobile home in the event of a covered loss. For example, you can get coverage for moving your home from a flooded location, to protect it from flood damage.
Check out different insurance companies so that you can compare rates and take the best offer. One mistake mobile homeowners make is to over-estimate their home’s worth and this costs more on the policy. Make an accurate estimate of your home before signing up on the policy.
Summary
Mobile home insurance is a little different from your regular home insurance policy. So, read up the policy carefully and ask questions wherever necessary before signing up for it.
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