Mobile homes, like any other homes, need adequate insurance coverage. While today’s mobile homes are built to higher standards than ever before, there are still different levels of risk related to mobile home ownership compared to homes that are built on concrete foundations. This means your insurance coverage needs will be different – to some degree. Below are a few things that mobile home insurance covers.
Structure of the Home
If wind, hail, fire, or other covered event causes damage to the structure of the home, inside or out, your policy will cover the cost to repair the damage caused by the specific event. If the structure of the home is completely destroyed, mobile home insurance provides a certain agreed upon amount for the structure of the home in most cases. Flood is not one of the covered events for mobile home insurance policies. Each policy is different, though, so make sure you’re up to date on what the limitations of the policy may be.
Contents of the Home
Your policy will set aside a certain amount of money for the contents of your home. Most policies offer an actual cash value for items, meaning depreciation plays a role. You may opt to choose replacement value coverage for your possessions. It costs, more, but many people feel it is worth the additional expense. You should also be aware that if you have valuable items or collections, you may wish to invest in a valuable items policy.
No matter where you live, this type of coverage can be vitally important. It offers protection for you if you are sued because someone is injured while on your property or by your property. For instance, if your tree falls over and crushes your neighbor’s home or vehicle, you could be found liable for the repair expenses. Liability coverage will cover court fees involved as well as the cost of the repairs (up to your coverage limit and in accordance with your policy.
You may choose to insure other structures on your property in addition to the mobile home itself. This extends to garages, tool sheds, and even large workshops on the property. Make sure you discuss those things with your insurance agent in order to determine if you need additional coverage or if they will be included in your mobile home coverage. Don’t forget that valuable items and equipment are likely to need policies of their own.
Understanding what your mobile insurance policy covers can help you make informed decisions about add-on and rider policies you may need to purchase.
For a free mobile home insurance quote, contact BOLT Insurance Agency today.