Posted on: 4 March 2022
If you're buying a mobile home, you'll need to get insurance for it just like you would for any other type of home. The coverage is quite similar, so if you've ever had homeowner's insurance, you'll be familiar with a lot of the details. Here's an overview of what you'll usually get with a mobile home insurance policy:
Damage To Your Home Is Covered
Physical damage to your home is usually covered. However, when you talk to your agent about a policy, or after you buy your insurance, sit down and read the fine details. For instance, if a plumbing pipe bursts and floods your home, your insurance may pay for it, but they're not likely to pay if the pipe burst due to neglect on your part.
Physical damages that might be covered are storm damage, fire, vandalism, and hail. In addition, your mobile home insurance policy may cover damage to other structures on your property such as a shed or detached garage.
Injuries To Guests Are Covered
It's important that you have liability insurance. This insurance pays for injuries a guest might get on your property such as tripping over a crack in your sidewalk and breaking a hip. Medical costs are expensive, so in the event you're ever sued, having liability insurance is a lifesaver.
Your Personal Property Is Covered
Your mobile home insurance policy should cover your personal property in case someone steals something from your home or shed. You may also have coverage for personal items destroyed by a storm or fire. This is always useful coverage, but it's even more important when you use your mobile home as a second home and you're away from it a lot.
Some Things Are Not Covered
Flood damage probably won't be covered since you need a separate flood insurance policy for that. Your insurance agent or real estate agent can let you know if you live in a flood-prone area and need a flood insurance policy. Also, your mobile home insurance policy probably won't pay for any damages your home receives when you're moving it. So, that's an important factor to keep in mind when you're contemplating moving your mobile home to a new location.
The exact type and amount of coverage you have on your mobile home insurance policy may be determined by your lender. You'll need insurance to get a loan for your mobile home. Even if you're not required to have insurance because you pay cash for your new home, you'll still want insurance so your mobile home and your finances are protected.Share