There are very few people that do not rely on some form of transportation. Whether it is walking, driving, or flying; most people get to where they need to go using some sort of vehicle. One type of vehicle that is used for recreation and sometimes living purposes is the mobile home. Unfortunately, not many individuals realize the need for mobile home insurance until they have become a victim of theft or vandalism.
If you did not know already, it is required by law in the United States to carry liability insurance on your automobile. However, there is no such requirement when it comes to owning a trailer like a mobile home. Also, if your automobile does happen to be insured and you also own a trailer at another location without any insurance on it, a claim can still be made against your auto insurance policy.
If you own or plan to purchase a trailer at some point in the future, you will need to have mobile home insurance. Many people consider this type of policy unnecessary and stay without it for years. They do not understand that there are just as many risks associated with owning a mobile home as there is with an ordinary house. In fact, the main reason most individuals have standard homeowners insurance is because their homes may be vulnerable to theft and vandalism. When these types of incidents happen to a mobile home owners, there isn’t much they can do about a claim since insurance does not cover acts of vandals or thieves unless someone else causes the damage intentionally.
Mobile home insurance is generally more expensive than standard homeowners insurance. For this reason, many people will try to get away with paying as little as possible for their policy coverage. Just because you are not legally required to have mobile home insurance does not mean that it is a good idea to buy the cheapest plan out there. This type of policy could leave you high and dry if something were to happen unexpectedly since your rates will most likely be higher than they would on a fully insured plan. There are risks associated with owning a trailer whether or not you have an insurance company covering them so it is important that you carry some form of coverage. So, here are some of the basics of mobile home insurance every owner should know.
Types of Coverage for Mobile Home Insurance
The average home insurance policy covers a lot of things. But the coverage doesn’t always extend to mobile homes. Whether you own a trailer or live in one, there are ways to get affordable insurance. Here’s what you need to know about the types of coverage for your mobile home and how they can benefit you.
Personal Property Coverage
Coverage for personal property is usually included in your mobile home insurance policy. If you need to file a claim due to theft or vandalism, personal property coverage will help pay for any lost item from the mobile home or trailer itself. For example, if several thousand dollars worth of furniture is taken from inside your trailer, your insurance company may reimburse you up to the limit on what you have purchased coverage for.
Equipment Breakdown Coverage
Equipment breakdown coverage is also important but should not be confused with additional living expenses (ALE) which only provides reimbursement for hotel stays and restaurant meals while your mobile home is being repaired. Equipment breakdown can provide protection against accidents that cause damage to various appliances found inside the residence such as the oven. If something breaks and needs to be fixed or replaced, such as the oven in your trailer, you can file a claim for reimbursement of repair costs with your mobile home insurance company.
Dwelling coverage is required by most mobile home insurance companies. If you are in the unfortunate situation where your trailer catches on fire, you will need to have this type of policy in place in order for your insurance company to cover costs associated with rebuilding or replacing the entire structure.
Some form of liability coverage is almost always necessary with any mobile home insurance policy. If someone were to get injured at your property, you do not want to be liable for medical bills or other expenses that are associated with the accident. Liability coverage will reimburse you for any costs associated with legal fees and court judgments, which might occur after an injury has occurred on your property.
Loss of Use Coverage
Loss of use coverage is another important mobile home insurance policy you might want to consider. This type of policy helps pay for the additional costs associated with having to live somewhere else temporarily until your mobile home or trailer has been repaired or replaced after it has been damaged by an accident or fire. This will also provide coverage for additional living expenses caused by an accident that was not your fault. For example, if your mobile home is damaged in a hailstorm and it needs to be repaired before you can return to the property, your Loss of Use coverage would help pay for any hotel or restaurant bills that accumulate while you are waiting for this process to be completed.
Final Thoughts on Mobile Home Insurance
Now that you know a few of the basics about mobile home insurance, you will be better prepared if an unexpected accident occurs and your trailer needs to be repaired. Mobile home insurance can vary greatly from company to company so it is important to shop around for quotes before choosing a specific policy. While some companies might offer lower rates, they typically have less coverage than more expensive policies with other providers. Choose what fits best with your budget and make sure you do not skimp on features or protection where necessary since this could end up costing you much more money in the long run.
Do you own a mobile home and you need insurance coverage? Good news, we also offer mobile home insurance for any type of mobile home, manufactured home or double wide. We will get you the coverage and price that fits your needs. Call us now for a free quote.