When you think of homeownership, what probably comes to your mind first is a traditional house made of brick and mortar. But did you know that millions of Americans live in mobile homes, also known as manufactured homes? According to the U.S. Census Bureau, around 6.7 million houses in America are mobile homes. So whether you already own one or are considering living in one, there’s one aspect of homeowner insurance you cannot overlook, and that is mobile home insurance.
Mobile home insurance is as important as homeowner’s protection or auto insurance coverage. It helps protect your investment, your belongings, and most of all, ensures your safety. Let’s dive into the basics of mobile home insurance to get you a better understanding before you make any hasty decisions.
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What is Mobile Home Insurance?
Mobile home insurance is a specialized policy designed for people who prefer to live in manufactured homes, aka mobile homes. Similar to the traditional home insurance policy, it covers your home structure, personal belongings, liability, and additional living expenses in the event of a disaster.
Essentially, mobile homes are more prone to certain risks, such as hailstorms, floods, and other natural disasters. And that is why mobile home insurance protects you according to your tailored needs.
Mobile Home Insurance in Texas: Why is It Essential?
- Protection against Natural Disasters
Mobile homes are more susceptible to harsh weather conditions as compared to traditional homes. Especially if you’re a Texas resident who resides in an area more prone to hurricanes and heavy flooding, having the right and affordable mobile home insurance plan can save you from being a victim of such unfortunate accidents. And as we all know, without the proper coverage, repairing and replacing a damaged property can cause thousands of dollars down the drain.
- Financial Security
In case of a disaster, you won’t have to bear the financial burden alone; instead, you will get the right help to build back your dream house without paying a single penny.
- Personal Property Protection
Great news for homeowners is that not only mobile home insurance covers the structure of your home but also your personal belongings. In case of a fire disaster, your insurance would help you replace or restore your furniture, electronics, clothing, and any other items lost in the event.
- Liability Coverage
Accidents happen, and as a homeowner, it’s your responsibility to ensure it doesn’t happen on your property, or if it does, then you’re protected from it. In case a guest gets hurt on your premises, you could be left responsible for the damage, including the medical bills, so it’s important and the legal right for every resident to have minimum liability property coverage.
- Temporary Accomodation
In case of an event where you may need to relocate, your mobile home insurance will also help you bear the financial load for any additional expenses in terms of temporary re-location and additional living expenses, etc.
What does Mobile Home Insurance cover?
When shopping around for mobile home insurance options, make sure to understand what’s included in the policy. While every plan may vary, the best and most affordable mobile home insurance plans offer the following coverage options:
Personal property coverage: Covers your personal belongings, including furniture, electronics, clothes, and other possessions, in case of a disaster of theft.
Liability coverage: Covers legal and medical costs if someone else has been injured on your property.
Dwelling coverage: Covers the structure of your mobile home in the event of a fire, storm, theft, or other natural disasters.
Additional living expenses: It pays for your temporary living costs in case of re-location of your permanent home.
Replacement coverage: Some insurance policies also include replacing your mobile home completely in case it has been completely destroyed and cannot be remodeled or repaired.
Optional coverage: Most insurers provide extra coverage options, including:
- Flood Insurance: It’s part of a separate policy since most insurance policies don’t cover flood damage. So if you reside in an area vulnerable to flooding, its a wise decision to get this additional option.
- Wind/Hailstorm coverage: While most insurance agencies provide protection from windstorms, some policies treat it as an add-on feature. It’s necessary to review all the coverage options and make sure to include this one, especially if you live in Texas and the windy cities.
- Fire & Theft Protection: This is also a part of mobile home insurance coverage, but make sure to double check the plan you get meets all your requirements.
The Best way to find Affordable Mobile Home Insurance
Mobile home insurance plans vary based on several factors, such as your home location, the value of your home or estate, and the level of coverage you opt for. To find the best and most affordable coverage rates, it’s essential to compare providers and lay out all your options before making a big decision.
- Shop Around
Don’t settle for the first agency you come across. It’s highly essential to take your time and shop around different coverage options and compare quotes for customized plans. Texas has many online platforms that can help you compare rates from different companies to help get the best deal.
- Consider Your Deductible
The amount you pay out of pocket before your insurance kicks in is called a deductible. A higher deductible often means lower premiums. But that could also mean you’ll have to pay more in case you need to file a claim. Find a balance between the two without putting a dent in your wallet.
- Bundle Insurance Policies
Most insurance providers offer bundle policy discounts, such as coupling auto insurance and home insurance together, which can be a great way to save on your monthly premiums while getting the coverage you need.
- Maintain a Safe Home Space
Insurance companies also provide discounts and goodwill points for safely maintained mobile homes, such as houses with fire alarms, smoke detectors, surveillance cameras, etc.
- Review Your Coverage Regularly
If you make improvements to your home or acquire additional property, then it’s time to review your coverage options to reflect those changes and ensure you’re completely insured.
FAQs
Is a mobile home considered real property in Texas?
A manufactured home is treated as real property only if: (1) the owner of the home has elected to treat the home as real property as provided by Section 1201.2055; and (2) a copy of the statement of ownership for the home has been filed in the real property records of the county in which the home is located.
How many times can a mobile home be moved in Texas?
Single-trip manufactured housing permits may only be used for one movement, during the times specified on the permit (not to exceed five days), from a specific point of origin to a specific destination.
How much does it cost to insure a mobile home in Texas?
In general, you can expect to pay between $250 and $1,300 per year for manufactured home insurance.
How much is a mobile home in Texas?
On average, the cost can range from $80,000 to over $100,000, depending on the model, manufacturer, and included features.
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