Also referred to as manufactured home insurance, mobile home insurance protects you financially in case of any damages to your home. While the law may not require it, most mortgage companies and mobile home communities may ask their homeowners to get this insurance policy.
If you are looking to buy a manufactured home insurance policy, here are some commonly asked questions about the subject to help you understand better.
Do You Need This Policy?
Although the policy isn't a requirement by law, mortgage companies usually need proof of insurance before helping you out. For this reason, it would be wise to consider mobile home insurance if you are looking to obtain a mortgage or place your home in a mobile home park.
Putting in mind that new manufactured homes cost a fortune, mobile home insurance is the way to go if you wish to protect both your home and belongings.
What Does the Policy Cover?
Mobile home insurance resembles standard insurance policies in many aspects. This type of policy covers the home of the policyholder together with their belongings. It also includes protection from liability.
Insurance companies offering mobile home policies permit customization of policies by their policyholders. They do this via endorsements, which in some sense provide coverage that standard homeowner's insurance policies can't offer. Such coverage includes things like the removal of debris and water damage from sewers.
Generally, mobile home insurance covers the following:
Dwelling Coverage: In the unfortunate event of damages to your home by a covered peril, this coverage will pay for the rebuilding or any necessary repairs.
Personal Property: A mobile home insurance policy will protect your personal belongings from theft and damage. However, it should be noted that there is a need to pay a deductible for you to file a claim.
Liability Protection: This covers any injury of persons on your property. For instance, a branch from your tree could land on your neighbor and injure them. In this instance, you will be held liable. However, with a mobile home insurance policy, damages and legal defense fees will be paid for.
Other Structures: The policy also covers permanent structures that aren't a permanent component of your home. Such structures may include tool sheds and garages.
Can You Get the Policy for Older Homes?
Getting the policy for older homes is quite a daunting task because of the unregulated building regulations in the past. However, this isn't entirely impossible as you could contact independent agents.
If you were confused before about mobile home insurance policies, consider the answers to the above questions. For more information, contact a company that provides mobile home insurance plans.