Do I Need Insurance For a Mobile Home?

Your home is most definitely your most expensive possession. And if something happened to your invaluable possession, your insurance policy should be able to pay for the repair or replacement of what may have been damaged. What if you mobile home gets damaged during a storm and you don't have insurance to pay for the repairs. Would you be able to afford the repair work?

This brings us to the question - what is mobile home insurance? Mobile home insurance is similar to the homeowners insurance. However, it is prepared keeping in mind the needs of mobile home owners. A mobile home insurance policy provides you, the mobile home owner, coverage for the contents of the home while also providing you personal liability protection.

Here's a list of things that a mobile home insurance policy covers:

• Mobile Home
• Personal belongings inside the mobile home
• Other structures within the property boundaries
• Liability coverage

When you are getting your mobile home insured, make sure your policy provides coverage against the following major and minor hazards:

• Fire
• Wind
• Vandalism
• Broken or burst pipe damages
• Damages caused due to ink, paint, dye, shoe and nail polish
• Damage caused by wild or stray animals
• Damage due to weight of ice and snow

Having additional coverages is a good idea. However, for this you may have to pay a higher premium. But these coverages will help you in the long run. Here are some of the other coverages you may require:

• Coverage for additional living expenses
• Removal service during Emergencies
• Emergency repair services after a loss
• Services of the fire department
• Coverages of damages caused to trees, shrubs, plants and lawns
• Coverage for debris removal after storm or natural calamity

Let's help you understand mobile home insurance policies types in more details below:

Types of Mobile Home Insurance Policies:

Named Peril or All Risk (Comprehensive) Mobile Home Insurance - Perils or dangers mentioned on the policy will be covered by the policy and these include fire, ice storm, lightening etc. These policies may be cheaper but restrictive. All Risk policies are comprehensive by cost more.

Coverage for Trip Collision - Mobile homes as their name suggests are movable unlike stationary homes. If you move from one place to the other fairly regularly, then be sure to discus the coverage aspect with your insurance carrier.

Coverage for Emergency Removal - During the event of a covered loss, your insurance company may agree to pay 'X' amount of money towards the cost of removing your mobile home from its present location. Ex - Moving your mobile home away from a storm or flood hit area to preserve it.

Valuation of mobile home - It broadly has two values - replacement cost and actual cash value (ACV). Your mobile home should be insured at replacement cost, thereby ensuring that you get the total cost to replace your mobile home during dangerous situations.

Shop extensively for mobile home insurance policy that suits your needs.