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Mobile home insurance covers single-family houses constructed entirely
in a controlled factory environment. Manufactured Housing Institute (MHI) defines
such houses as mobile homes. According to this organization, mobile homes account
for more than 10 percent of total housing in the United States. This percentage
is even higher in many rural areas. These homes are cost effective. The price
for a new mobile home is about $29,000. However, being cost effective does not
mean that they do not require insurance. There are several mobile home insurance
plans you can choose from depending on your requirements. Many people confuse
this type of insurance with motor home insurance, but both are different from
each other.
There are three major risk-areas where you need protection when insuring a
home. These are - damage to your home, theft of property from your home and
your legal liability for property damage or injuries. The insurance should give
physical damage coverage for certain kinds of accidental damage to your home,
belongings or other structures. Your mobile home insurance should also provide
you liability coverage. Liability coverage enables you deal with claims or lawsuits
against you by people whom you have hurt accidentally. It also helps you pay
for your defense in case of a lawsuit. However, it does not pay claims for injuries
to you or your family members.
There are certain factors that determine insurance pricing in mobile home insurance
or any other type of home insurance. You will need to pay high premiums if you
live in an area vulnerable to natural calamities or crime.
It is necessary for mobile home owners to pay attention to a number of other
factors besides insurance pricing. Some mobile home insurance policies provide
total coverage against any loss, damage or legal liability. Some policies cover
only specific cases of loss or damage. There would be variations in liability
coverage, coverage limits and deductibles.
You should do a proper search to find out a mobile home insurance policy that
suits you best. You need to note carefully how much a particular policy covers.
You should look for a policy that includes a "replacement cost" option.
Such policies would replace any damage or loss up to its limit.
