Insurers that provide mobile home coverage are often able to offer a range of add-on policies. These policies can include debris removal following a hurricane, tree replacement after a storm, and food spoilage. However, these optional coverages can increase your insurance costs.
Comparing mobile-home insurers
You may wonder which insurance companies offer the best rates for mobile homes. When determining your premium, insurers consider many factors. These include the condition of your mobile home and roof. The type of floor plan you have and the features of your home are also factors. For example, a single-wide floor plan might be more expensive than a double-wide one, and the older the mobile home is, the higher the premium will be. There are many companies offering discounts for certain safety measures, which can lower your premium.
It is also important to determine the level of coverage you need. Most policies will provide you with coverage based on square footage, but your mobile home may only be worth $50 to $100 per square foot. The age of your home will also affect the coverage you need. Some insurers offer coverage based only on the replacement cost for mobile homes. Coverage for older homes will be 35 percent less than their original cost.
Types of coverage available
Mobile home insurance companies offer a variety of coverage options. The first is known as dwelling coverage. It covers your mobile home. The second type of coverage is called other structures and covers the non-mobile home features. In addition, liability coverage protects you financially if you are sued. Medical payments coverage is also available as an option to liability coverage. It covers medical expenses related to injuries sustained by you or your loved ones.
Mobile home insurance also covers personal property. If your belongings are damaged, stolen or lost, this insurance will protect them. Personal property insurance will cover medical expenses as well as loss of wages, if you are temporarily unable to live in your mobile house due to an accident. Personal property coverage will cover your belongings while you are away from home, but it will not cover your car. Liability coverage is also important to consider, as it will pay for any legal fees or medical bills that may result from accidents that you may cause.
Special Discounts
There are many ways to get a discount on mobile home insurance. Mobile home insurance companies offer discounts for multiple policies, bundling with other policies, and being the first owner of the house. For installing a system of security or setting up autopay, you may also receive discounts.
Many insurers will offer discounts to customers who pay their premiums on-time each year. You can also qualify for a discount if you sign up for autopay or opt for electronic delivery of your bills. Other insurers may offer discounts if you own multiple vehicles. You might also qualify for a discount if your home is a first-time or senior buyer.
To determine your likelihood of filing claims, you can use your credit score
A credit-based insurer score is a three-digit number calculated by analyzing a consumer’s credit history. It is an indicator of future claims costs and has been proven to be highly reliable. Research from the Casualty Actuarial Society (Tillinghast Towers - Perrin) has also shown that claim rates for people with lower credit scores is higher than those with higher ones.
Insurance companies use credit-based insurance scores to set rates and determine risk. Having a good insurance score will result in lower premiums. Poor insurance scores will result in higher premiums. Credit scores can vary from 200 to 997. Higher scores indicate a lower risk. These scores are calculated by the relevant financial information, including your payment history, credit history, and debt.