Insurers that provide mobile home coverage are often able to offer a range of add-on policies. These policies can provide coverage for things such as tree replacement after storms, food spoilage, and debris removal. However, you may need to pay more for these optional coverages.
Comparing mobile-home insurers
You might be curious about which insurance companies offer the lowest rates for your mobile home. Your home's condition and roof are just a few of the factors that insurers consider when determining your premium. Your home's type and features are also considered by insurers. A single-wide floorplan may be more expensive than a dual-wide. Also, the premium will rise if your mobile home is older. There are many companies offering discounts for certain safety measures, which can lower your premium.
Also, consider how much coverage you will need. Although most policies offer coverage based on square footage your mobile home could only be worth $50 to $100. You will need to consider the age of your home when determining how much coverage is necessary. Many insurers will offer coverage based on the cost of replacing mobile homes. However, coverage for older homes may be limited to 35 percent of the original cost.
Types of coverage available
Mobile home insurers offer several types of coverage. The first type of coverage, called dwelling coverage, covers the mobile home. The second type of coverage, called "other structures", covers features that are not mobile home-related. Liability coverage will also cover you financially if sued. You can also opt for medical payments coverage, which is an offshoot of liability coverage, which covers the medical expenses for injuries suffered by you or your family members.
Mobile home insurance also covers personal property. You can get coverage for your belongings in the event they are stolen, damaged, or lost. Personal property coverage also covers medical expenses and lost wages in the event that you are unable or temporarily disabled from your home due to an accident. Personal property coverage will include your belongings while you are away but not your car. Liability coverage is another important option. It will pay for any legal costs or medical bills that could result from any accident that you may have caused.
Enjoy Discounts
Mobile home insurance can be discounted in many different ways. Many mobile insurers offer discounts to homeowners who have multiple policies or bundle their insurance with others. There are also discounts available for setting up an auto-pay system or installing a security camera.
Insurers may offer discounts if you pay your premiums in full each year. A discount may also be available if you sign-up for autopay, or opt for electronic billing. If you have multiple vehicles, other insurers might offer discounts. You may also be eligible for a discount if you're a senior or a first-time homebuyer.
Use credit-based insurance score to assess the likelihood of filing an insurance claim
A credit-based insurance score, which is three-digits, is calculated from a statistical analysis on a consumer's credit history. It has been shown that it is a good indicator of future claim costs. Research by the Casualty Actuarial Society, Tillinghast Towers Perrin and others has shown that those with lower credit scores are more likely to be sued than those with better scores.
Insurance companies use credit-based insurance scores to set rates and determine risk. Premiums will be lower if you have a high insurance score. A poor score on your insurance will result in higher premiums. A credit score can range anywhere from 200 to 997, with higher scores indicating a lower risk. These scores are calculated by the relevant financial information, including your payment history, credit history, and debt.