The best time to understand and compare mobile home insurance rates is before making a purchase. It is important to understand the difference between standard homeowners insurance and mobile home insurance. Mobile home insurance is different from a standard homeowner’s insurance policy. Under the current laws the payout on mobile home insurance relate directly to the purchase price.
Mobile home replacement costs, depreciation and inflation have no effect on the amount paid out on a claim and it will never be more than the actual purchase price of the mobile home. Standard homeowner’s replacement insurance pays out the actual cost of replacing the home after applying any applicable depreciation or inflation rates. Not all insurance companies will issue an insurance policy for a mobile home. The ones that do protect mobile home owners from fire, smoke, explosions, water leaks, vandalism and natural disasters.
Mobile home insurance rates usually include the mobile home itself and the inside contents. Mobile homes pose a slightly higher risk of damage or destruction then a standard home. Most people cannot anchor mobiles as well as a standard home, so during storms containing high winds they become a higher risk. A mobile home tends to burn faster in case of fire and washes away easier if flooding should occur. Unlike most standard homeowners insurance, flood protection is not automatically part of the policy.
On mobile homes, flood insurance requires a separate purchase. As far as insurance companies are concerned, a mobile home is always a mobile home. Even if a homeowner puts a solid foundation beneath the mobile, an insurance company still considers the home movable. Mobile home insurance rates include loss or damage to personal property inside the mobile home. The amount of reimbursement depends on the amount of the insurance policy, replacement costs and depreciation.
Most policies have a dollar limit on specific expensive items such as cash, computers, jewelry and antiques. Mobile home liability insurance protects owners from lawsuits. In the event a person is injured, or another person’s property receives damage, at the mobiles place of residence, liability coverage pays the attorney fees and court costs. If a court of law finds the insured guilty, liability pays the damage or injury costs ordered by the court.
The best and fastest way to locate companies that offer mobile home insurance coverage is to use an online comparison site. It is also the quickest way to compare mobile home insurance rates. To evaluate insurance rates, get quotes for the same type and same amount of insurance. Most insurance comparison sites will require the mobile homes manufacturer, the make model and year, the type of requested insurance and the zip code of the mobiles expected residence.
Take the quotes received and determine the best mobile home insurance rates versus the amount of insurance offered. After narrowing down the list, check the validity of each company. Evaluate the insurance companies by the number of years they have been in business, their financial stability, their response time and how quickly they pay filed claims. Check with the state insurance commission, the better business bureau and do an online investigation of any potential insurance company.
To help determine a company’s integrity, check with family, friends, lenders and local realtors. These resources can often add valuable information if they are familiar with the insurance company. It is a good idea to talk to the insurance agent by phone or in person before making a final purchase. Go over the complete policy and learn exactly what to expect if a claim needs filed. Consumers need to make sure that they have the current address, phone number, fax number and web address of the mobile home insurance company along with their policy.