Due to their unique construction, mobile homes typically don’t qualify for traditional site built homeowners insurance. Instead, you need to look into separate mobile home insurance.
Modular vs. Mobile homes
Both mobile and modular homes are built in a factory rather than on a construction site. Mobile homes are on a steel, I beam frame and never include more than a single level. Modular homes can have multiple stories and sit on a foundation similar to traditional houses.
The two factory built home types can affect your insurance choices. Some companies, such as Geico, may have you insure a modular home with a traditional homeowners policy rather than a separate mobile home insurance policy.
What insurance covers
A standard mobile home insurance policy typically includes the following coverage types:
Physical damage coverage: Pays to repair damage to your mobile home from events in your policy. This typically includes:
- Fire and lightning
- Falling objects
- Wind and hail
- Ice and snow.
- Wild or stray animals
- Burst pipes
When selecting limits for this coverage, you want enough to cover the cost to replace your mobile home if it’s destroyed. Covering the cost of the home is typically mandator when your home has a lien on it.
Personal property coverage: Covers the cost to repair or replace your belongings, such as furniture and electronics, if they’re damaged or stolen.
Taking a home inventory is the best way to figure out what your stuff is worth and how much personal property coverage you need. Inventory apps like this one from the Insurance Information Institute can make the process a bit less tiresome.
Liability insurance: Pays for costs if a visitor is hurt and sues you, or you accidentally cause property damage or injuries to others.
Depending on your insurance company, your policy may include other standard coverages — such as additional living expenses to reimburse the cost of a hotel in case a fire or storm makes your home temporarily unlivable.
You may also find optional coverages you won’t see in a homeowners insurance policy, like trip collision coverage to repair your mobile home if it’s damaged while moving between locations.
How much mobile home insurance costs
On average, the price for mobile home insurance runs about $250 to $1,300 per year, according to TrustedChoice.com, a group of independent insurance agents. This will vary, however, based on several factors in your market and home.
A slew of factors can affect your specific rates, including:
- ZIP code
- Cost to re-build home
- Coverage limits
- Your deductible
Where to buy mobile home insurance
Although insurance isn’t available from all insurers, you can get coverage through several companies — either directly or from a third-party affiliate — including:
Different insurance companies will have different rates. Make sure that you get several quotes before you decide on a particular company for your mobile home insurance. It will always help you shop around! : )
If you’re looking for a new mobile home in Texas or Oklahoma, contact us today to see how we can help!