Cheap Mobile Home Insurance – What Coverage Options Do I Have?

Owning a mobile home has its advantages over single family residences. You probably don’t have a lawn to mow and the maintenance can be easier given the size of the unit. What most people don’t realize is that you still need insurance to cover the entire mobile home plus your belongings.  You may not be required to carry insurance if you don’t have a loan on it but insurance will cover many things beyond just the structure.  I will explain what coverage options you have for a mobile home policy.

While no insurance policy covers everything, your mobile home policy should cover multiple possible damages. Most home insurance policies will cover the following unless specifically excluded:

• Fire
• Landslide
• Vandalism
• Wind
• Hail
• Explosion
• Water Damage from Bursting Pipes
• Damage by Wild Animals
• Collapse from the weight of ice or snow

Another important coverage that is usually included with most any mobile home policy is liability coverage.  Liability coverage protects you if you’re found legally responsible for an accident that causes injury or property damage to someone who doesn’t live in your home.  This includes medical bills, pain and suffering, and property damage in addition to legal costs you encounter.

Beyond the traditional coverage that most companies will include are also optional coverage options that you need to know about.  Check the policy for these options and ask your insurance agent if any of them are recommended:

• Emergency Repairs After a loss
• Personal Liability Coverage on Additional Residences
• Earthquake Coverage
• Debris Removal
• Food Spoilage
• Replacement Cost Coverage
• Trip Coverage When Moving Your Home

Be sure to pick a deductible that fits your budget.  Remember that the higher the deductible the lower your premium will be but this also means higher out of pocket expense in the event of a loss.  It is recommended to pick a deductible that you feel comfortable affording if something happened.  For example if you usually have $500-1000 in savings or available on a credit card this may be the maximum you want to have as a deductible.  If you can afford more it can save you hundreds of dollars per year.