Sometimes, not everyone calls a solid building with a fence around it a home. Some people have manufactured homes, known as mobile homes, which they live in. A traditional house is on-site, whereas a mobile house comes fully assembled.
It makes some people wonder if they can actually buy mobile home insurance or if it even exists at all. The good news is there is such protection available for anyone interested in purchasing it. Hence, keep reading to learn more about what this insurance covers.
What is Mobile Home Insurance?
This is the name for security for manufactured homes. Any construction that fits the criteria for a manufactured home is not a part.
Why is It Necessary?
Even though manufactured homes are generally less expensive than single-family homes, insurance is still required. That’s because this coverage protects your investment and keeps you from paying for repairs or replacements yourself.
What Does Mobile Home Insurance Cover?
It works like regular home insurance. It covers liability claims, the property itself, and your personal belongings.
The bulk of the coverage options available in home insurance is also available in mobile insurance. However, the most significant difference between the two policies is how insurance companies value your home.
The company determines the value of your mobile home using the actual cash value. This is how much your home is worth at the time of damage. For a homeowners policy, insurance providers use today’s replacement costs to determine the worth of your house.
What Mobile Home Insurance Doesn’t Cover
- Flooding: Most manufactured home insurance policies do not cover flood damage. You must obtain separate flood insurance if you live in a flood-prone location.
- Earthquakes: You’ll almost certainly need special earthquake coverage if you reside in an earthquake-prone area. Most homeowners’ insurance policies do not cover “earth movement.”
- Wear: Insurance covers accidental damage but not routine maintenance