Mobile Home Insurance
Since a mobile home can literally be both mobile and a house, it obviously requires its own kind of insurance.
A mobile home insurance policy is sort of a hybrid between auto insurance and home insurance with a few special sprinkles on. It covers the dwelling while moving and while stagnant, plus the damages perpetrated by the mobile home itself.
For instance: a mobile home can damage the ground on which is parked. If the mobile home damages a land that it’s not the mobile home owner’s it might be liable to lawsuits. So, the mobile home insurance takes care of that. Also, because most people that live in motorhomes and such have an adventurous soul, depending on where they are parked, there might be wild animals around. So, while typical homeowner’s insurance wouldn’t cover damages caused by a buffalo that ran into it or a bear that chewed on the corner, the typical mobile home insurance does.
Typically mobile home insurance costs from $250 to $1,300, depending on the zip code, replacement cost – because most of the time accidents to this type of dwelling might need a rebuild from ground-up - the deductibles and the amount of coverage and protection you selected for your mobile home insurance.
Perils covered by most policies:
- Fire
- Explosions
- Lightning
- Severe Wind and hail
- Landslides
- Vandalism
- Water damage from damaged pipes
- Damages caused by wild stray animals
- Damage from snow and ice
As you can see, no act of god coverage. If your motorhome in a state where a lot of natural disasters happen, consider getting a specific insurance for that.
Another thing that is unique to this sort of policy is the coverage for emergency removal services or emergency repair services when the dwelling is connected with a motor. The basis for both of those is that there are damages that will completely prevent the mobility of the insured, so an emergency service (just like Triple AAA etc.) for either a repair or outright removal is, sometimes, a matter of life and death.
Real Estate Agent tip:
If you’re thinking “OMG, having mobile home insurance on top of all of this is making this whole thing become too expensive for me!”… fear not! We got you! Read our Affordable Home Insurance guide and try to bring the cost of it down. Most of the tips apply to mobile homes too! But, please, do insure; otherwise, it’s best to not play the homeowner’s game at all…
Popular Insurance Terms
Property loss in which the insured peril is the proximate cause (an unbroken chain of events) of the damage or destruction. Most basic property insurance policies (such as the standard fire ...
Insured's age at a particular point in time. For example, many term life insurance policies allow an insured to convert to permanent insurance without a physical examination at the ...
Dividends of a participating life insurance policy deemed by the Internal Revenue Service to be a return of a portion of premiums and thus not subject to taxation. ...
Entitlement of an employee to benefits immediately upon entering a retirement plan. As benefits are earned, they are credited to the employee's account. These "portable" future benefits can ...
Facility used to gain access to the reinsurance markets by the captive insurance companies for their large property exposures. The facility re-insures a relatively small percentage of its ...
Unfunded trust that acts as the owner of a life insurance policy. The trust receives a donor's cash payments on a periodic basis, from which the beneficiary of the trust has a specified ...
Addition to the pure cost of insurance that reflects agent commissions, premium taxes, administrative costs associated with putting business on an insurance company's books, and ...
Coverage against a loss resulting from the forcible entry of a safe. In order for this coverage to be applicable, there must be signs of forcible entry into the premises in which the safe ...
Calculations involving the mortality rate of a company's insureds and the rate of return on the company's investments. It is used in calculating the prospective reserve. ...
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