Whether you live in a mobile home park, or have your double-wide bolted to a permanent foundation on a piece of land you absolutely love, it’s your home, and that means you should have home insurance coverage on it. Insurance protects your financial interests, allowing you to replace the structure itself, as well as your possessions stored within it, in the event of damage or destruction.
While not every insurer covers mobile homes, most of the larger companies do, and while the coverage is a bit different from traditional homeowner’s insurance, you can find an affordable plan.
What is Covered?
Mobile home coverage provides protection against the following:
- Burglary and vandalism
- Damage from the weight of ice and snow
- Fire and smoke damage
- Hail, lightning and wind
- Water damage from home appliances like refrigerators and water heaters.
Analysts from Wall Street are predicting that private plans will continue to grow at least for the next two years (through 2010), as the market expands to accommodate baby boomers who are reaching retirement age.
As well, your mobile home policy will include liability insurance, which covers you if someone has an accident on your property, and for an extra premium, you may have living expenses covered, in case your mobile home becomes unlivable after a disaster.
Fear of Floods?
As with conventional homeowners insurance policies, standard mobile home policies do not cover flood damage caused by storms. Instead, you will have to purchase a separate flood policy either through your mobile home insurance agent, or from the NFIP – the National Flood Insurance Program.
While a mobile home may be seen as a possession by those who don’t own one, it’s also a home. You should protect it accordingly.