It’s easy to feel overwhelmed in the process of purchasing your mobile home. It’s also easy to forget or overlook certain parts of the process, but there are things that you shouldn’t skimp on. Home insurance is one of those. In the search for my own home, home insurance was the farthest thing from my mind. So when it came time to shop for it, I was at a loss. That’s why I want this process to be better for you.
Let’s make it simple!
- If you’re like me you’re wondering, do I really need insurance? You really do. A home is probably the most expensive investment you’ll make – protecting it is wise. Insurance safeguards your home and the major amenities in it and usually is preferred or even mandatory by your mortgage company.
- It’s not that different. From traditional home insurance, that is. Mobile/ Manufactured home insurance covers many of the same aspects of home ownership as with a site built home.
- Depending on your coverage, major structures, electrical, plumbing, electric heat/ air, and appliances may be covered. This peace of mind is especially valuable in rural areas, where outdoor equipment is involved, or when your insurance is also protecting your livelihood as well as your home.
- If you live in a moderate to high risk flood zone, you may want to consider separate flood insurance as it is not typically covered in mobile homeowners’ insurance. Your lender may require it.
- Just like with medical or car insurance, you can expect to have deductibles (aka – how much you have to pay out of pocket before your insurance kicks in).
- Keep in mind, insurance is based specifically on your home. Insurers take the cost that they deem it would take to replace certain parts of your home into account when building your coverage1.
- Shop around and compare at least 3 rates but probably more. Calling is easier because then you can talk to someone in detail about the coverage and what is included. If your area is prone to a certain issue, ask about coverage for it. Be honest and detailed about the condition and facts of the home so that the estimate will be realistic.
- Most insurers will give you a monthly premium and a yearly premium – some give you the option to pay ahead. Be sure you get a deductible you can afford and coverage you need. Many companies will tell you it’s cheaper to bundle home and auto. While this is true for some companies, it does not mean you can’t find individual rates that are cheaper separately.
Now you’re ready to shop around! Ask for the things you need with confidence and don’t be afraid to ask for more info or a deal. You’re the customer after all and there are no dumb questions.
National Association of Insurance Commissioners. 25 June 2018. A Consumer’s Guide to Home Insurance. https://www.naic.org/documents/prod_serv_consumer_guide_home.pdf?9931