Do I Need to Insure a Mobile Home?

The role of insurance is to safeguard the interests of clients from loss and uncertainty. It is a way to secure, generate financial resources, save, promote economic growth, provide medical support, reduce risks, and a way to collect funds.

Since recreational vehicles can serve as people’s second home, does insuring them give you the same benefits of insuring a regular home or vehicle? The law does not oblige its people to get insurance for these homes. However, mortgage companies and mobile home communities may require coverage.

Do You Need Insurance for a Mobile Home?

Mobile home insurance depends if your mortgage company requires it or not. Other than that, it’s totally up to you. It can also depend on a family’s financial situation and capability. However, of course, it is still best to get insurance for it for safety and risk-reduction.

What Does Mobile Home Insurance Cover?

If you have applied for insurance for other belongings, there isn’t much difference between regular insurance and mobile home insurance. Much like typical homeowner’s policies, it can also be customized depending on the coverage limits and endorsements.

• Physical Damage

The insurance pays for accidents that have damaged your home, belongings, and other structures. Such events can include fire, hail, wind, theft, vandalism, and falling objects. But like other policies, it does not include floods, earthquakes, and wildfires. However, if you live in high-risk zones, these coverages can be added to the policy.

• Personal Liability

Liability coverage protects you from any damage caused by a household member towards someone else’s property, or if someone is injured at your home, as long as they are found liable for it. The common claims include medical expenses and lost wages.

How Much Does Mobile Home Insurance Cost?

The amount you need to pay for insurance depends on the following factors: the home’s value, its size, the year it was built, the value of personal belongings (including collectibles), the physical location of the home (location-based factors like severe weather, risk of floods and wildfires, crime rates, and your town’s response to these hazards), construction materials used, repair and renovation history, existing claims, if you rent or own the lot, presence of safety devices like smoke detectors, fire extinguishers, and sprinkler systems, and the home’s security features like deadbolts, burglar alarms, security gates, and fireproof safes.

On top of that, the costs can go up depending on the coverage limits and deductibles you wish to add. Usually, homeowners need to pay a higher rate for more comprehensive coverage and lower deductibles, along with a lower rate for basic coverage and higher deductibles. Assume that you’ll pay between $300 and $1000 in total.

Conclusion

Since mobile homes are expensive investments, it is best to secure them with insurance. It’s a great idea to protect your valuable properties from possible accidents they may encounter in the future.

Sanford Insurance Center has over 80 years’ worth of experience in the insurance industry. Being a family-owned and operated agency, we’ve managed to stay within the same location and represent 40 companies for home insurance. Contact us today for the

best mobile home insurance in Florida

and protect your home away from home today.