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More than nine million Americans live in mobile homes. These lower-cost homes are trendy in the US’s southern region, such as Florida, Texas, Mississippi, and Alabama. The popularity can be attributed to the relatively inexpensive costs of acquiring these types of properties and the cheap land costs in the south. First, however, you need to get mobile home insurance and adequately protect your assets if you own or lease the property.
Insurance coverage for mobile homes is in many ways a lot like a typical homeowners policy. Many insurers who provide coverage for modular or mobile homes have two types of coverage options, standard and upgraded. The upgraded policy will allow you to replace your modular home at current market rates, in addition to insuring your property up to 120% of the coverage.
Note on the declaration page on the policy. An upgraded plan will also provide claim compensation for a broader scope of potential hazards, such as flood damage. You need to carefully decide what option is best for you and if it fits into your budget.
Mobile Home Insurance Coverage
Most mobile home policies will cover the following:
Dwelling coverage is the core of the policy. It will pay for repairing your mobile home or the cost of replacement, depending on the limits of your policy. For example, most standard policies will cover:
- Fires and explosions
- Lightning damage
- Falling objects (such as a large tree limb)
- Wind and hail damage (hurricanes are common in certain regions, including Florida)
- Ice and snow damage (often results from snow build on the roof that causes a collapse)
- Animal damage
- Piping Damage (this could result from extreme weather conditions)
If you live in an area with a history of earthquakes, you may want to add on separate coverage. While this will cause your policy cost to increase, it might be worth it in the event your mobile home is severely damaged in an earthquake.
Select the Right Limits
Choosing the proper limits for your mobile home is a crucial decision you should weigh carefully. You want to select high enough limits that in the event your home is totaled or destroyed, you can replace it when you file a claim. For example, if your mobile home is worth $150,000 and you only have $100,000 in limits to replace it, you would need to come up with the balance to rebuild your home.
Coverage for Surrounding Structures
You should also consider coverage for nearby structures on your property. This can include:
- Home Decks and constructed walkways
If you get this added coverage, you will be covered if surrounding structures are damaged. Before you pay for any policy, it’s wise to read all of the fine print and go over it carefully beforehand.
Coverage for Personal Property
When you think of home insurance coverage, you probably don’t think about the contents inside. It’s an essential aspect of securing the best coverage possible. Having coverage for personal property will cover you for things damaged inside the home, including:
It’s wise to take a home inventory of all your personal property, so you have this as evidence if you file a claim. You can use your smartphone to do this by making a video or taking photos. Get a free mobile home quote today. Start by entering your zip code.
Mobile Home Insurance Costs
Many people think that just because a modular home costs less than a traditional one, the insurance will also be much cheaper. Unfortunately, this is not always true, and in many cases, you might end up paying as much for mobile home coverage as your neighbor for a standard brick house.
As an average home, your mobile house is a significant investment, and you need to protect it adequately. So, getting not just the cheapest manufactured home insurance policy but the best coverage that adequately protects you from catastrophic events. Generally speaking, you will pay around $300 to $1,200 annually for your modular home insurance. Many factors go into pricing your coverage, including:
1. The area you live in
Geographical regions with a higher propensity for fires, tornados, or other severe natural events will cost more to insure your manufactured home.
2. The appraised value of your manufactured home
Manufactured homes come in many price ranges and thus need to be insured for the property’s current market value. If you have a double-wide home, for example, on a cliff overlooking the ocean in California, you will be paying more than a person near a mud hole with a single wide in southern Alabama. Also, the age of your modular home will be a factor in your premium costs. Many older manufactured homes are significantly weaker and prone to damage than a newly built house with more robust materials.
3. The level of personal property coverage you get
Commonly known as contents coverage, this protection will compensate you in the event your personal items are damaged, such as a tornado or theft occurs. If you own some really valuable things like a Rolex watch, make sure to list them individually in your policy and their value to make sure you are totally covered. Also, take a photo of each valuable personal item, which helps expedite the claim process and provides additional proof that you are the owner of these articles.
4. The deductible you get
A home deductible is simply the amount you choose to pay before your insurer provides compensation if a claim is made. The higher you set your premium, the lower your premiums will be. So increasing the deductible is an excellent way to add extra coverage to your policy while still keeping your costs down.
Mobile Home Insurance Quotes
Many large insurers offer manufactured home insurance in Florida, and you can compare quotes online in just a few minutes. An excellent way to save is to bundle your automobile and modular home insurance together. This helpful tip can save you 15% or more. To get the cheapest mobile home insurance quotes, compare multiple rates online. Prices can fluctuate considerably from each insurer, so get as many quotes as you can. Then, get started with your free Citizens Property Insurance quote and get insured for much less.
It’s important to note that not all insurers offer manufactured structure or mobile home insurance coverage. However, several national carriers do offer these types of policies. These include:
- Allstate – One of the leaders in the industry provides low-cost coverage along with several discounts
- State Farm – Bundle mobile-home and automobile insurance and save 10%
- Foremost – A top-rated insurer that has decades of experience insuring manufactured properties
- American Family Insurance
- Citizens Insurance
- Progressive – Offers cheap insurance and bundling discounts
- Met Life
- USAA – Has discounted coverage for military members and their family
For those that qualify for USAA mobile home insurance, their rates are hard to beat. They also have bundling deals that can save you a lot of money. Progressive mobile home insurance came in with the cheapest quote, based on our location and set of factors. Their coverage starts at less than $300 per year. Other cheap mobile-home insurers include Foremost and State Farm.
It’s important to compare as many quotes as possible to make sure you’re getting the cheapest rate. With the free comparison tool on this site, you can get up to ten mobile homeowners’ insurance rate quotes in under five minutes. Prices can vary by hundreds of dollars per year, so it’s essential to review as many quotes as possible. Get started now by entering your zip code.
How to Get Cheaper Mobile Home Insurance
1. Don’t Get Unneeded Coverage – Insure your home for the replacement cost and not the purchase price or the current market price. If it costs $60,000 to replace it, then that is a good amount to insure it. You don’t want to pay for coverage that you don’t need.
2. Maintain a good Credit Score– Like automobile coverage, credit plays a vital role in determining a person’s risk profile and the likelihood of filing a claim or filing a false claim. The better your credit is, the cheaper your manufactured home’s premiums will be. Try to keep your credit score above 700.
3. Bundle your Policies Together – With an insurer that offers discounts for bundling, you can save 10% or more. Some even provide specials rates for combining home, auto, and life together. Enter your zip now and see the discounts you qualify for.
4. Install a security system and add extra safety features. For example, if you install several fire alarms throughout your house, add deadbolt locks and carbon monoxide detectors, and you can save 5% or more.
5. Raise your Deductible and Lower Your Premiums. This simple decision to opt for a higher deductible can save you hundreds per year. For example, a $5,000 deductible can save you about 30% with select insurers.
6. Compare Rates each Year. At least once a year, you should try and lower your premiums. Just go online and compare mobile home rates in minutes using your smartphone or any device connected to the web. It only takes a few minutes, so there is no excuse.
Compare the Cheapest Mobile Home Insurance Quotes
The internet has made shopping for cheap mobile home insurance fast and easy. All you need to do is fill out one form with Citizens Insurance, and you can compare 10 or more quotes from multiple top providers. You can even use your smartphone or tablet. To start, just enter your zip code. Then, get affordable mobile home coverage and save more.