You’ll see disclaimers in many internet ads for insurance policies. For example, “while no insurance policy covers all… blah…blah,blah,blah.” This statement is a warning that you might want to carefully read the fine print before you make your insurance decision. Mobile home insurance is no exception to this rule. Mobile home policies may offer quality protection against many unfortunate circumstances, but some policies are not as “comprehensive” as they claim. Let’s take another look.
What is Covered by a Standard Mobile Home Insurance Policy (MOHIP)?
No matter what insurer you choose, the standard mobile home insurance policy covers many of these same events as a homeowner’s policy. These include:
- Explosions and fire
- Vandalism and theft
- Rain and wind
- The weight of snow and ice
- Falling objects
- Water pipes burst
- There are many more
Standard coverage includes liability coverage. However, the premiums you pay will be affected by how much liability insurance you have. You can have liability coverage to protect you in the case of an accident at your mobile home. It could include medical payments and legal costs as well as loss of wages for the injured party.
Mobile Home insurance: Is it Covered?
We are glad you have continued reading. Many people don’t realize what is covered by their mobile home insurance policies until it’s too late. These are some key questions you should ask your agent to ensure you get the right policy. These items may not be covered initially and will require additional coverage.
- When you move your home, trip coverage is available. Although they call it “mobile home insurance”, many insurance companies don’t tell you that you will have to pay more if you want to be “mobile”.
- Flood Insurance. Flood damage or underground water are not covered by standard policies. You will need to purchase additional coverage.
- Protection for Personal Property and Structure Replacement Costs. Standard mobile home policies will be based upon the cash value of your home and personal belongings at the time you claim. You will need to pay an additional fee if you wish to have insurance that reimburses enough to purchase a new home or replacement property.
- Earthquake coverage. A separate policy will be required to provide coverage that protects you against Mother Nature’s “shake, rattle, and roll”.
Although most insurers offer mobile home policies, they are not all created equal. Before you sign on the dotted-line, shop around for the best rates and coverage for you.