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Shopping for mobile home insurance is slightly different than shopping for insurance on a stationary home. Although the coverages are similar, there are a few differences. It pays to be aware of the types of mobile home coverage offered by the different insurance companies. Be sure to purchase from a company that adequately fits your insurance needs. Below are a few things to consider when buying mobile home insurance:

  • Definition of a mobile home: Each company's definition of a mobile home varies. A mobile home is "a structure, transportable in one or more sections, which is built on a permanent chassis and designed for use with or without a permanent foundation when attached to the required utilities." While most insurance companies' definitions includes the home, they may not include the attached structures such as a built-on deck or porch, and surrounding structures such as garages or storage sheds. Make sure you review your insurance company's definition of a mobile home so you know what you will be reimbursed for in the event of a loss.
  • Named peril or all risk coverage: Mobile home insurance policies may be purchased on a named peril basis. What that means is the policy will cover losses that occur as a result of the perils specifically named on the policy. Some named perils are fire, lightening and ice/snow storm (check your policy). Named peril policies are cheaper than all risk, but they are also more restrictive. All risk polices are comprehensive. Under an all risk mobile home policy, the insurance company will pay for all losses except for those that are specifically excluded (discuss the exclusions with us here at Los Gatos Insurance). All risk policies cost more, but are usually worth the money.
  • Trip collision coverage: Unlike stationary homes, mobile homes have the ability to be moved from one location to another. If there is a possibility that you will be moving your home, be sure to discuss trip collision coverage with your agent. It's better to have it and not use it than to need it and not have it.
  • Valuation: There are two methods of valuation for mobile home insurance policies, replacement cost and actual cash value (ACV). Replacement cost means that you will get the cost to replace your mobile home in the event it is destroyed (subject to policy limits). Actual cash value covers the replacement cost less depreciation. Because of the nature of a mobile home, some companies may offer replacement cost for up to 5 years after the manufacture of the mobile home. After that period of time, they will only offer actual cash value. This is something you should discuss with your insurance agent.
  • Emergency removal: Insurance companies will pay a certain amount towards the cost to remove your mobile home in the event of a covered loss. For example, moving your home from a flooded location to preserve it.

We can help explain all of this in detail and customize it for your specific needs. Give us a call today.

 

 
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