Many mobile home insurance providers can offer additional policies. These policies can be optional and cover items such as debris removal after a storm or the replacement of trees after a storm. However, these optional coverages can increase your insurance costs.
Comparing mobile home insurers
Mobile home owners may wonder which insurers offer the most competitive rates. Insurers consider several factors when determining your premium, including the condition of your home and its roof. Your home's type and features are also considered by insurers. For example, a one-wide floor plan can be more expensive that a two-wide. Additionally, older mobile homes will have a higher premium. There are many companies offering discounts for certain safety measures, which can lower your premium.
Also, consider how much coverage you will need. Most policies will provide you with coverage based on square footage, but your mobile home may only be worth $50 to $100 per square foot. Also, your home's age can affect how much coverage you will need. Insurance companies will often provide coverage based upon the replacement cost of newer mobile homes. Older homes might only be covered at 35 percent of their original cost.
Types of coverage available
Mobile home insurance companies offer a variety of coverage options. The first coverage type is called dwelling coverage. This covers the mobile homes. The second coverage type, other structures, covers non-mobile house features. Liability coverage will also cover you financially if sued. You can also opt for medical payments coverage, which is an offshoot of liability coverage, which covers the medical expenses for injuries suffered by you or your family members.
Mobile home insurance also covers personal property. This will cover your belongings if they are damaged, stolen, or lost. Personal property insurance will cover medical expenses as well as loss of wages, if you are temporarily unable to live in your mobile house due to an accident. Personal property coverage will provide protection for your personal items while you are away, but not your vehicle. Liability coverage is another important option. It will pay for any legal costs or medical bills that could result from any accident that you may have caused.
Special Discounts
Mobile home insurance can be discounted in many different ways. Many mobile home insurance companies offer discounts for multiple policy holders, bundling policies with other policies, or being the original home owner. For installing a system of security or setting up autopay, you may also receive discounts.
Some insurers offer discounts for paying your premiums on time. You may also qualify for a discount when you sign up with autopay or request electronic delivery. There may be discounts offered by other insurers for multiple vehicles. If you are a senior citizen or first-time homebuyer, you may be eligible for a discount.
To determine your likelihood of filing claims, you can use your credit score
A credit-based insurance score is a three-digit number that is calculated based on a statistical analysis of a consumer's credit history. It has been shown to accurately predict future claim costs. Research from the Casualty Actuarial Society and Tillinghast Towers-Perrin has also shown that people with lower credit scores have a higher claim rate than those with higher scores.
Insurance companies use credit-based insurance scores to set rates and determine risk. Higher premiums are possible if you have a good score on your insurance. Poor insurance scores will result in higher premiums. Credit scores range from 200 to 997. A higher score indicates a lower level of risk. Insurers base these scores on your financial data like debt, payment history, and length of credit history.