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How to Find the Best Mobile Home Insurance Companies

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Happy camper (Photo: @jordvdz via Twenty20)
If there is one asset that people should go out of their way to protect, it is their homes.
If you live in a mobile home, you need home insurance just like any property owner does. Few things are more unsettling than being uprooted, and home insurance will provide you with the safety net that you need to get back on your feet when the unexpected happens, as it so often does in life.
That being said, there is no denying that navigating the ins and outs of mobile home insurance can be a bit confusing. Keeping that in mind, this article is going to walk you through finding the perfect mobile home insurance policy that will keep your assets covered without busting a hole in your wallet.

Understand what qualifies as a mobile property

First and foremost, it is a good idea to make sure that the property you own officially qualifies as a mobile home. A mobile home, often referred to as a “manufactured home,” in an insurance contract, is a four-walled structure that is factory-built and delivered to the site.
While this definition sounds pretty simple, it’s important to understand that mobile homes are not the same as modular homes. Modular homes are also factory-built, but they are brought to a permanent location and assembled on-site piece by piece. That being said, some insurers may still classify modular homes as manufactured homes; whereas others may put them in the site-built home category.
A mobile home may or may not have wheels, but the less mobile and more permanently secured it is, the more likely it is to be insurable.

Assess your needs

Before comparing quotes and costs, it is essential to decide on the right type of coverage options. Mobile homes are designed to be light and easy to transport, and this is undoubtedly convenient, but it also makes them more prone to damage than permanently secured structures. The insurance policy will take this into account when assessing risk.
Common types of mobile home insurance and what they cover:
Property Coverage: Protects against major property loss as a result of fire, natural disasters, and other unforeseen events.
Liability Coverage: Provides financial protection from third-party lawsuits as a result of harm or injury incurred on the property.
Contents Coverage: Protects the contents of the home in the event of theft, natural disaster, and other unforeseen events.
You will also want to decide if you prefer reimbursement in terms of the “actual cash value,” which bases compensation on the property’s current market value, or “replacement value,” which compensates the amount it would take to rebuild the structure back to a similar condition.
Both options have their advantages. However, it is important to keep in mind that the “actual cash value” has coverage limits that account for depreciation, and the market value of new homes, much like cars, tends to depreciate quite quickly. Full replacement cost will be more expensive, but if you are ever faced with a total loss, you will not have to pay out of pocket to replace your damaged or broken personal property with new items.

Research insurance providers

Now it is time to start researching companies and the tailored packages and discounts that they offer for mobile homeowners.
Finding an affordable policy is great, but don’t base the decision on the numbers alone. If it looks too good to be true, there’s a good chance that it is.
When looking for the right type of policy, always make your specific needs a top priority, and this way, you will always be covered where you need it most. For instance, a policy comes in at an affordable rate but doesn’t cover common weather events in your geographical location, you might want to pass it up for something more practical.
The good news is that mobile home policies tend to be affordable, so it is worth shopping around to find the type of policy that will give you the peace of mind you deserve.