How to Buy Insurance for a Mobile Home

Insuring your home can protect it from from damages, especially due to fire, storm or vandalism. As with most personal properties, it is a good idea to buy insurance for your mobile home. Mobile homes or manufactured homes are residential units built at an offsite location such as factories or warehouses and transported anywhere for installation at various locations. Here’s how you can buy insurance for a mobile home.

Difficulty: Moderate

Instructions

1. Go online and identify the companies that offer mobile home insurance policies. Some of the top companies do offer good insurance plans for mobile homes.

2. Search for a local insurance agent through the yellow pages or through references from other mobile home owners who have insurance policies. Contact the local agent or company by phone or online.

3. Plan your budget and the kind of coverage you want. Talk to the agent or the insurance company and tell them about your mobile home and the specific coverage you need.

4. Ask for quotes from different insurance companies. Insurance policies differ from company to company as each company has different clauses and premium rates.

5. Decide if you want to buy a Comprehensive or a Peril policy. Comprehensive coverage caters to direct, sudden and accidental damage cases that are listed in your policy. A Peril policy usually provides coverage during perilous events such as losses due to fire, lightning, explosion, transportation, theft, storm and riots.

6. Research thoroughly the liability coverage, deductibles and limits, as these are the variable factors.

7. Find out from the agent which option is best for your mobile home.

8. Buy the policy before moving to the mobile home, if possible.

Tips & Warnings

• Ensure that your mobile home insurance policy protects you against liability coverage. This pays for claims such as medical expenses, lost wages, pain and suffering and property damage. It also pays for lawsuits filed against you by people who are injured accidentally.
• Ask your agent to include coverage for additional living expenses for the period when your mobile home is being repaired, in case it is damaged by an insured peril.