Similar to Homeowner’s Insurance, Mobile Home Insurance is designed specifically for those who own mobile/manufactured homes. The Manufactured Housing Institute (MHI) defines a mobile/manufactured home as, “A single family house constructed entirely in a controlled factory environment, built to Federal Manufactured Home Construction Safety Standards.”
Mobile Home insurance is geared for the owners of the home. Those who rent a mobile home can purchase Renter’s Insurance to cover their personal belongings.
Who Needs Mobile Home Insurance?
All those who own mobile homes qualify for Mobile Home Insurance, even if they don’t live in the mobile home year-round. Some banks and lending institutions may require Mobile Home Insurance before extending a mortgage to a mobile home buyer.
Things To Think About
Mobile Home Insurance typically costs more than Homeowner’s Insurance for the same amount of coverage. That’s because mobile homes are at a higher risk for damage from fire, wind, and frozen pipes, and are often located in higher-crime areas. There are many things you may be able to do to keep the costs down, like insulating and winterizing, securing the home to the ground with approved tie-downs and ground anchors, and installing security devices.
The cost of Mobile Home Insurance will also depend on the age and type of mobile home you own. Double-wide and multiple-segment homes usually cost less to insure. AARP members may qualify for discounted rates.
Do you need coverage for a mobile home in transit, for loss of use, or for emergency removal? Some policies provide these options.
Find out if the coverage a policy provides is comprehensive or for named perils only. Comprehensive coverage typically costs more.