What to Look for With Your Mobile Home Insurance

Insuring your mobile home.mobile homes in a row

If you own a mobile or manufactured home, then you have insurance needs just like any other homeowner.  However, your coverage needs are slightly different than the traditional homeowner’s.  This is why many insurance providers offer specialty coverages designed with mobile homes in mind.  Here’s what you need to know about mobile home insurance.

What Does Mobile Home Insurance Cover?

Mobile home insurance can be broken down into four main coverages:

  1. Dwelling/Physical Damage Coverage– This portion of your mobile home insurance will cover the damages that your home sustains as a result of fires, storms, natural disasters, and other covered perils. Like standard home policies, mobile home insurance will not offer coverage for flood or earthquake-related damages.  Flood and earthquake coverage can be secured as separate policies.
  2. Liability Coverage– This portion of your mobile home insurance will compensate third-parties that sustain injuries or property damages that you are responsible for. Not only will this coverage pay for their medical treatment and/or repairs, but it will also offer you coverage in the event that the affected party decides to sue.
  3. Personal Property Coverage– This portion of your mobile home insurance offers coverage for the personal belongings that are stolen, damaged, or otherwise lost due to a covered peril. This form of coverage will help you pay to repair or replace your possessions when necessary.
  4. Mobile-Specific Coverage– Your mobile home insurance policy will likely include some special coverages not seen with traditional home insurance. For instance, because your home can be moved to different locations, your policy might offer trip collision coverage that will protect your mobile home while it’s on the move.

How Much Mobile Home Coverage Do I Need?

Just like traditional home insurance, you will need to decide how much mobile home insurance you need.  Because every mobile homeowner has their own unique needs and risk factors, there is no set coverage amount that you need to secure.  However, here are some of the things to consider when determining your mobile home coverage limits.

  1. Dwelling/Physical Damage Coverage– You need to get enough dwelling coverage to replace your home completely. This coverage should also account for the cost of rebuilding other structures on your property, including fences, sheds, carports, and so on.
  2. Liability Coverage– The more assets you have, the more liability coverage you need. This is because people with more assets are more likely to become a target for liability lawsuits, and the cost of a suit could compromise your assets and everything that you own.  Setting high liability coverage limits will ensure that that your assets are protected even if you are sued.
  3. Personal Property Coverage– Mobile homeowners need to inventory all of their personal belongings to determine the full replacement value of their possessions. Once you know how much your belongings are worth, you can secure the right amount of personal property coverage to address repairs and replacements.

These are some of the important things to know about mobile home insurance.  Do you have additional questions regarding your home coverage?  If so, then contact the experts at VGW Walker Insurance in Texas for assistance today.