Date: Jan 21, 2021. Author: InsurerLab
It is common for people to believe that a standard homeowners insurance policy can cover any housing, including a mobile home. However, policies differ depending on the housing specifics and features.
Shopping around for the right policy that can cover your mobile home is a wise choice. In this case, utilizing quote comparison tools can come in handy if you want to get mobile home insurance quotes fast and assess the available options.
Before getting suitable home insurance, homeowners must understand what constitutes a mobile home, an RV, a trailer, and a manufactured home.
Mobile homes, also known today as manufactured homes, used to have a poor reputation back in the ‘70s. The name and construction specifics changed over time, and now mobile homes mostly are associated with well thought out and designed houses that cannot effortlessly follow their owners.
A manufactured home is a new term adopted after the latest HUD construction requirements and standards have been applied. In a nutshell, any factory constructed house attached to a chassis is called a manufactured home.
While it can be taken to any location, mobile homeowners should bear in mind that buying this type of home does not imply buying land with it. Unlike traditional homes, they have no house foundation and are not constructed on-site.
So, what about the location? If you choose to move your mobile home to someone else’s land, you will have to pay rent. It might seem like a cost-effective option, but it has specific downsides. A mobile home is typically considered personal property, and therefore, depreciates over time. Unfortunately, not having land attached to the house means no added value.
The main differences between a trailer and a modern mobile home are their construction and ability to move. Trailer is initially a slang word used to describe small home units permanently attached to wheels. It is another word for an old-style mobile home.
What people tend to call trailers can be easily moved with the help of trucks or SUVs. Modern mobile homes, for instance, are continually installed with a concrete foundation. It means that they can be moved but moving them requires extra effort and substantial costs.
RVs, also known as campervans, motorhomes, trailers, or campers’ kin, are typically used for recreational purposes. If compared to mobile homes, RVs are not as safe or comfortable for long-term residence.
Since A-class campers have living quarters, a small kitchen, and a bathroom, they can be used as permanent residences. Thanks to their overall structure, they can be easily pulled or driven to almost any desired location. One of the main distinctions is the fact that RVs have no thermal insulation. Therefore, the temperature inside significantly depends on weather conditions.
If you love being on the road or living in a camper, buying an RV can be a perfect choice. But bear in mind that buying a camper requires careful consideration of the area of your temporary residence and the coverage of your vehicle.
It is crucial to be appropriately covered in the event of a thunderstorm or a fire. Therefore, we recommend RV owners assess the available insurance options in advance and find affordable insurance quotes online.
If you consider buying a mobile home, remember that it requires a specifically designed insurance policy.
The structural differences of a mobile home imply another level of risk. That is the main reason why you cannot utilize standard homeowners insurance.
The mobile home coverage typically offers appropriate protection. But bear in mind that the policy details may differ depending on the specific features of your home. As a rule, the policies cover the dwelling and all the permanent structures of your home. It may also cover particular threats like theft, water damage, or repercussions of natural disasters.
As mentioned before, owning a mobile home implies having no additional value, i. e. no land that can increase its value over time. Therefore, you might consider getting personal property coverage and the coverage of your additional living expenses to ensure that you will have the means to repair your property and that all of your belongings are safe.
When it comes to the cost of a mobile home insurance policy, it can be significantly higher than that of a traditional home. It has everything to do with the risk level. The premiums mostly depend on several factors such as property condition, location, home safety features, and the history of your insurance claims.
Just like with any other home, mobile homeowners need to exercise caution and understand that the cheaper construction does not necessarily mean generally lower costs. While a mobile home insurance policy might provide the appropriate coverage, it tends to be more expensive than a standard one. Therefore, homeowners need to strategize and carefully weigh all the pros and cons before deciding to buy a mobile home.