Hello! I'm Dan Lyles with Lyles Insurance. And in this video, we're going to go over the basics of a mobile home insurance policy.
There are six basic parts to a mobile home insurance policy. And it's very important that you understand these before you buy any type of mobile home insurance. Number 1 is the most important, Dwelling coverage. This is the main part of your policy which actually covers your mobile home and anything that's permanently attached to it. And you don't want to skimp on this level of coverage. You want to make sure it's adequate because it not only affects your level of dwelling coverage, but a percentage of it will also be based on other important coverages I'm about to mention as well.
Number 2, Other Structures coverage. This is for anything that's not permanently attached to your mobile home. Examples would be sheds, gazebos, hot tubs, things like that.
Number 3 is Liability coverage. And again, this is very important coverage. Make sure you don't go skimpy on levels of coverage on this. This covers you if someone else gets hurt or injured on your property. Liability coverage is very important because they represent so many claims. In fact, one-third of all claims come from just dog bites alone. But there's other reasons. Somebody can slip and fall, break their neck, things like that. Do not skimp on liability coverage.
Number 4 is Personal Property coverage. This pays you for any covered loss on household items. Examples include furniture, appliances, electronics, clothing, etc. It's always good to have a video inventory taken beforehand of these kind of items to help if you ever need to file a claim.
Number 5 is Medical Payments coverage. And just like the liability coverage I mentioned earlier, this will cover you if someone else gets injured on your property. The difference between liability coverage and medical payments coverage is that liability coverage is more intended for severe injuries, whereas medical payments coverage is more for the minor injuries. And thus the companies usually set these up at low levels, usually between $500-1000.
Number 6, Damage to property of others. This is where someone in your household causes damage to someone else's property. For example, let's say your child goes to visit a neighbor, and plays ball, and accidentally throws a baseball through a window. These kind of things are covered under damage to property of others.
What type of mobile homes are acceptable for mobile home insurance? Well, the good news here is they are very flexible. Besides a mobile home, you can also insure a manufactured home, a modular home, even in some cases fifth wheel campers and travel trailers (although there are some conditions that apply with that).
Another important part I want to cover about mobile home insurance is replacement cost coverage. This is going to apply to those of you who own a newer mobile home, with most companies as standard as 10 years or newer to qualify. And if you qualify for replacement
cost coverage, you get offered a lot better coverage than what normally is assessed, which is actual cash value coverage. So if you can get replacement cost coverage, believe me! It's a
no-brainer to take that coverage. You get higher coverage for very little extra premium. And if you qualify but your company doesn't offer the coverage, then maybe you should shop around for a better policy?
So I hope this video has given you a better understanding of how the basics of mobile home insurance works. If you'd like some more information, visit my mobile home insurance page. I have the link posted there. And also, for those of you who live in the states that I'm licensed in: Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia, if you'd like me to run a quote personally myself for you, I'll be happy to do so. Just click on the
Link, fill out the information, and I will get back with you with rates. Thanks for watching. And have a great day!
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..