For those who own a mobile home in Ohio, the levels of coverage that you choose can be very important. Many people buy mobile home insurance policies without knowing or understanding the basic coverages, and in many cases select inadequate levels of coverage. And as important as mobile home coverage is, 26% of mobile homes go without insurance coverage at all. This can be a recipe for disaster if something happens to your home to where you can no longer live in it.
In this article, I will explain to you the basics of a mobile home policy as far as the coverages are concerned. I will also answer some common frequently asked questions about mobile home insurance. Let's begin with the basic coverages of a mobile home insurance policy.
Basics of a Mobile Home Insurance Policy
Dwelling coverage – this is the main part of your policy. This covers your mobile home and any other structures that are permanently attached to it. This part is very important in that used select the right amount of coverage and also select the right deductible. If your mobile home is financed, your bank can tell you exactly what level of dwelling coverage they require you to carry and also tell you what the highest deductible you can carry on it is.
Other structures coverage – this provides coverage on anything that's not permanently attached to your mobile home. Examples would be sheds, gazebos, hot tubs etc.
Liability coverage – this coverage is also important because it covers you if someone else gets hurt on your property. It will also cover you for property damage in many cases. Depending on the company, the coverages that are available and what are excluded can vary greatly. So you need to read your policy carefully to know exactly what is and what is not covered.
Personal property coverage – this would pay you for any covered loss of household items during a covered loss. For example: furniture appliances etc.
Medical payments coverage – this covers other people for minor medical expenses that get hurt on your property. These are usually set at low levels usually between $500 and $1000.
Damage to property of others coverage – this covers property that's owned by someone else that you were someone in your household has damaged. It's also offered normally in low amounts.
What types of mobile home insurance are available?
Insurance companies differ on what types of mobile homes they will accept. With the companies I carry, we can insure any mobile home, manufactured home, modular home, or fifth wheel campers.
I can not find mobile home insurance because of previous claims I have filed. Can you help me?
In most cases, Yes. Some of the companies I carry are a little more forgiving about claims. Some companies will allow up to five prior losses, depending on what the losses are.
I just bought a mobile home through a bank loan. They tell me I need to buy a mobile home insurance. How much coverage do I need?
That is something you need to find out before getting a mobile home insurance quote. The bank will tell you the minimal amount of coverage they require you to keep as long as your loan is still outstanding. Of course, you are not limited to those minimum requirements. You may choose higher levels of coverage if you would like.
Can I insure my mobile home on a replacement cost basis?
With most companies (not all), a mobile home 10 years or newer can be insured on a replacement cost basis. As long as you keep the policy in force, many companies will allow you to stay on replacement cost coverage until the home is 16 years old. After that, the policy will revert to an actual cash value basis on the 16th year. (NOTE*: those numbers vary from company to company, but these numbers are fairly standard).
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Video: Basics of a Mobile Home Insurance Policy
Understanding the Basics of an Ohio Mobile Home Insurance Policy
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..