Home Insurance For Your Mobile HomeTypically, mobile home policies have the same aspects of coverage as ordinary home protection, including the actual replacement and repair costs of the house, injuries sustained by other people (besides you and your family members) on your property, living expenses if you have to dwell in another location due to repair, and the items contained in your home. Home insurance, whether it's a mobile home or a typical house, is first and foremost used to protect your property from such hazards as fire, storm, and theft, acts of vandalism, natural calamities, explosions and technological calamities. The items contained within your home will also be covered, including furniture, equipment and valuables such as jewelry (to an extent). The hidden catch with mobile home coverage is that in most cases it is based on the actual cash value of your home, which puts a strong emphasis on depreciation that lowers the replacement cost of your mobile home with each year passing. Still, the policy will cover all the equipment and special features that were initially installed in your mobile home. And, in many cases, replacement cost coverage (no depreciation) can be added to the policy by purchasing a special endorsement. Be sure to consult your La Pine Insurance Center agent in order to learn which particular items and situations are covered and which are not. Most mobile home owners neglect the importance of insurance for their homes, believing that it's not mandatory. But it still doesn't mean that nothing can happen to your property, and losing something costly due to your own negligence is not the smartest thing to do. A standard mobile homeowner’s insurance policy includes four essential types of coverage:
The Structure of Your Mobile Home: This part of your policy pays to repair or replace your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disaster listed in your policy. It will not pay for damage caused by a flood, earthquake or routine wear and tear. When purchasing coverage for the structure of your mobile home, it is important to buy enough to replace it. Most standard policies also cover structures that are detached from your mobile home such as a garage, tool shed or gazebo. Generally, these structures are covered for about 10% of the amount of insurance you have on the mobile home structure. If you need more coverage, talk to an agent at La Pine Insurance Center about purchasing more insurance. Your Personal Belongings: Furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disaster. Most companies provide coverage for 50% to 70% of the amount of insurance you have on the structure of your home. So if you have $100,000 worth of insurance on the structure of your mobile home, you would have between $50,000 to $70,000 worth of coverage for your belongings. The best way to determine if this is enough coverage is to conduct a home inventory. This part of your policy includes off-premises coverage. This means that your belongings are covered anywhere in the world, unless you have decided against off-premises coverage. Some companies limit the amount to 10% of the amount of insurance you have for your possessions. You have up to $500 of coverage for unauthorized use of your credit cards. Expensive items like jewelry, furs and silverware are covered, but there are usually dollar limits if they are stolen. Generally, you are covered for between $1,000 to $2,000 for all of your jewelry and furs. To insure these items to their full value, schedule the item(s) to your policy by purchasing a special personal property endorsement or floater and insure the item for its appraised value. Coverage includes “accidental disappearance, ” meaning coverage if you simply lose that item. And there is no deductible. Trees, plants and shrubs are also covered under standard mobile homeowners insurance. Generally you are covered for 5% of the insurance on the house—up to about $500 per item. Perils covered are theft, fire, lightning, explosion, vandalism, riot and even falling aircraft. They are not covered for damage by wind or disease. Liability Protection: Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. So, if your son, daughter or dog accidentally ruins your neighbor’s expensive rug, you are covered. However, if they destroy your rug, you are not covered. The liability portion of your policy pays for both the cost of defending you in court and any court awards—up to the limit of your policy. You are also covered not just in your home, but anywhere in the world. Liability limits generally start at about $100,000. However, experts recommend that you purchase at least $300,000 worth of protection. Some people feel more comfortable with even more coverage. You can purchase an umbrella or excess liability policy which provides broader coverage, including claims against you for libel and slander, as well as higher liability limits. Generally, umbrella policies cost between $200 to $350 for $1 million of additional liability protection. Your policy also provides no-fault medical coverage. In the event a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses are paid without a liability claim being filed against you. You can generally get $1,000 to $5,000 worth of this coverage. It does not, however, pay the medical bills for your family or your pet. Additional Living Expenses: This pays the additional costs of living away from home if you can't live there due to damage from a fire, storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company. Many policies provide coverage for about 20% of the insurance on your house. You can increase this coverage, however, for an additional premium. Some companies sell a policy that provides an unlimited amount of loss-of-use coverage, but for a limited amount of time. If you rent out part of your house, this coverage may also reimburse you for the rent that you would have collected from your tenant if your home had not been destroyed. To get a homeowner quote for your mobile home, please contact an agent at La Pine Insurance Center. NOTE: Portions of the above information have been provided by The Insurance Institute. These definitions are not applicable in all states or for all products. This is not an insurance contract. Other terms, conditions, and exclusions apply. Please read your policy for full details about your coverage. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. |
