Insurers that provide mobile home coverage are often able to offer a range of add-on policies. These policies can cover debris removal in the event of a severe storm, replacement of trees following a storm, food spoilage and even food spoilage. These optional coverages could increase your insurance cost.
Compare mobile home insurances
You might be curious about which insurance companies offer the lowest rates for your mobile home. Insurers consider several factors when determining your premium, including the condition of your home and its roof. Also, they consider the layout and features of your home. For example, a one-wide floor plan can be more expensive that a two-wide. Additionally, older mobile homes will have a higher premium. Thankfully, there are a number of companies that offer discounts for certain safety features, which can reduce your premium.
Another important factor to consider is the amount of coverage you need. Most policies provide coverage according to square footage. But your mobile home may only have $50-100 per square feet. The age of your home will also affect the coverage you need. Some insurers offer coverage based only on the replacement cost for mobile homes. Coverage for older homes will be 35 percent less than their original cost.
Types of coverage offered
Mobile home insurers provide a range of coverage options. The first is dwelling coverage, which covers your mobile house. The second type covers other structures, which includes features not found in a mobile home. In addition to protecting you financially from lawsuits, liability coverage covers you as well. You can also opt to have medical payments coverage. This is an extension of liability coverage and covers your medical expenses for injuries you sustain or those of your family members.
Mobile home insurance also covers personal property. Your belongings will be covered if they are lost, stolen, or damaged. Personal property coverage also covers medical expenses and lost wages in the event that you are unable or temporarily disabled from your home due to an accident. Personal property coverage will protect your personal belongings when you are away from your home but not your car. It is important to also consider liability coverage. This will pay for legal fees and medical bills in the event of an accident you cause.
Discounts offered
Mobile home insurance discounts can be obtained in many ways. Many mobile insurers offer discounts to homeowners who have multiple policies or bundle their insurance with others. You can also get discounts for installing a security system or setting up autopay.
For instance, if you pay your premiums on time each year, some insurers will provide a discount. Sign up for autopay and opt for electronic delivery to your bills to get a discount. Some insurers offer discounts for multiple vehicles. You might also qualify for a discount if your home is a first-time or senior buyer.
The likelihood of filing for a claim is determined by your credit score
A credit-based insurance score, which is three-digits, is calculated from a statistical analysis on a consumer's credit history. It is an indicator of future claims costs and has been proven to be highly reliable. Research from the Casualty Actuarial Society (Tillinghast Towers - Perrin) has also shown that claim rates for people with lower credit scores is higher than those with higher ones.
Insurance companies use credit-based insurance scores to set rates and determine risk. Premiums will be lower if you have a high insurance score. However, a low insurance score can result in higher premiums. A credit score can range anywhere from 200 to 997, with higher scores indicating a lower risk. These scores are based on financial data such as your credit history, debt and payment history.