A variety of add-on policies are available from mobile home insurance companies. These policies can provide coverage for things such as tree replacement after storms, food spoilage, and debris removal. However, these optional coverages can increase your insurance costs.
Compare mobile home insurances
You might be curious about which insurance companies offer the lowest rates for your mobile home. When determining your premiums they consider several factors, including the condition of the home and its roof. Insurers also consider your home's floor plan and other features. A single-wide floorplan may be more expensive than a dual-wide. Also, the premium will rise if your mobile home is older. There are many companies that offer discounts on certain safety features which can lower your premium.
It is also important to determine the level of coverage you need. Most policies will provide you with coverage based on square footage, but your mobile home may only be worth $50 to $100 per square foot. You will need to consider the age of your home when determining how much coverage is necessary. Many insurers will offer coverage based on the cost of replacing mobile homes. However, coverage for older homes may be limited to 35 percent of the original cost.
Types of coverage offered
There are several types of coverage that mobile home insurers offer. The first is known as dwelling coverage. It covers your mobile home. The second type is known as other structures. It covers non-mobile home elements. In addition to protecting you financially from lawsuits, liability coverage covers you as well. You can also opt for medical payments coverage, which is an offshoot of liability coverage, which covers the medical expenses for injuries suffered by you or your family members.
Mobile home insurance also protects personal property. This will cover your belongings if they are damaged, stolen, or lost. Personal property coverage can also cover your medical expenses and loss in wages if you are not able to live in a mobile home because of an accident. Personal property coverage will protect your personal belongings when you are away from your home but not your car. Liability coverage is another important option. It will pay for any legal costs or medical bills that could result from any accident that you may have caused.
Special Discounts
There are many options to receive a discount on your mobile home insurance. Many mobile home insurance companies offer discounts for multiple policy holders, bundling policies with other policies, or being the original home owner. Additional discounts may be available for setting up auto-pay or installing a security alarm system.
Many insurers will offer discounts to customers who pay their premiums on-time each year. Sign up for autopay and opt for electronic delivery to your bills to get a discount. There may be discounts offered by other insurers for multiple vehicles. A discount may be available if you're a senior homeowner or a first-time buyer.
To determine your likelihood of filing claims, you can use your credit score
A credit-based insurance score is a three-digit number that is calculated based on a statistical analysis of a consumer's credit history. It has been shown to be a highly accurate indicator of future claim costs. Research from the Casualty Actuarial Society and Tillinghast Towers-Perrin has also shown that people with lower credit scores have a higher claim rate than those with higher scores.
Insurers use credit scores to calculate risk and establish rates. A good insurance score will lead to lower premiums. On the other hand, having a poor insurance score will lead to higher premiums. Credit scores can vary from 200 to 997. Higher scores indicate a lower risk. These scores are calculated based upon financial data such a payment history, debt, and how long you have had credit.