Mobile home insurance basically refers to the rather expensive mobile home insurance coverage that is in total contrast with the cost price of mobile homes. A mobile home may be described as a single-family housing unit constructed in a factory and projected to be transported to a chosen housing site where it is semi-permanently attached later.
Mobile Home Insurance: Higher Premiums
Home insurance companies charge higher premiums on mobile home insurance coverage as a mobile home is much more prone to extensive damage for the same hazards when compared to a regular permanent home. Risk factors being directly proportional to the insurance costs make insurance companies ask for a higher premium for mobile home insurance.
Mobile Home Insurance: Two Types of Coverage
A mobile home insurance company should necessarily provide two types of coverage:
Physical damage coverage: Damage to the mobile home, including all portions.
Liability coverage: Protection against the claims or lawsuits filed by other people.
Mobile Home Insurance: Losses & Liabilities Covered
A profitable mobile home insurance quote will provide coverage against the following probable losses and liabilities:
Any impairment of the mobile home and its belongings, including any extra construction that may be attached along with it
Liability coverage, including claims and protection against legal proceedings for the mobile home owner
Protection against burglary
Insurance coverage for transportation of the mobile home
Removal of the mobile home in case of any emergency
Replacement cost to enable the replacement of a lost or damaged home with almost a similar new home
Mobile Home Insurance: Comprehensive and Limited Policies
A prospective mobile home insurance policy subscriber should necessarily opt for comprehensive mobile home insurance policies that provide cover for all hazards, irrespective of the cause. In contrast, limited mobile home insurance policies known as peril policies are also provided by home insurance companies to the consumers at a lower premium.