Mobile home insurance companies often offer an array of additional policies. These policies can include debris removal following a hurricane, tree replacement after a storm, and food spoilage. However, you may need to pay more for these optional coverages.
Comparing mobile-home insurers
Mobile home owners may wonder which insurers offer the most competitive rates. Insurers consider several factors when determining your premium, including the condition of your home and its roof. Insurers also consider your home's floor plan and other features. A single-wide floor plan may be more costly than a double-wide, and the premium will increase if the home is older. There are many companies that offer discounts on certain safety features which can lower your premium.
Another important factor to consider is the amount of coverage you need. Many policies will only provide coverage for square footage. However, your mobile home may be only worth $50 to $100. The age of your home will also affect the coverage you need. 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
Mobile home insurers offer several types of coverage. The first type of coverage is called dwelling coverage and covers the mobile home. The second type of coverage, called "other structures", covers features that are not mobile home-related. Liability coverage will also cover you financially if sued. Medical payments coverage is also available as an option to liability coverage. It covers medical expenses related to injuries sustained by you or your loved ones.
Personal property can also be covered by mobile home insurance. If your belongings are damaged, stolen or lost, this insurance will protect them. Personal property coverage will also pay for medical expenses and loss of wages if you are unable to live in your mobile home after a covered 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 ways you can get a mobile home insurance discount. Many mobile home insurance companies offer discounts for multiple policy holders, bundling policies with other policies, or being the original home owner. There are also discounts available for setting up an auto-pay system or installing a security camera.
Insurers may offer discounts if you pay your premiums in full each year. Sign up for autopay and opt for electronic delivery to your bills to get a discount. If you have multiple vehicles, other insurers might offer discounts. If you are a senior citizen or first-time homebuyer, you may be eligible for a discount.
Use credit-based insurance score to assess the likelihood of filing an insurance claim
A credit-based credit score is a three digit number that is calculated on the basis of statistical analysis of a consumer’s past credit history. It has been shown to be a highly accurate indicator of future claim costs. Research by Tillinghast Towers Perrin, Casualty Actuarial Society & Tillinghast Towers Perrin also showed that those with lower credit scores have higher claims rates than those who have higher scores.
Insurers use credit-based insurance scores in order to establish risk and set rates. Having a good insurance score will result in lower premiums. Poor insurance scores will result in higher premiums. A credit score can be anywhere from 200 to 997. Higher scores mean a lower risk. These scores are based on financial data such as your credit history, debt and payment history.