Mobile home insurance companies often offer an array of additional policies. These policies are optional, and can cover things like debris removal following a storm, replacing trees after a storm, or food spoilage. These optional coverages can raise your insurance costs.
Comparing mobile insurances
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 floorplan might be more expensive than one with double widths. The premium will also be higher for older mobile homes. There are many companies offering discounts for certain safety measures, which can lower your premium.
You should also consider the coverage you require. Although most policies offer coverage based on square footage your mobile home could only be worth $50 to $100. In addition, the amount of coverage you need will depend on how old your home is. Insurers will often offer coverage based on replacement cost for newer mobile homes, while older homes may only receive coverage of 35 percent of their original cost.
Types and types of coverage
Mobile home insurers offer several types of coverage. The first coverage type is called dwelling coverage. This covers the mobile homes. The second type covers other structures, which includes features not found in a mobile home. In addition, liability coverage protects you financially if you are sued. 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 covers personal property. Your belongings will be covered if they are lost, stolen, or damaged. Personal property insurance will cover medical expenses as well as loss of wages, if you are temporarily unable to live in your mobile house due to an accident. Personal property coverage will cover your belongings while you are away from home, but it will not cover 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 to get a discount on mobile home insurance. Numerous mobile home insurers offer discounts for multiple policies or bundling insurance with other policies. You can also get discounts for installing a security system or setting up autopay.
A few insurers will give discounts for customers who pay their premiums on time every year. A discount may also be available if you sign-up for autopay, or opt for electronic billing. Other insurers may offer discounts if you own multiple vehicles. You might also qualify for a discount if your home is a first-time or senior buyer.
To determine your likelihood of filing claims, you can use 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 a reliable indicator of future claims 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.
Credit-based insurance scores are used by insurance companies to determine risk and set rates. Having a good insurance score will result in lower premiums. A poor score on your insurance will result in higher premiums. A credit score can range anywhere from 200 to 997, with higher scores indicating a lower risk. Insurers base these scores on your financial data like debt, payment history, and length of credit history.