Why Should You Buy Mobile Home Insurance
Generally, most customers should avoid policies that only provide actual cash value coverage. In the event of a claim and after you paid your deductible, it’s likely that your claim will be settled for a fraction of the cost of replacing your home and belongings.
Also, beware of policies that charge additional broker fees or policy fees. Consider the total cost of coverage compared to the quality of coverage being provided. Most reputable providers won’t charge additional fees.
Once you have a policy, don’t let the insurance lapse. Damage can happen at any time and in any number of ways, possibly costing tens of thousands to repair and can possibly lead to the loss of your home.
Also, be aware of no-frills policies and their limitations. DP-1 policies, for example, are simplified policies, sometimes referred to as fire policies. Risks like water damage or theft won’t be covered but fire and lightning are included coverages.
Liability coverage is included with a DP-1 policy, but is limited in both dollar amount and scope damage to the property of others is not a covered liability. While the simplified coverage may be appropriate if you understand the risks, most families are better suited with more comprehensive coverage.
Coverage C: Personal Property
Your televisions, clothing, furniture and other personal belongings are covered by Coverage C. Maximum coverage limits for mobile home policies tend to be much lower than the coverage available for families in stick-built homes, so ask about coverage limits to be sure the policy provides enough protection.
Also, be aware of the difference between replacement cost coverage and actual cash value coverage. Replacement cost coverage will provide you with enough money to replace belongings damaged due to a covered loss. Actual cash value coverage will only pay a depreciated amount for your belongings, often much less than you’ll need to replace the damaged items.
What Is The Best Mobile Home Insurance
Living in Florida is often the goal of many people whether they wait until they retire or not. However, not everyone wants to live in a multi-bedroom home. Instead, living in a mobile home is perfect for 1 or 2 people. If you are a mobile home owner, its time to browse the list of Benzingas best mobile home insurance providers so you can find coverage that fits into your budget.
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Best For Discounts: American Family Insurance
Founded in 1927, American Family Insurance is also known as AmFam. This insurer is the best for discounts because it offers one of the largest amounts of discounts, including a special onethe generational discount.
Large number of ways to quality for discounts
Mobile app that can track your claim’s status
Variety of additional coverage options
Coverage in only 19 states
Reports of slow claims processing
American Family offers standard coverage damages from fire, theft, vandalism, and other covered perils, personal liability, loss of use, and medical payments if a guest is injured on your property. Policyholders have the option of adding optional coverages, such as ones for hidden water damage, matching siding endorsement, trip collision coverage, and property coverage for other structures.
This insurer offers the usual discounts, such as ones for bundling policies, enrolling in autopay, installing safety devices , being a loyal customer, and new homes. Policyholders who have parents who are also policyholders get a discount. American Family Insurance also offers diminishing deductible coverage, where you get a $100 credit automatically and your deductible will go lower each year you renew your policy.
Additional details:
- J.D. Power 2021 Customer Satisfaction Index Rating: 899 out of 1,000 points
- AM Best Financial Strength Rating: A
- J.D. Power 2021 Claims Services Rating: 890 out of 1,000 points
Factors To Consider Before Buying Mobile Home Insurance
Use these factors to help you in your search for a mobile home insurance policy:
- Budget: Determining how much you can afford to spend each month on a policy will limit what companies you can buy from and what types of endorsements you can add onto a base policy.
- Travel Protection: If you want protection for your mobile home during transit, you can usually purchase travel protection. Both Foremost and American Family offer endorsements for this type of coverage.
- Lender Requirements: If you received a loan from a bank to purchase your home, they may have home insurance requirements. Touch base with your lender before buying a policy to ensure you meet their requirements.
- Safety Features: Mobile homes are more prone to extreme weather, theft, and fire. To minimize the amount of damage an event could cause, and to lower your premium, consider investing in safety features like smoke detectors, home security systems, and fire extinguishers.
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How Much Is Older Mobile Home Insurance
Premiums for mobile home insurance vary and may range from $300 to over $2,000 a year. Factors that affect your final rate include:
- Your ZIP code
- The age of your mobile home
- The coverage limits you choose
- Your deductible
Older mobile homes built before June 15, 1976, tend to have higher premiums or even be disqualified for coverage from some larger insurers. Due to these older mobile homes being unregulated, they’re sometimes seen as high risk in the eyes of insurance companies.
How Does Mobile Home Insurance Work
Mobile home insurance, sometimes referred to as manufactured home insurance, may cover damage to your mobile home, personal belongings, and liability claims if you’re responsible for someone else’s damages or injuries. While there are some unique elements and exceptions to the policies for these factory-built homes placed on a designated lot or other location, for the most part, mobile home insurance coverage is similar to standard homeowners insurance.
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Replacement Cost Vs Actual Cash Value
A basic mobile home policy in Florida usually covers your home at its actual cash value, which is its value after depreciation. However, you can often upgrade to replacement cost coverage, which pays to replace your home with a new one of the same kind and quality.
Actual cash value coverage is cheaper than replacement cost coverage, but also pays less on claims.
For example, if you insure your $50,000 mobile home at its replacement cost value, the insurance company will pay you up to $50,000 to replace it if it is completely destroyed.
If you insure your mobile home at its actual cash value, the insurance company will cap the payment at the homes depreciated value, which may only be $40,000. If you want to replace the home, the $10,000 difference comes out of your pocket.
Policies that cover your home on a replacement cost basis may cover your personal property at actual cash value unless you pay for a separate upgrade.
What Does Florida Mobile Home Insurance Cover
Pays for property damage after a natural disaster or fire
Example: Strong winds cause a nearby tree to fall on your mobile home.
Pays for repairs to your belongings
Example: Someone breaks into your mobile home and steals your brand-new TV.
Pays for a lawsuit if someone is injured in your mobile home
Example: One of your guests trips on a rug and breaks an arm after the fall. Like standard homeowners insurance, most mobile home insurance policies will not cover flood damage. If you live in a flood-prone area, be sure to talk to your agent about obtaining flood insurance in addition to your mobile home insurance. Whether or not you own the land on which your home sits affects the value of your manufactured or mobile home and its insurability. If you do not own the land, be sure that the landowner has appropriate coverage.
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Progressive: Best Online Quote Tool
Progressive is another top home insurance company, providing insurance products for cars, houses, rentals, and mobile homes. Rather than selling its own policies to owners of mobile or manufactured homes, Progressive brokers underwritten insurance policies from Assurant. Despite this, we found Progressive to be an excellent choice for customers, offering an easy sign-up and online quoting process and bundling discounts.
Pros and Cons of Progressive Mobile Home Insurance
Offers a replacement cost option Provides multiple payment plans to customers Has a helpful mobile app for policy management
Discounts and add-ons can vary by state Uses underwritten policies from Assurant Its policies have separate deductibles for claims related to different perils
Endorsements and Add-Ons
Depending on your location, here are some examples of endorsements or add-ons you can purchase with your Progressive mobile home insurance policy:
- Replacement cost coverage
- Single deductible benefit when bundled with Progressive auto insurance
- Trip collision insurance for moving your home
- Flood insurance policies
Why We Chose Progressive
Manufactured Home Insurance Florida
Looking for manufactured home insurance in Florida? We specialize in owner-occupied mobile homes built 2018 1994 located in a
- Family Park
- Retirement Community
- Private Property in a Subdivision
- Private Property not in a subdivision
The coverage for mobile and manufactured homes is similar to a homeowners insurance policy, but there are differences. to start a conversation. We will help you understand what a mobile home insurance policy is and how it can protect you.
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Mobile Home Insurance Companies In Florida
Most well-known insurers, like State Farm or Allstate, offer mobile home insurance. Smaller providers write mobile home insurance for Florida’s homeowners, too. Companies like American Traditions Insurance Company, Foremost and Citizens Property Insurance actually supply the most policies for people living in Florida.
Citizens is typically one of the most expensive options for mobile home insurance. Customers can’t renew a Citizens policy if they receive a cheaper offer for comparable coverage on a private-market policy.
Some of the top mobile home insurance companies may require you to contact an agent or company representative to purchase coverage, especially in Florida where nearby bodies of water may present a flood risk.
Editorial Note: The content of this article is based on the authorâs opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
Find Cheap Homeowners Insurance In Your Area
While mobile home insurance and traditional homeowners insurance policies have similar coverage, the costs vary.
Generally, mobile home insurance is more expensive than the cost of a homeowners insurance policy in Florida for a traditional-style home.
That’s because mobile homes are more susceptible to damage and therefore more costly to repair. Mobile home insurance companies in Florida often offer discounts to homeowners who install wind-resistant features to their homes. However, the best way to save money on mobile home insurance is to shop around and compare quotes.
Unfortunately, shopping for mobile home insurance in Florida isn’t easy. Some of the best mobile home insurance companies don’t offer policies in Florida, including Geico and Progressive. To save time and money, consider contacting an independent agent in your area.
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Knowing What Mobile Home Insurance Can Cover
Policies that cover older mobile homes can cover loss by:
- Fire
- Damage from objects that fall
- Explosions
When purchasing a policy, make sure that you thoroughly understand its terms and what it covers so that you are prepared and protected in the event that your home is damaged or lost.
Additional types of coverage that could be included in your mobile home insurance are:
- Trip coverage for when you are relocating your mobile home
- Collision coverage
- Replacement cost coverage for your mobile home as well as detached structures on your property
- All-perils coverage for tools you need to maintain your mobile home
- Fraud and forgery coverage
- Landscaping coverage for plants like trees shrubs, and grass that you may add to the location where your mobile home is parked
Average Home Insurance Cost
According to Nationwide, the average home insurance is about $1,506, which is a bit more than the national average of $1,477. National rates also show that you can get affordable home insurance. These rates vary from one property to another because various factors affect the rates. Rates also depend on an insurance carrier. For example, the age of the home, credit scores, location, and more. We will discuss more the factors below. If you buy a policy from an insurance agent brokerage firm that has a network of carriers selling insurance, you can get affordable deals.
Factors that impact home insurance quotes
As everyone has different homes and the valuation also differs from one home to another. When we compare home insurance quotes in Georgia, we can find different rates. In many cases, this because of the factors mentioned below:
- Location of the house
- Deductibles
- Past claim history and credit score
These factors directly affect the quotes provided by various carriers. In many cases, the rates also decrease, and you can get discounts. For example, you have proper security features installed at your home. Then you will get a discount on your home insurance premiums.
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Best For Retirees: Allstate
Founded in 1931 and based in Northbrook, Ill., Allstate is one of the countrys largest insurance companies. We picked it as the best one for retirees because of its discounts specifically designed for this demographic and the ability to get face-to-face interaction with an Allstate agent.
Discounts for original title holders and retirees
Good optional coverage choices
No immediate online quotes
Customer experiences vary depending on local agent
Allstate provides standard mobile home insurance much like other companies, such as actual cash or replacement cost coverage for your mobile home structure and personal property, guest medical protection, and liability protection. Optional coverages include protection against water backup, green improvement reimbursement, and electronic data recovery.
Allstate offers a whole slew of discounts, including for multiple policies, enrolling in autopay, being claims-free, and new customers. Additional discounts include ones for original titleholders and those who are over 55 and retired.
Additional details:
- J.D. Power 2021 Customer Satisfaction Index Rating: 870 out of 1,000 points
- AM Best Financial Strength Rating: A+
- J.D. Power 2021 Claims Services Rating: 882 out of 1,000 points
Read the full review: Allstate Homeowners Insurance
What Should I Look For In My Mobile Home Insurance Quote
As you review mobile home insurance quotes, look for policy choices such as replacement cost or open-peril coverage that can impact your rates.
When companies offer multiple policy tiers, the more expensive packages often include replacement-cost and/or open-peril coverage. The cheaper ones usually include actual cash value and/or named-peril coverage.
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How Do You Get Mobile Home Insurance
When shopping around for mobile home insurance, get quotes for different types of coverage, including any additional riders. That way you can see what youre covered for and compare the best pricing options.
When comparing policies, make sure to look at the basis of any claims settlement, such as named or open perils and whether its actual cash value or replacement cost. In other words, some companies will only cover on an actual cash value basis for partial losses or only on a replacement cost basis for major damages or total losses. Some insurers also offer the choice to upgrade to replacement cost for your entire policy for an additional cost.
Just because you find a quote thats the lowest price doesnt mean that you should go with that policy. Its important to determine what specifics you needthink deductibles, flood coverage, or any additional ridersthen compare to see what will offer you the best protection.
Your Need For Umbrella Insurance
The coverages included in your current home and auto policies protect you to a point, but they have limits. Umbrella coverage is additional coverage that stretches over both policies to cover some risks that may exceed those limits or arent covered under either policy, like libel, false arrest, slander and more.
What if someone slips and falls on your driveway and can no longer work? Youd be at risk for a lawsuit and the amount they ask for may exceed your home liability limits. Without umbrella insurance, your assets and future income could be at risk.
Umbrella policies are liability policies only. This means they dont cover you if youre injured on your property and unable to work, or if you experience another loss. They only cover your liability to someone else for a loss or injury thats attributable to you. Umbrella insurance also generally does not cover a loss until other sources of insurance have been exhausted.
This is another area where you can rely on your reps expertise. As they learn about your unique needs, they can help you understand the value of additional coverage, like umbrella insurance.
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Coverage For Older Homes
Homes manufactured before 1976 do not conform to the HUD Manufactured Home Construction and Safety Standards of today, making it more difficult to insure given the inherent safety risk. If you have a manufactured home from this era, you may have tried to receive a mobile home insurance policy with no luck. At King Insurance, we cover an array of dwellings. Give us a call and see what we can do for you!
Homeowners Insurance For Homes In Need Of Repair
It can be more challenging to get home insurance coverage if your house needs repairs.
“Fixer-upper-type homes are considered a higher risk for insurance providers,” cautions Chris O’Rourke, vice president of property claims at Mercury Insurance in Brea, California. “The process of fixing up a home comes with its own insurance risks, such as structural problems with the house itself or risks that come with any construction, in addition to the usual losses homeowners insurance covers — such as fires or windstorms.”
Often, you cant get a standard homeowners insurance policy for homes that are under repair or construction.
“When you request a homeowners insurance quote on this type of home, the carrier will often require an in-person inspection. They will notice the issues in need of repair and require you to make the needed repairs to obtain a policy,” says Stacey Giulianti, chief legal officer for Boca Raton, Florida-headquartered Florida Peninsula Insurance Co. “Or, you may be required to purchase a builder’s risk policy or a similar type of higher-risk coverage.”
Alternatively, “the insurance company may cover your home but exclude the parts of the home that need to be repaired,” says Heath Ritenour, Chairman/CEO of Insurance Office of America in Longwood, Florida.
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