A variety of add-on policies are available from mobile home insurance companies. 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
You may wonder which insurance companies offer the best rates for mobile homes. When determining your premiums they consider several factors, including the condition of the home and its roof. Also, they consider the layout and features of your home. For example, a one-wide floor plan can be more expensive that a two-wide. Additionally, older mobile homes will have a higher premium. There are many companies offering discounts for certain safety measures, which can lower your premium.
Another important factor to consider is the amount of coverage you need. Most policies provide coverage according to square footage. But your mobile home may only have $50-100 per square feet. Also, your home's age can affect how much coverage you will 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.
Different types of coverage
There are several types of coverage that mobile home insurers offer. The first is dwelling coverage, which covers your mobile house. The second type covers other structures, which includes features not found in a mobile home. Liability coverage provides financial protection in the event that you are sued. You may also choose to add medical payments coverage as an additional option to your liability coverage. This covers you and your family for any medical expenses resulting from injuries.
Mobile home insurance also covers personal property. If your belongings are damaged, stolen or lost, this insurance will protect them. If you become disabled due to an accident, your personal property coverage will pay for your medical bills and loss of earnings. Personal property coverage will provide protection for your personal items while you are away, but not your vehicle. It is important to also consider liability coverage. This will pay for legal fees and medical bills in the event of an accident you cause.
Special Discounts
There are many ways you can get a mobile home insurance discount. Mobile home insurance companies offer discounts for multiple policies, bundling with other policies, and being the first owner of the house. For installing a system of security or setting up autopay, you may also receive discounts.
Insurers may offer discounts if you pay your premiums in full each year. If you sign up to autopay or choose electronic delivery of your bills, you may be eligible for a discount. If you have multiple vehicles, other insurers might offer discounts. You might also qualify for a discount if your home is a first-time or senior buyer.
Credit-based insurance score used to determine likelihood of filing a claim
A credit-based insurance score, which is three-digits, is calculated from a statistical analysis on a consumer's credit history. It is an indicator of future claims costs and has been proven to be highly reliable. Research from the Casualty Actuarial Society (Tillinghast Towers - Perrin) has also shown that claim rates for people with lower credit scores is higher than those with higher ones.
Insurance companies use credit-based scores to assess risk and set rates. Lower premiums can be achieved by having a good insurance rating. On the other hand, having a poor insurance score will lead to higher premiums. Credit scores range from 200 to 997. A higher score indicates a lower level of risk. Insurers calculate these scores based on relevant financial data, such as debt, payment history and the length of time you've had credit.