Insurance companies that offer mobile home coverage often have the ability to offer add-on policies. These policies can provide coverage for things such as tree replacement after storms, food spoilage, and debris removal. However, these optional coverages can increase your insurance costs.
Comparing mobile home insurers
If you own a mobile home, you may be wondering which insurers offer the best rates. When determining your premiums, insurance companies consider many factors. 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. Thankfully, there are a number of companies that offer discounts for certain safety features, which can reduce your premium.
You should also consider the coverage you require. 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. Insurance companies will often provide coverage based upon the replacement cost of newer mobile homes. Older homes might only be covered at 35 percent of their original cost.
Types available for coverage
Mobile home insurers provide a range of coverage options. The first type of coverage is called dwelling coverage and covers the mobile home. The second type covers other structures, which includes features not found in a mobile home. Liability coverage also protects you financially in the event of a lawsuit. You can also select medical payments coverage. This coverage covers medical expenses for injuries that you or family members have suffered.
Personal property is also covered by mobile home insurance. This will cover your belongings if they are damaged, stolen, or lost. Personal property coverage can also cover your medical expenses and loss in wages if you are not able to live in a mobile home because of an accident. Personal property coverage will provide protection for your personal items while you are away, but not your vehicle. Liability coverage is also important to consider, as it will pay for any legal fees or medical bills that may result from accidents that you may cause.
Special Discounts
There are many options to receive a discount on your mobile home insurance. Mobile home insurance companies offer discounts for multiple policies, bundling with other policies, and being the first owner of the house. Additional discounts may be available for setting up auto-pay or installing a security alarm system.
Many insurers will offer discounts to customers who pay their premiums on-time each year. You can also qualify for a discount if you sign up for autopay or opt for electronic delivery of your bills. There may be discounts offered by other insurers for 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 is a three-digit number that is calculated based on a statistical analysis of a consumer's credit history. It is a reliable indicator of future claims costs. 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.
Insurers use credit-based insurance scores in order to establish risk and set rates. Lower premiums can be achieved by having a good insurance rating. Poor insurance scores will result in higher premiums. A credit score ranges from 200 up to 997. Higher scores are indicative of a lower risk. These scores are based on financial data such as your credit history, debt and payment history.