Insurance companies that offer mobile home coverage often have the ability to offer add-on policies. These policies can be optional and cover items such as debris removal after a storm or the replacement of trees after a storm. These optional coverages may increase your insurance costs.
Comparing mobile-home insurers
You may be interested in which insurers offer best rates if you have a mobile home. When determining your premium, insurers consider many factors. These include the condition of your mobile home and 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 who offer discounts for certain safety features that can help reduce your premium.
Also, consider how much coverage you will need. Many policies will only provide coverage for square footage. However, your mobile home may be only worth $50 to $100. Your home's age will affect how much 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 available for coverage
There are a few different types of coverage available from mobile home insurers. The first coverage type is called dwelling coverage. This covers the mobile homes. The second type of coverage, called "other structures", covers features that are not mobile home-related. Liability coverage provides financial protection in the event that 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.
Personal property can also be covered by mobile home insurance. It will cover you if your belongings get stolen, damaged 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 insurance will cover your possessions while you're away from home, but your car will not be covered. 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.
Get Discounts
There are many ways you can get a mobile home insurance discount. Numerous mobile home insurers offer discounts for multiple policies or bundling insurance with other policies. There are also discounts available for setting up an auto-pay system or installing a security camera.
For instance, if you pay your premiums on time each year, some insurers will provide a discount. If you sign up to autopay or choose electronic delivery of your bills, you may be eligible for a discount. 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 score on insurance is a number of three-digits that is calculated using a statistical analysis about a consumer’s credit history. It has been shown that it is a good indicator of future claim costs. Research from Tillinghast Towers Perrin as well as the Casualty Actuarial Society has shown that claims rates are higher for those with lower credit scores than for those with higher credit scores.
Insurance companies use credit-based scores to assess risk and set rates. Higher premiums are possible if you have a good score on your insurance. Low insurance scores can lead to higher premiums. Credit scores range from 200 to 997. A higher score indicates a lower level of risk. Insurers base these scores on your financial data like debt, payment history, and length of credit history.