A variety of add-on policies are available from mobile home insurance companies. These policies can cover debris removal in the event of a severe storm, replacement of trees following a storm, food spoilage and even food spoilage. However, these optional coverages can increase your insurance costs.
Comparing mobile insurances
Mobile home owners may wonder which insurers offer the most competitive rates. When determining your premiums, insurance companies consider many factors. Insurers also consider your home's floor plan and other features. A single-wide floor plan may be more costly than a double-wide, and the premium will increase if the home is older. There are many companies that offer discounts to customers who purchase certain safety features. This can reduce your premium.
Another important factor to consider is the amount of coverage you need. 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. Some insurers offer coverage based only on the replacement cost for mobile homes. Coverage for older homes will be 35 percent less than their original cost.
Types of coverage offered
Mobile home insurers provide a range of coverage options. The first coverage type is called dwelling coverage. This covers the mobile homes. The second type is known as other structures. It covers non-mobile home elements. Liability coverage provides financial protection in the event that you are sued. You can also select medical payments coverage. This coverage covers medical expenses for injuries that you or family members have suffered.
Mobile home insurance also covers personal property. This will cover your belongings if they are damaged, stolen, or lost. Personal property coverage also covers medical expenses and lost wages in the event that you are unable or temporarily disabled from your home due to an accident. Personal property insurance will cover your possessions while you're away from home, but your car will not be covered. 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.
Offers of Discounts
There are many ways you can get a mobile home insurance discount. Many mobile home insurers offer discounts for having multiple policies, bundling your insurance with other policies, or for being the original owner of the home. 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. You may also qualify for a discount when you sign up with autopay or request electronic delivery. Other insurers may offer discounts if you own multiple vehicles. If you are a senior citizen or first-time homebuyer, you may be eligible for a discount.
To determine your likelihood of filing claims, you can use your credit score
A credit-based insurer score is a three-digit number calculated by analyzing a consumer’s credit history. It is a reliable indicator of future claims costs. Research by Tillinghast Towers Perrin, Casualty Actuarial Society & Tillinghast Towers Perrin also showed that those with lower credit scores have higher claims rates than those who have higher scores.
Insurers use credit scores to calculate risk and establish rates. A good insurance score will lead to lower premiums. On the other hand, having a poor insurance score will lead to higher premiums. A credit score ranges from 200 up to 997. Higher scores are indicative of a lower risk. These scores are calculated based upon financial data such a payment history, debt, and how long you have had credit.