A variety of add-on policies are available from mobile home insurance companies. 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.
Compare mobile home insurances
You may wonder which insurance companies offer the best rates for mobile homes. Your home's condition and roof are just a few of the factors that insurers consider when determining your premium. Insurers also consider your home's floor plan and other features. For example, a single-wide floor plan might be more expensive than a double-wide one, and the older the mobile home is, the higher the premium will be. There are many companies who offer discounts for certain safety features that can help reduce your premium.
The amount of coverage that you need is another important consideration. While most policies provide coverage based upon square footage, your mobile home might only be worth $50-100 per square foot. You will need to consider the age of your home when determining how much coverage is necessary. The replacement cost of mobile homes is often the basis for insurance coverage. Older homes may only get coverage up to 35 percent of what they cost originally.
Types available for coverage
Mobile home insurers offer several types of coverage. The first type of coverage, called dwelling coverage, covers the mobile home. 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 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 will also pay for medical expenses and loss of wages if you are unable to live in your mobile home after a covered accident. Personal property coverage will provide protection for your personal items while you are away, but not your vehicle. You should also consider liability coverage, which will cover any legal fees and medical bills resulting from any accidents you might cause.
Get Discounts
There are many ways to get a discount on mobile home insurance. 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. You can also qualify for a discount if you sign up for autopay or opt for electronic delivery of your bills. Some insurers offer discounts for multiple vehicles. A discount may be available if you're a senior homeowner or a first-time 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 has been shown to accurately predict future claim 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.
Insurance companies use credit-based scores to assess risk and set rates. Having a good insurance score will result in lower premiums. A poor score on your insurance will result in higher premiums. A credit score can be anywhere from 200 to 997. Higher scores mean a lower risk. Insurers calculate these scores based on relevant financial data, such as debt, payment history and the length of time you've had credit.