Insurance companies that offer mobile home coverage often have the ability to offer add-on policies. 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 may increase your insurance costs.
Comparing mobile insurances
If you own a mobile home, you may be wondering which insurers offer the best rates. When determining your premiums they consider several factors, including the condition of the home and its roof. Insurers also consider your home's floor plan and other features. A single-wide floorplan may be more expensive than a dual-wide. Also, the premium will rise if your mobile home is older. There are many companies offering discounts for certain safety measures, which can lower your premium.
You should also consider the coverage you require. 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.
Types and types of 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 of coverage is called other structures and covers the non-mobile home features. Liability coverage also protects you financially in the event of a lawsuit. You can also opt to have medical payments coverage. This is an extension of liability coverage and covers your medical expenses for injuries you sustain or those of your family members.
Personal property is also covered by mobile home insurance. Your belongings will be covered if they are lost, stolen, or damaged. 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 protect your personal belongings when you are away from your home but not your car. 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.
Enjoy Discounts
There are many options to receive a discount on your mobile home insurance. Many mobile insurers offer discounts to homeowners who have multiple policies or bundle their insurance with others. Additional discounts may be available for setting up auto-pay or installing a security alarm system.
Some insurers offer discounts for paying your premiums on time. Sign up for autopay and opt for electronic delivery to your bills to get a discount. Some insurers offer discounts 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 credit score is a three digit number that is calculated on the basis of statistical analysis of a consumer’s past 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.
Insurance companies use credit-based insurance scores to set rates and determine risk. Higher premiums are possible if you have a good score on your insurance. However, a low insurance score can result in higher premiums. A credit score can range anywhere from 200 to 997, with higher scores indicating a lower risk. These scores are calculated based upon financial data such a payment history, debt, and how long you have had credit.