Insurers that provide mobile home coverage are often able to offer a range of 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 could increase your insurance cost.
Comparing mobile-home insurers
You might be curious about which insurance companies offer the lowest rates for your mobile home. When determining your premiums they consider several factors, including the condition of the home and its roof. Also, they consider the layout and features of your home. 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.
The amount of coverage that you need is another important consideration. Although most policies offer coverage based on square footage your mobile home could only be worth $50 to $100. Also, your home's age can affect how much coverage you will 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
There are several types of coverage that mobile home insurers offer. The first type of coverage is called dwelling coverage and covers the mobile home. The second type of coverage, called "other structures", covers features that are not mobile home-related. In addition, liability coverage protects you financially if 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 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 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.
Discounts offered
There are many ways to get a discount on mobile home insurance. Many mobile insurers offer discounts to homeowners who have multiple policies or bundle their insurance with others. Other discounts are available for having a security system installed or setting up auto-pay.
Some insurers offer discounts for paying your premiums on time. A discount may also be available if you sign-up for autopay, or opt for electronic billing. 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.
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 is an indicator of future claims costs and has been proven to be highly reliable. 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. 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 based on financial data such as your credit history, debt and payment history.