If you live in a mobile home, you'll need specific mobile home insurance rather than a traditional homeowners insurance policy. But what exactly is mobile home insurance, and how is it different?
Here is a quick guide to the important facts about mobile home insurance:
Mobile home insurance is required by mortgage companies for loan approval. So, if you're trying to get a mortgage, it's in your best interest to research your options for mobile home insurance companies and find a good fit. However, it may not be mandatory otherwise.
Mobile home insurance policies have the same components as traditional homeowners insurance: dwelling, other structures, personal property and liability coverage.
Both mobile home insurance and manufactured home insurance policies cover a list of events known as perils. While there's a long list of perils included, your mobile or manufactured home might need additional policies for certain weather or natural disasters. Generally, these are the events requiring supplemental or separate coverage:
To find out what a covered peril is, check with your insurance company. Often, you can get an additional policy for one of the above events added onto your regular policy for a discounted rate.
While not strictly required, mobile home insurance is one of the best ways to protect your property and assets. Consult an insurance provider to learn your best options for financial coverage.
Robin has been a licensed Illinois Real Estate Broker since 2002 and has a genuine passion for real estate. She Joined the Keller Williams family in 2010, where she has been an active member of the Agent Leadership Council. She was one of the founding members of a Chicago area Keller Williams brokerage. Since opening, Robin has again been a valued member of the Leadership Team as well as assisting other agents reach their goals through training, coaching, and mentorship.
