Mobile home insurance is an individual insurance policy for people who own trailers or mobile homes. It’s very similar to a homeowner’s policy except that it covers manufactured homes instead. Manufactured home insurance is often more difficult to find than regular home coverage is. The difficulty is due to the difference in vulnerability for this type of dwelling over a regular home because of the structure.
What Mobile Coverage Protects
Manufactured home insurance protects the foundation of the home and the contents inside of the home. It can help a homeowner in the case of a natural disaster, theft, fire or other instance. The coverage varies depending on the provider, but it may cover the cost of a mobile home replacement. It could provide the policyholder with funds to rent a room while the other unit receives repairs. The policy could also pay debris removal and medical payments for anyone injured in the incident.
How Mobile Insurance Works
Mobile insurance policyholders can pay for mobile home coverage by the month or by the year. If something happens that requires the insurance company to cover the person, then he or she may call and file a claim. The provider may request a deductible payment before they are willing to contribute to fixing the home. After the insured person pays the deductible, the insurance company will take over and write a check if the claim is legitimate. After that, the policyholder will need to keep making payments for coverage each month or year.
The Benefit of Mobile Home Insurance
The main benefit of mobile home coverage is that the homeowners can feel secure knowing that they have funds that will help them in the event of a crisis. Homeowners can rest assured that they will receive monies for repairs and replacement for the things they lose if something should happen to their mobile unit. The mortgage company may require the homeowners to purchase insurance if they buy a mobile unit, as well. The benefit of the insurance, in that case, will be that the homeowner has the coverage needed to qualify for the mortgage.