Mobile Home Insurance

Mobile homes or manufactured homes are much more than trailer parks. Today these communities are upscale, well-located and filled with families and retirees who prefer a simple lifestyle. Mobile homes come in a wide variety of shapes, sizes, and prices, but all mobile homes have one thing in common: they need to be protected with mobile home insurance.

Modular Homes

There are two main types of mobile homes, modular and manufactured. A modular home is a pre-fabricated home that is transported in pieces and then put together in site by contractors. These homes are usually assembled to a permanent foundation and do not move.

A modular home looks and feels like a regular home in many ways, it is simply constructed differently. For modular homeowners, a standard home insurance policy will provide all the adequate coverage necessary.

Manufactured Homes

A manufactured home is what most people think of when they think “mobile home.” These are homes that are constructed entirely in a factory and are towed to the site. They sit on the ground and are not attached to a permanent foundation. For owners of a mobile or manufactured home, a specialized policy is required.

Mobile home insurance is very similar to homeowners insurance, it protects owners from financial loss if the home itself, or personal possessions are damaged or destroyed. A typical policy would cover fire, storms, burglary, vandalism and liability coverage in case someone is injured on your property.

Available Discounts

Note that not all forms of coverage are available in all policies so it’s important to evaluate and get a policy that includes the coverage important to you. There are several discounts available for mobile home policies, so be sure to ask your agent to see if any of these may apply to you:

Original owner discount: Save up to 5 percent

Multi-policy discount (mobile home/renters and auto): Save up to 15 percent

Home safety devices: Save up to 15 percent

Fire-resistant material: Save up to 15 percent

Senior discount (typically 55 and older): Save up to 10 percent

When the housing crisis was in full swing, the mobile home market saw significant growth. As a general rule, whenever the traditional housing market suffers, the manufactured housing market thrives and vice versa.

By the late 2000s, as interest rates and housing prices climbed in tandem, house-hunters were increasingly attracted to mobile homes. This increase in the market led many people to the attractive option of simple, less expensive, and convenient mobile homes.

Mobile homes now account for roughly 25 percent of new residential structures in the United States, and more than 10 percent of total housing, according to the Manufactured Housing Institute. When looking into a new mobile home, or to ensure you have adequate coverage on your current home, contact your representative today.

By Matt Reynolds - Google+

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