Mobile home insurance, also known as manufactured home insurance and trailer home insurance, is a type of insurance that specifically covers mobile homes, manufactured homes, and trailers. These homes are typically constructed in a factory and then transported to a site for installation. They are different from traditional, stick-built homes in that they are not permanently attached to a foundation, and may be moved from one location to another.
One important aspect of mobile home insurance is the type of policy, known as an HO-7 policy. The “HO” in the policy name stands for “homeowners,” and the “7” refers to the specific type of coverage included in the policy. The HO-7 policy is a named-perils policy, which means that it only covers damage caused by specific perils listed in the policy, such as fire, wind, hail, and theft. Understanding the type of policy you have, in this case an HO-7, is important in knowing what specific perils are covered and what is not. It also helps you to compare the coverage and pricing with different insurance providers.
What does mobile home insurance cover?
Mobile home insurance typically covers the physical structure of the home, as well as any attached structures such as decks or porches. It also covers personal property inside the home, such as furniture and appliances. Additionally, liability coverage is typically included, which provides protection in case someone is injured on your property. Some policies may also include additional coverage for things like loss of use, which covers expenses if you are temporarily unable to occupy your home due to a covered loss.
What is not covered in mobile home insurance?
Mobile home insurance policies typically do not cover damage caused by floods, earthquakes, or landslides. These types of perils typically require separate coverage. Additionally, damage caused by pests, such as termites or rats, is typically not covered. Wear and tear, or damage caused by lack of maintenance, is also generally not covered.
Mobile home insurance named-perils coverage
An HO7 policy is a type of mobile home insurance that covers against specific named perils. This means that the policy will only cover damage caused by the perils listed in the policy. The list of perils typically includes:
- Fire or lightning: This coverage protects your home from damage caused by fire or lightning strikes.
- Windstorm or hail: This coverage protects your home from damage caused by high winds or hail.
- Smoke damage: This coverage protects your home from damage caused by smoke, such as from a fire.
- Vandalism: This coverage protects your home from damage caused by vandalism or malicious mischief.
- Theft: This coverage protects your home from damage caused by theft or attempted theft.
- Accidental discharge or overflow of water or steam: This coverage protects your home from damage caused by accidental discharge or overflow of water or steam, such as from a burst pipe.
- Weight of ice, sleet, or snow: This coverage protects your home from damage caused by the weight of ice, sleet, or snow on the roof or other parts of the home.
- Freezing of plumbing: This coverage protects your home from damage caused by freezing of plumbing, such as burst pipes.
- Falling objects: This coverage protects your home from damage caused by falling objects, such as tree branches.
- Damage caused by a vehicle (not your own): This coverage protects your home from damage caused by a vehicle that is not owned by you or a member of your household.
- Riots or unlawful commotion: This coverage protects your home from damage caused by riots or unlawful commotion.
How much does an HO-7 insurance policy cost?
The cost of an HO-7 insurance policy can vary depending on a number of factors, including the location of the mobile home, its age and condition, and the value of the home and personal property inside. Other factors that can affect the cost of an HO-7 policy include the deductible chosen, and the amount of coverage required. On average, a policy can cost anywhere from $300 to $800 per year.
FAQ
Do I need insurance on my mobile home?
Yes, it is important to have insurance on your mobile home to protect yourself financially in case of damage or loss. Additionally, if you have a mortgage on your mobile home, your lender will likely require that you have insurance in place.
Is insurance on a mobile home expensive?
The cost of insurance for a mobile home can vary depending on a number of factors, such as the location, age and condition of the home, and the amount of coverage required. However, insurance for mobile homes is generally less expensive than for traditional stick-built homes.
Can you insure an older mobile home?
Yes, it is possible to insure an older mobile home. However, the cost of insurance may be higher for older homes due to their age and potential for wear and tear. Additionally, some insurance companies may not insure homes that are over a certain age.
Can you get flood insurance on a mobile home?
Yes, it is possible to get flood insurance on a mobile home, but it typically requires a separate policy. Flood insurance is not typically included in standard mobile home insurance policies.
Can you get mobile home renters insurance?
Yes, it is possible to get renters insurance for a mobile home. This type of insurance would typically cover the personal property of the renter, as well as liability coverage
