A mobile home insurance policy must pay for certain kinds of accidental damage to a home, including one's belongings and other things of a personal nature. Such a coverage is called physical damage coverage. Fire, wind, falling objects, or vandalism, cause physical damage to the property. The policy must protect against lawsuits or claims filed against the policy holder. Coverage for such claims and lawsuits are called liability coverage.
Claims can encompass lost wages, medical expenses, property damage, and the like. Liability coverage assists to pay for the insurer in the case of a lawsuit, or if he is sued for certain claims that fall within the coverage of the said insurance policy. Liability coverage is done when there is a claim or lawsuit against the policy holder if a layman is injured or his property is damaged due to the activities of the policy holder.
Some mobile home insurance policies cover direct, sudden, and accidental perils. These are sometimes called 'comprehensive' policies. It must be ensured that the policy provides enough liability coverage to protect, in case the holder is sued and a judgment is made against him. A deductible is the part of the loss that the policy holder accedes to pay, out of his own pocket. A 'coverage limit' is the maximum amount a company would disburse for a covered loss.
An insurance quote can be obtained in three ways:
- An agent can be located using an online Agent Locator
- The AARP Mobile Home Insurance Program can be utilized
- The Foremost Insurance Service Center can be contacted either online or over the phone.
Types of Protection
A replacement cost coverage furnishes coverage to repair or replace the mobile home in the absence of any deduction for depreciation, up to the value of coverage purchased. Actual cash value protection is less expensive than the replacement cost. This puts forth the amount of money to replace the damaged property minus the depreciation. This protection is applicable even if the damaged property is not repaired or replaced, even if a Replacement Cost Protection has been purchased.
Helpful Tips on How to Find the Right Insurance
- The policy has to pay for some kinds of accidental damage to a home, belongings, and other structures.
- Intangibles like claim service, accessibility, or company reputation, has to be considered.
- Check the deductibles and coverage limits. A policy with lower deductibles and higher limits is preferable. Lower deductibles and higher limits result in high premium costs.
- The policy must protect against lawsuits or claims filed by persons accidentally hurt by some actions or activities.
Some companies personalize the policy with coverage for jewelry, fur, watches, additional dwellings rented out to people, business pursuits, with even increased coverage on radio or TV antennas. There are additional kinds of coverage like The Fires Prevention and Emergency Response Act. The former is used if the mobile home is in an area that is not serviced by a fire department, where latter is used to relocate the mobile home if any fire or other unimagined peril threatens its existence.
A worldwide coverage is obtained for personal belongings. This covers things that are lost, stolen, or damaged during travel. A trip collision coverage is used when the mobile home is being transported to a new location, and can be obtained for an additional premium. Legal defense and court costs are paid in case the person is sued. An Identity Theft Resolution Service deals with the increasing problem of identity theft. In case the person is a victim of identity theft, a counselor assists in contacting the creditors, notifying the police, and signing affidavits. There are others you can look into, like the water backup coverage, which insures one against damage caused by sewage water, drains, or sump pump wells. With careful, adequate research, you'll find a coverage policy that works for you.