Many mobile home insurance providers can offer additional policies. These policies can provide coverage for things such as tree replacement after storms, food spoilage, and debris removal. However, these optional coverages can increase your insurance costs.
Comparing mobile insurances
You may wonder which insurance companies offer the best rates for mobile homes. When determining your premiums, insurance companies consider many factors. The type of floor plan you have and the features of your home are also factors. A single-wide floorplan might be more expensive than one with double widths. The premium will also be higher for older mobile homes. There are many companies offering discounts for certain safety measures, which can lower your premium.
You should also consider the coverage you require. Although most policies offer coverage based on square footage your mobile home could only be worth $50 to $100. Your home's age will affect how much coverage you need. Insurers will often offer coverage based on replacement cost for newer mobile homes, while older homes may only receive coverage of 35 percent of their original cost.
Types of coverage available
There are several types of coverage that mobile home insurers offer. The first type of coverage is called dwelling coverage and covers the mobile home. The second type of coverage, called "other structures", covers features that are not mobile home-related. Liability coverage also protects you financially in the event of a lawsuit. You may also choose to add medical payments coverage as an additional option to your liability coverage. This covers you and your family for any medical expenses resulting from injuries.
Mobile home insurance also covers personal property. Your belongings will be covered if they are lost, stolen, or damaged. Personal property insurance will cover medical expenses as well as loss of wages, if you are temporarily unable to live in your mobile house due to an accident. Personal property coverage will provide protection for your personal items while you are away, but not your vehicle. You should also consider liability coverage, which will cover any legal fees and medical bills resulting from any accidents you might cause.
Offers of Discounts
Mobile home insurance discounts can be obtained in many ways. Many mobile home insurers offer discounts for having multiple policies, bundling your insurance with other policies, or for being the original owner of the home. For installing a system of security or setting up autopay, you may also receive discounts.
A few insurers will give discounts for customers who pay their premiums on time every year. You can also qualify for a discount if you sign up for autopay or opt for electronic delivery of your bills. If you have multiple vehicles, other insurers might offer discounts. There may also be a discount for seniors or first-time homeowners.
A credit-based insurance score is used to determine the likelihood of filing a claim
A credit-based insurance score, which is three-digits, is calculated from a statistical analysis on a consumer's credit history. It has been shown to accurately predict future claim costs. Research from the Casualty Actuarial Society and Tillinghast Towers-Perrin has also shown that people with lower credit scores have a higher claim rate than those with higher scores.
Insurers use credit-based insurance scores in order to establish risk and set rates. Lower premiums can be achieved by having a good insurance rating. Poor insurance scores will result in higher premiums. Credit scores can vary from 200 to 997. Higher scores indicate a lower risk. Insurers calculate these scores based on relevant financial data, such as debt, payment history and the length of time you've had credit.