Victoria Berezhetska It is common for people to believe that a standard homeowners insurance policy can cover any housing, including a mobile home. However, policies differ depending on the housing specifics and features.
Shopping around for the right policy that can cover your mobile home is a wise choice. In this case, utilizing quote comparison tools can come in handy if you want to get mobile home insurance quotes fast and assess the available options.
Before getting suitable home insurance, homeowners must understand what constitutes a mobile home, an RV, a trailer, and a manufactured home.
The Root Of Confusion
Mobile homes, also known today as manufactured homes, used to have a poor reputation back in the ‘70s. The name and construction specifics changed over time, and now mobile homes are primarily associated with well-thought-out and designed houses that cannot effortlessly follow their owners.
A manufactured home is a new term adopted after the latest HUD construction requirements and applied standards. In a nutshell, any factory constructed house attached to a chassis is called a manufactured home.
While it can be taken to any location, mobile homeowners should remember that buying this type of home does not imply buying land with it. Unlike traditional homes, they have no house foundation and are not constructed on-site.
So, what about the location? If you choose to move your mobile home to someone else’s land, you will have to pay rent. It might seem like a cost-effective option, but it has specific downsides. A mobile home is typically considered personal property, and therefore, depreciates over time. Unfortunately, not having land attached to the house means no added value.
Mobile Home Or Trailer: What Is the Difference?
The main differences between a trailer and a modern mobile home are their construction and ability to move. Trailer is initially a slang word used to describe small home units permanently attached to wheels. It is another word for an old-style mobile home.
What people tend to call trailers can be easily moved with the help of trucks or SUVs. Modern mobile homes, for instance, are continually installed with a concrete foundation. It means that they can be moved but moving them requires extra effort and substantial costs.
Mobile Home Or RV: The Distinctions Explained
RVs, also known as campervans, motorhomes, trailers, or campers’ kin, are typically used for recreational purposes. RVs are not as safe or comfortable for long-term residence compared to mobile homes.
Since A-class campers have living quarters, a small kitchen, and a bathroom, they can be permanent residences. They can be easily pulled or driven to almost any desired location. RVs have no thermal insulation, so the temperature inside significantly depends on weather conditions.
If you love being on the road or living in a camper, buying an RV can be a perfect choice. But bear in mind that buying a camper requires careful consideration of the area of your temporary residence and the coverage of your vehicle.
It is crucial to be appropriately covered in a thunderstorm or a fire. Therefore, we recommend RV owners assess the available insurance options in advance and find affordable insurance quotes online.
The Peculiarities of Insuring a Mobile Home
If you consider buying a mobile home, remember that it requires a specifically designed insurance policy.
The structural differences of a mobile home imply another level of risk. That is the main reason why you cannot utilize standard homeowners insurance.
The mobile home coverage typically provides appropriate protection. But remember that the policy details may differ depending on specific features of your home. As a rule, the policies cover the dwelling and all the permanent structures of your home. It may also cover particular threats like theft, water damage, or the repercussions of natural disasters.
As mentioned before, owning a mobile home implies having no additional value; no land can increase its value over time. Therefore, you might consider getting personal property coverage and the coverage of your additional living expenses to ensure that you will have the means to repair your property and that all of your belongings are safe.
When it comes to the cost of a mobile home insurance policy, it can be significantly higher than that of a traditional home. It has everything to do with the risk level. The premiums mainly depend on several factors such as property condition, location, home safety features, and your insurance claims history.
Like any other home, mobile homeowners need to exercise caution and understand that cheaper construction does not necessarily mean lower costs. While a mobile home insurance policy might provide the appropriate coverage, it tends to be more expensive than a standard one. Therefore, homeowners need to strategize and carefully weigh all the pros and cons before buying a mobile home.
Victoria is a Senior Content Writer at American REIA. She helps customers find the right educational material through easily-digestible blog posts and buying guides backing their insurance coverage choice. Victoria covers the latest industry news and various insurance topics, including auto, home, health, and life insurance.
