When shopping around for homeowners insurance for your mobile home, make sure you know what you’re buying. Know what risks you are exposed to and how to cover them. Below are a few basic things to consider:
Named peril or all risk (comprehensive): Homeowners policies may be purchased on a named peril basis. What that means is the policy will cover losses that occur as a result of the perils named on the policy. Some named perils are fire, lightening and ice/snow storm (check your policy). Named peril policies are cheaper than all risk, but they are also more restrictive.
All risk polices are comprehensive. Under an all risk policy, the insurance company will pay for all losses except for those that are excluded (discuss the exclusions with your agent). It costs more, but is worth the money.
Trip Collision coverage: Unlike stationary homes, mobile homes have the ability to be moved from one location to another. If there is a possibility that you will be moving your home, be sure to discuss this coverage with your agent. It’s better to have it and not use it than to need it and not have it.
Valuation: There are two types of valuation,...
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