Home insurance is important for every kind of home, including mobile homes. Because you never know what will happen to your place of residence or your belongings, a mobile home insurance plan is the best way to cover most of your concerns.
But what about the things your basic insurance plan doesn’t cover? That’s when you need to explore the world of add-on coverage.
However, you may have a few big questions. What is add-on coverage? What kinds of add-ons are available? And which ones should mobile home owners focus on?
That’s why we put together this guide. Keep reading to discover the add-on coverage that all mobile home owners should have!
Home Insurance for Your Mobile Home
Before we review add-on coverage, it’s important to take a look at the insurance options for your mobile home. This is a helpful first step because many owners of mobile homes aren't aware that they need home insurance.
Why, then, is this rarely-talked-about insurance a necessity for mobile homes? Simply put, mobile homes aren’t as secure as permanent dwellings. The structure may be at enhanced risk of weather-related damages. And if you have any visitors over during a storm or other weather event, they are far likelier to get injured.
A mobile home insurance plan can help provide additional protection from the elements. And it can also pay for the medical expenses and even legal fees involved if someone is injured while visiting your property. Throw in the fact that you can bundle home and life insurance, so a good policy may be cheaper than you think!
Why Get Add-On Coverage?
Now you know a bit more about why home insurance is so important for your mobile home. But that brings us to the main question: why should you get add-on coverage on top of the regular coverage for your mobile home?
Like any other kind of insurance plan, there are some limitations to the basic mobile home insurance plan. And depending on the possessions inside your home or the specific risks of living in your neighborhood, you may want additional coverage to keep yourself and your belongings safe.
But what kinds of add-on coverage do you really need? Our guide is going to explore the types of coverage that are available and what this coverage means for you and your home.
Valuable Items Coverage
Home insurance is about more than protecting your walls and your roof. Most homeowners get insurance because they want to protect the property inside the home.
And the more valuable your property, the more protection you need. So if you have jewelry or other valuable items, you should strongly consider adding valuable items coverage to your policy.
Your basic home insurance plan already protects against theft, but the coverage amounts may be too low for really valuable items. By taking out additional coverage, you can increase the coverage amounts while also adding special protection for certain kinds of prized possessions.
Replace Cost Coverage
Speaking of valuable items, your standard home insurance is designed to protect your property up to a certain coverage amount. So if something is stolen, you get the financial equivalent of its value.
There is just one problem: under standard home insurance plans, the actual value of an item will include calculations for its depreciation. So the payout that you get will not be sufficient to replace certain items if they have depreciated because the replacement item will be more expensive than the compensation you receive.
With the replacement cost coverage add-on, though, you can get compensation for certain items with no depreciation calculated in. That means you can replace the item as soon as you receive your compensation!
Extra Coverage for Belongings
When it comes to insurance, it’s always important to read the “fine print.” That’s because your policy will spell out the exact situations in which something is not covered.
Every year, many homeowners find out the hard way that something they thought was protected was not actually covered. And when it comes to the theft or damage of your personal property, this usually comes down to the exact scenario in which something was stolen or damaged.
If you want real peace of mind, we recommend you take an add-on that provides extra coverage for your belongings. For example, special personal property coverage expands the scenarios in which your personal property is actually covered.
Depending on how much property you have in your home, this can be a very wise investment!
Home Replacement Building Costs
As we said before, mobile homes are more vulnerable than standalone dwellings. It’s entirely possible for a tornado (very common in the area), hurricane, or extreme storm to heavily damage or even destroy your mobile home.
If you are worried about this happening, then we highly recommend you take add-on insurance to cover home replacement building costs. As the name implies, this add-on to your insurance is designed to provide additional coverage you may need to repair, rebuild, or replace your home.
And this particular add-on helps to supplement any coverage that you already have from your regular policy. Think of it as additional protection for your most valuable investment: your home!
Expect the Unexpected
Still on the fence about getting additional insurance coverage for your mobile home? In that case, think of it this way: the whole point of insurance is to help you prepare for unexpected events.
As great as the standard home insurance policy is, we understand that no policy is a “one size fits all” policy. Only you understand the value of the items in your home, and only you know how likely it is for your home to be ravaged by extreme and unexpected weather.
Ultimately, add-on coverage is a great way to customize your insurance policy. You can get the extra protection you deserve for all of your most valuable items. And you can rest easy each night knowing that everything is properly protected!
