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Mobile Home Insurance

Posted on August 22, 2008

To find a good mobile home insurance company requires a few simple steps. It is advisable to get a policy with more coverage even if it may cost a little more. The least expensive policy will often have the least amount of coverage so it is best to compare both price and coverage. There are 3 main things to look for when buying this type of insurance.

First, personal property or possessions: this includes furniture, clothing, electronics, appliances, etc. You should make a list of these as well as take photos. Keep both the list and photos off site in a safe deposit box.

Second, liability coverage – your assets: this pays for someone’s medical bills if they accidentally get hurt on your property and property damage expenses if you damage their property. It also pays legal fees and court costs. For liability there are options from $25,000 to $500,000.

Third, insurance on the mobile home itself and surrounding property: there are 2 types of this coverage. Replacement cost coverage pays to replace your mobile home after it has been destroyed. Actual cash value coverage pays to replace your home after it’s been destroyed, but only for its depreciated value.
Find a good policy that covers things like fire, storm damage, smoke damage, vandalism, explosions. Nothing is more disheartening than to have a natural or man-made disaster wipe out your home, only to find out it was not covered.

In your search be sure to get and compare quotes from 5 or more insurance sites. You can check out a company with the Better Business Bureau (BBB) for consumer response. You can also see its financial standing by checking with A.M. Best Co., Standards and Poor’s Insurance Rating Services, and Phelps Inc. Also, before you purchase a policy verify from you state’s department of insurance website that they are licensed to provide insurance in your state, and you can also check the company’s rating.

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