Gone are the days when the phrase "mobile home" conjured images of a trailer. Over the years, the mobile home industry has evolved dramatically and now provides mobile properties in a vast array of sizes and designs. Not only do you have complete control over the construction supplies used in the manufacture of your mobile home, but you also can integrate amenities you want for your family's convenience.
However, since mobile homes are not stationary, some people assume that these residences do not need home insurance, which is grossly incorrect. Simply because the mobile home is not site-built does not mean it will not face any risks that would prove calamitous to you and your loved ones. Check out the following article to establish whether you should look into getting a mobile home insurance plan.
Is having a mobile home insurance policy mandatory?
Generally, paying for a mobile home insurance plan is not legally mandated, so you will not be breaking the law when you overlook getting this type of insurance policy. Nevertheless, if you plan on applying for financing from a mortgage lender or if you intend to travel around the country in your mobile home, you should know that a majority of financial institutions and mobile home parks will obligate you to have this insurance policy. Therefore, if you do not want to face any inconveniences down the road, it is best to look into a mobile home insurance plan that will match your needs.
What can you expect from your mobile home insurance policy?
Like all other insurance policies, you have the flexibility to add an array of coverage options to your policy for maximum protection. Conversely, the choice to leave out some coverage is at your discretion too, especially if you are looking to save on costs. Nonetheless, certain elements are vital to include in your mobile insurance plan to make the most of paying for this policy.
To begin with, property coverage, as well as coverage for your belongings, should be included in your policy. This coverage ensures that if your mobile home acquires extensive damage, whether because of vandals or natural elements such as fire, the insurance provider will cover repairs and replacement of damaged belongings.
Secondly, consider a cost of living policy. With this clause on your policy, you can rest assured that your insurance provider will take care of your living expenses if your mobile home is to become unfit to live in, perhaps due to a flood or mold. With this coverage, the insurance provider can foot the cost of alternative accommodation, your meals, and so on.
Contact a company that offers mobile home insurance plans to learn more.