MONDAY, OCTOBER 31, 2022
Mobile home and homeowners insurance are among the essential coverages to have. Whether you own a mobile home or a standard home, having insurance for your dwelling can financially protect you from unforeseen incidents. However, knowing some key differences between homeowners and mobile home insurance is crucial.
What Is Mobile Home Insurance?
Mobile home insurance is essentially an agreement between you and your insurance provider in which you pay an insurance premium in exchange for financial assistance following a covered accident. Accidents such as structural damage or collisions while moving your home are examples of incidents in which you’d likely receive financial aid.
What Does Mobile Home Insurance Cover?
Coverages vary among policyholders, but standard mobile home insurance commonly includes:
- Dwelling coverage helps cover your manufactured home’s structural repairs or replacement costs up to a specific limit.
- Other structures coverage helps cover repair costs for structures that aren’t attached to your home, such as sheds and garages.
- Personal property coverage helps cover replacement costs for furniture, electronics and other personal belongings if damaged or stolen.
- Liability insurance helps cover property damage, medical expenses if an injury occurs or legal fees if a guest is injured and decides to sue you.
- Additional living expenses coverage helps reimburse you for living expenses if your home becomes uninhabitable and you need to find a temporary living arrangement.
- Trip collision coverage helps repair your home if it becomes damaged while moving locations.
Policies may not be limited to the above coverages.
What Is Homeowners Insurance?
Like mobile home insurance, homeowners insurance commonly entails a contract between you and your insurer in which you are given financial assistance in exchange for a premium. Standard homeowners insurance covers accident and damage expenses to your home, such as property damage or stolen personal belongings.
What Does Homeowners Insurance Cover?
Typical homeowners insurance policies tend to include the following coverages:
- Dwelling coverage—This helps cover repairing or rebuilding damage to the house’s structure.
- Other structures coverage—This assists in covering other buildings on the property, such as a shed or gazebo.
- Liability coverage—This helps cover injury or damage to others or their property if the policyholder is held responsible.
- Personal property coverage—This helps cover clothes, furniture, electronics and other items in the home if they’re damaged or lost due to a covered cause.
- Loss of use coverage—This assists with living expenses in a covered loss, such as temporary housing after a house fire.
Specific policies might be customized to include additional or alternative coverage options.
Learn More
For more information on the differences between homeowners and mobile home insurance, be sure to contact Dixon Blackwood Insurance Agency, Inc. today at 803-494-8880.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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