What is mobile home insurance & what does it cover?
Mobile home insurance is a type of property coverage designed specifically for mobile or manufactured homes. Also known as HO-7 insurance, a typical policy consists of several coverages for the structure of the home, your personal belongings, additional living expenses if your manufactured home is destroyed, and liability expenses if you're held legally responsible for an accident.
Here's the six standard coverages in a manufactured home insurance policy.
What it covers
Structure of the mobile home, including its walls, base, roof, and windows.
Additional structures or buildings associated with your unit, such as a shed, porch, or garage.
Personal belongings both on and off your property, such as furniture, electronics, and kitchen appliances.
Additional expenses you incur while relocating or staying elsewhere while your mobile home is being repair
Legal or medical expenses if you're found liable for damage or injury.
Medical expenses resulting from a guest's injury on your property.
A typical mobile home insurance policy covers structural damage on an open perils basis, and reimburses for personal property damage or theft on a named perils basis. With open perils, you're covered against everything except the specific exclusions listed in your policy. With named perils, you're only covered against the perils specifically listed in your policy.
Learn more >> What does home insurance cover?
How much does mobile home insurance cost?
The average cost of homeowners insurance is $1,754 per year. Mobile home insurance is often pricier than standard home insurance coverage, since there's a higher risk of the structure incurring losses due to windstorms, hail, and theft.
Your mobile home insurance rates will be based on a variety of different factors related to your and your home, including:
Where you live
Size of the home
Age of your home
Your claims history
Your policy deductible amount
Best mobile home insurance companies
Below are three insurers that offer or specialize in mobile home insurance. Keep in mind that policies may not be available in all 50 states and coverages can vary from company to company.
Foremost offers comprehensive mobile home policies, covering risks and causes of damage that other insurers may not automatically offer, such as damage caused by the weight of ice and snow. Foremost also offers optional replacement cost coverage upgrades for your belongings.
State Farm offers all the standard mobile home insurance coverages, as well as fair rental value in the event that you rent out your mobile home. State Farm offers optional coverages like identity theft restoration and earthquake coverage.
Allstate stands out for its plethora of available mobile home insurance discounts, such as a protective devices discount for installing security measures like a home security system, or a multi-policy discount if you bundle your home and auto insurance.
Learn more >> The best home insurance companies for 2023
Is mobile home insurance required?
If you have a mortgage on your mobile home, your lender will require you to purchase insurance for it and keep the property covered until the loan is paid off. Some manufactured home communities may also require you to have insurance — regardless of whether you have a mortgage or not.
But even if neither of the prior two situations pertain to you, you should still consider purchasing mobile home insurance. If you were to go without it, you’d have to foot the bill yourself for any kind of repairs.
Keep in mind that if your home is classified as an RV — and you plan on driving it on public roads — you’ll legally need some sort of RV insurance to do so.