Whether your mobile home is located in Little Rock or Fayetteville, Arkansas has many manufactured home communities that offer the convenience, location and affordability their residents want. If you have just purchased your mobile home, or you are looking for a new provider, finding the right mobile home insurance policy is vital.
Before you search for mobile home insurance quotes, however, there are several factors to keep in mind.
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Mobile Home Facts for Arkansas
According to market analysis and census reports:
- Arkansas is ranked 10th in the nation in terms of mobile homes, with nearly 13 percent of its residents living in some sort of manufactured home.
- The average property loss per residential fire in AR is nearly $8,000.
- Arkansas experiences severe weather events such as tornadoes, hurricanes and earthquakes more often than most states.
- Mobile and manufactured homes range in price anywhere from $40,000 to $150,000.
What Is Mobile Home Insurance?
Mobile home insurance is a specific type of homeowners policy designed to cover a different set of risks inherent in mobile and manufactured homes compared to traditional site-built homes.
Manufactured homes are built in a factory with lighter materials, then transported to a site where they are typically tied down via ground anchors for stability. Because these homes are designed and built differently from traditional site-built homes, they need a special insurance policy that assumes the added risks that come with a strapped-down home versus one built on a concrete foundation.
If you own a modular home, you may be able to secure a traditional homeowners insurance policy, as these structures are built on a foundation.
If you rent your Arkansas mobile home, you will want a renters insurance policy to protect your belongings.
What Does Mobile Home Insurance Cover?
If you are still paying a mortgage or loan for your mobile home, you may be required to carry mobile home insurance. Most insurance companies offer the following coverage options::
- Mobile home liability coverage: This can help pay for costs associated with an injury or property damage another person may experience while visiting your mobile home. It can help pay for anything from their medical treatment to repairs to their property, and even to your legal fees and court costs should you face a lawsuit.
- Property damage: This can help pay for repairs to your mobile home should it be damaged by a covered event such as severe weather, fire, theft or vandalism.
- Personal property: Sometimes called "contents coverage," this can help pay for repairs to or replacement of the belongings you keep inside your mobile home.
To determine how much mobile home insurance coverage you need, it's a good idea to have your home evaluated by a professional home assessor. It's also wise to conduct an inventory of all your possessions to determine how much contents coverage you require.
What Will My Mobile Home Insurance Quote Look Like?
As mobile homes and modular homes are generally less expensive than traditional, site-built homes, insurance quotes tend to be lower. However, because mobile homes are at higher risk of damage from strong winds and other severe weather, quotes will be higher for a mobile home versus a traditional home of the same value. Most insurance companies use several factors in calculating mobile home insurance quotes, including:
- Your location: Areas of Arkansas that are more prone to tornadoes and earthquakes may see higher quotes than those where these events are rare. Also, mobile homes in high-crime areas will find higher quotes than those in low-crime neighborhoods, as they are at increased risk of property damage.
- Your mobile home's value: The more valuable your mobile home, the higher quotes you will receive.
- The age of your home: Unlike traditional homes, mobile homes depreciate in value. The older your mobile home, the more expensive it will be to insure.
- How much coverage you need: If you set higher limits on your liability and property insurance, your quotes will increase.
- Your deductible: While higher deductibles will yield lower insurance quotes, be sure the deductible you choose is one that you could comfortably afford to pay should you need to file a claim.
Where Can I Find Mobile Home Insurance?
Just like any homeowner, you see your Arkansas mobile home as your castle and you want an insurance policy that will be there for you when disaster strikes. Knowledgeable, independent insurance agents on the Trusted Choice® network are always available to answer your questions, suggest coverage options best suited for your situation, and even assist you in filing a claim.
These agents have years of experience working with Arkansas insurance companies, enabling them to find you a number of quotes with the best coverage options at the most affordable rates. Contact a Trusted Choice agent near you to find out how you can obtain the perfect mobile home insurance policy that meets your needs and budget.