Mobile homes have come a long way. They currently make up 4.9% of all housing units in Colorado. Also referred to as manufactured homes, these affordable houses often have the outward appearance of traditional homes. Although manufactured houses are often permanently anchored in place, they do require the specialized coverage of a mobile home insurance policy.
If you are the proud owner of a mobile or manufactured home, you can contact a local independent insurance agent for help finding the best policy to cover it. These agents work with several different insurance providers so they make it easy for you to find the best and most affordable mobile home insurance in Colorado. Find an insurance agent near you to get started.
What Is Mobile Home Insurance?
Mobile home insurance (or manufactured home insurance) is a special type of homeowners policy designed to cover a different set of risks compared to traditional site-built homes. Manufactured and mobile homes are built in a factory using lighter materials than are used in traditional homes. These houses are then transported to a site where they are assembled and typically tied down via ground anchors for stability. Because manufactured homes are designed and built differently than traditional site-built homes, they need a special insurance policy that assumes the added risks that come with owning a strapped-down home as opposed to one built on a concrete foundation.
Is Mobile Home Insurance Required in Colorado?
Mobile home insurance is not required by law. However, it is required by lenders if you have a mortgage on the property or if you have a home equity loan. Also, if your home is located in a mobile home community or park, you may be required by the landowners to have this insurance coverage.
Even though this coverage may be optional once you own your home outright, it is still a good idea to have it. The average value of a mobile home in Colorado currently stands at $83,984. If your house is destroyed in a disaster like a fire or a tornado, that will result in a large financial loss for you if you are uninsured.
How Much Does Mobile Home Insurance Cost in Colorado?
Manufactured homes tend to have a higher risk of damage, particularly when facing heavy winds, hailstorms, and wildfires. However, because these houses are usually smaller than traditional homes and tend to have lower rebuilding costs and contents coverage needs, these factors tend to balance out when it comes to rates. The cost to cover a mobile home can vary from person to person. Factors that can influence your costs include:
- The size of your mobile home (single-wide, double-wide, etc.)
- Whether your home includes any other structures such as a carport or shed
- The estimated cost to rebuild your home
- The amount of contents coverage you desire
- The crime rate and weather risks in your ZIP code
- Your claims history and credit score
The only way to know how much mobile home insurance in Colorado will cost you is to start requesting customized quotes. A local independent agent can do the comparison shopping legwork for you.
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Mobile Home Insurance Coverage in Colorado
The coverage offered by a mobile home insurance policy is similar to traditional homeowners insurance. You can expect your policy to provide the following:
- Coverage for the structure of your home: If your house is damaged or destroyed by a covered hazard such as lightning, a falling tree branch, an accidental kitchen fire, or high winds, your insurance policy can cover the cost to repair the damage or rebuild the home.
- Coverage for the personal property inside your home: Your mobile home insurance policy will provide you with contents coverage. That way, if your personal belongings are lost or damaged due to a severe weather event, fire, burglary, or another covered event, you can receive compensation for your losses.
- Coverage against personal liability lawsuits: If you, your children, or your pets are responsible for another person’s injuries or property loss, you may find yourself on the wrong end of a lawsuit. Mobile home liability coverage can cover your legal fees, court costs, and damages.
- Coverage for temporary housing: If your home is badly damaged by a covered event and you must live elsewhere while it is repaired or rebuilt, your mobile home insurance can cover the cost of a hotel and other various living expenses.
It is important to note that some things are not covered by mobile home insurance:
- Your house while it is in transit: This is not part of a typical mobile home policy. However, some insurance companies will offer temporary, partial coverage through a special endorsement while your home is being moved. Talk to your insurance agent to learn more.
- Flood damage: If your home and property are damaged by a flood, your mobile home insurance will not compensate you for your losses. Fortunately, independent insurance agents can also help you secure a reasonably priced flood insurance policy so that you have this added protection.
- Earthquake damage: There are some fault lines running through Colorado, putting residents at risk for earthquake damage. However, home insurance policies, including mobile home insurance, do not cover earthquake damage. For this, you will need to purchase a supplementary earthquake insurance policy. Independent insurance agents can help.
How Can I Find the Best Mobile Home Insurance in Colorado?
Mobile home insurance is offered by many different insurance companies. How do you know which one to choose? A local independent agent can help you find a reliable policy that not only offers all the coverage you need but also comes at a highly competitive price. There are more than 250 independent insurance agencies in Colorado, so it should be easy to find one near you.
Contact a local insurance agent to get more information and to start comparing customized mobile home insurance quotes.
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