Whether you are looking to buy a brand new mobile home in Delaware, or have enjoyed the convenience and affordability of manufactured homeownership for decades and are looking for a new policy, the importance of protecting your dwelling with mobile home insurance is clear. Before you search for mobile home insurance quotes, however, there are a few things to keep in mind. An independent insurance agent can guide you through the steps.
How Delaware Rates on Mobile Home Ownership
According to the American Community Survey:
- 11.7 percent of Delaware residents live in mobile or manufactured homes.
- The average price of a pre-owned mobile home in Delaware is $34,853.
- Delaware features 106 mobile home communities.
- The average property loss per mobile home fire in Delaware is $1,245.
Why is Mobile Home Insurance Different?
"Mobile" and "manufactured" are terms that typically signify the same thing. "Mobile homes" technically were those made before 1976, before the HUD code for factory-built homes was instituted. "Manufactured homes" are similarly built with lighter materials elsewhere and then transferred to the site where they are anchored to the ground - but they have updated safety codes and standards governing them. Even so, most people use these terms interchangeably. Because these materials pose higher risks to wind and fire damage, Delaware insurance companies offer policies that account for those risks. Generally speaking, the difference between homeowners insurance and manufactured home insurance is that, while site-built homes tend to increase in value (and thus your rates for insurance can raise over time), manufactured homes tend to depreciate, more like a car (so your insurance rates can lower over time).
A modular home is also built in a factory and transported to a site later, but because they are built onto their foundation much like traditional homes, a regular homeowners insurance policy is sufficient to cover these structures.
If you took out a mortgage to pay for your home, chances are your lender has certain requirements to be met with any insurance policy. Be sure to find out your lender's minimum requirements for any mobile home insurance policy.
If you rent your mobile or manufactured home, a renters insurance policy will protect you from losses.
What Does Mobile Home Insurance Cover?
The type of mobile home insurance policy and amount of coverage you need will depend on the size and value of your home, whether you own the land the home is built on and the risks in the area, among other factors.
Most Delaware insurance companies offer mobile home insurance that features:
- Mobile Home Liability Coverage: Helps pay for any liability you may have in the event a guest injures themselves on your property or in case you are sued and have legal fees that need to be covered.
- Property damage: Covers any significant loss to your mobile home that requires repair.
- Personal property: Covers the contents of your mobile or manufactured home in the event of severe weather, vandalism or theft.
Property can be insured in one of two ways: actual cash value or replacement cost.
- Actual cash value coverage takes depreciation into account. For example, if you own a 10-year-old stove that is damaged beyond repair by a fire in your home, this type of insurance will pay your claim only that which costs to replace a 10-year-old stove.
- Replacement cost coverage does not take depreciation into account. That 10-year-old stove would be replaced with a brand new one.
What Will My Mobile Home Insurance Quote Look Like?
Due to the fact that mobile homes come in all shapes, sizes and values, it is extremely difficult to estimate an average quote for mobile home insurance. On one hand, because mobile homes tend to be valued at less than traditional homes, the quotes on insurance policies tend to be less expensive as well. The Delaware insurance company you choose will most likely take the following into consideration when calculating your quote:
- Your location: If your neighborhood is at higher risk of fire, severe weather or property crimes, your insurance quote will reflect the increased risks.
- The value of your home: A single-wide home in a mobile home community will have a lower quote than a double-wide mobile home on 10 acres that you own.
- The age of your home: Older mobile and manufactured homes can be difficult and costly to insure because of the inherent risks of incidents such as weather and fire damage.
- The coverage you choose: How much liability coverage you need and whether you choose replacement cost or actual cash value to insure the contents of your home will affect the quotes you receive.
- The deductible you pick: When you select a deductible, you are choosing the amount that you will pay out of pocket in the event of a claim before your mobile home insurance coverage kicks in. The lower the deductible, the higher the quote tends to be; likewise the higher the deductible, the lower the quote. Don't skimp on the deductible just to save a few bucks on your quote, however. It's important to choose a deductible you could comfortably pay in the event you should need to file a claim.
How Can I Find Mobile Home Insurance?
The importance of finding the right mobile home insurance policy to cover you in any number of events is clear. Knowledgeable, independent insurance agents on the TrustedChoice.com network are always here to help answer any questions you may have about your mobile home insurance policy, suggest coverage options and even help you file a claim. Their years of experience in working with Delaware insurance companies enables them to find a number of quotes from a variety of providers, ensuring you only receive the most comprehensive quotes at competitive rates.
Contact an independent insurance agent in your area to find out how you can be protected with mobile home insurance that meets your needs and budget.