The old saying goes, “Home is where the heart is,” and in the state of Kentucky, homes are as diverse as the landscape of the state. Residents of Louisville and Lexington might call a townhome or condominium home, and those in rural Elliott County may have the only two-story single-family home for miles. For others, mobile homes are an affordable way to have a place they can call their own. Whether it’s located in a community or on family land, Kentucky mobile home insurance is vital to protecting your investment.
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Mobile/Manufactured Home Statistics
- 13.9% of all housing units are mobile homes.
- An estimated 560,000 residents live in manufactured or mobile homes.
- 36% of owners are 60+ years of age.
- Median household income is $26,900.
- Average sales price is $48,800.
- The state produces more than 2,400 homes each year.
- Average monthly housing cost is $330.
What Is Kentucky Mobile Home Insurance?
Mobile home insurance is a specific type of homeowners policy designed to deal with the specific types of risks associated with mobile homes. Mobile homes differ from modular homes:
- Mobile homes: Some insurance companies may refer to mobile homes as manufactured homes, but insurance policies are the same. The builder will typically build the mobile home in a factory using lighter material than in a traditional home and then place the home on a permanent foundation. The material is extremely susceptible to high winds. Since the home isn’t anchored to the ground, there is a greater risk of damaging the integrity of the structure. A normal homeowners policy won't address the needs of a mobile or manufactured home.
- Modular homes: Builders manufacture the home's parts in a factory and then build the home on a foundation from the parts. A normal homeowners policy is best for modular homes.
What Does Kentucky Mobile Home Insurance Cover?
While a mobile home insurance policy is similar to a homeowners policy, the coverage amounts you need, as well as exclusions, may be different. A basic mobile home insurance policy will include these coverage options:
- Liability coverage: If someone sues you due to an incident on your property that you are responsible for, this coverage can help pay for legal fees. You should purchase enough coverage to protect all your assets.
- Property damage: This option will pay for damage to your home (less your deductible) due to a covered loss. Mobile home insurance doesn't cover flooding, so you will need to purchase a separate flood insurance policy, especially if you live in a flood zone.
- Personal property: This option will help pay for your stolen or damaged personal belongings. You should insure your belongings at replacement value, and if you have anything that is especially valuable, you should ask your independent agent to help you schedule these items.
- Medical payments: This coverage will pay for medical bills due to injuries suffered on your property, up to your coverage limits. Keep in mind that serious accidents cost serious money.
Affordable Kentucky Mobile Insurance Quotes
Don’t let the price keep you from getting the coverage you need. Our agents can compare policies and quotes for you and find you comprehensive coverage based on your budget. Even if you aren’t legally required to have mobile home insurance because you own your home, it’s still a good idea. You never know when an accident can happen, but when it does, it pays to have an independent agent on your side.
Contact a member agent today to get started.