There is a bumper sticker commonly seen in this area that reads: “I wasn’t born in Kentucky, but I got here as fast I could.” Louisville has something for everyone, which is why so many people choose to call it home. With just over 600,000 people within the city limits, the search for an affordable home that checks all your boxes used to be a difficult one.
Today, mobile homes are well-constructed and well-appointed and provide an inexpensive alternative to traditional houses. If you already own a mobile home or are thinking about purchasing one, be sure to get suitable Louisville, KY mobile home insurance. Mobile homes include trailers, manufactured homes, and modular homes. These structures come with specific risks that only a mobile home insurance policy can address.
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Popular Mobile Home Parks in Louisville
- Lazy Acres
- Whispering Oaks
- Derby Lane
- Green Acres
- Autumn Lake
What Is Louisville Mobile Home Insurance?
Because mobile homes are constructed differently than traditional homes, your insurance needs are different. Mobile homes are typically built off-site using lighter construction materials, and once they arrive at their intended location, they are assembled and then anchored to the ground.
Although the anchors used are usually quite stable, there is still an increased risk of detachment, especially during storms that produce heavy winds. Mobile home insurance takes this into account and policies include coverage for problems with anchoring systems. Though mobile homes have increased risks when it comes to damages, policies are usually less expensive than traditional homeowners insurance because the value of these homes is lower.
What Does Louisville Mobile Home Insurance Cover?
Your home is likely one of your largest investments. It is therefore essential that you maintain adequate insurance coverage to protect it. A typical Louisville mobile home insurance policy will include:
- Structural coverage: If your home is damaged due to certain events such as fire, a break-in or severe weather, your insurance policy will compensate you for the cost of repairs. It is a good idea to insure your mobile home for full replacement value rather than its actual value as these homes tend to depreciate in value and can be expensive to replace if you suffer a total loss.
- Personal property coverage: Also referred to as contents coverage, this provides coverage against loss or damage to the personal property you keep inside your home. Be sure to purchase coverage in an amount sufficient to enable you to replace all your belongings in the event of a total loss. Some more expensive items may require an additional rider in order to be fully insured.
- Medical payments coverage: If someone is injured while on your property, this will help pay for any incurred medical expenses.
- Liability coverage: If you are responsible for injuries or property damage to a third-party or if you are sued for libel or slander, this coverage will help to cover the costs of the liability claim, including any associated court costs and legal fees.
Keep in mind that a separate flood insurance policy and an earthquake insurance policy will be necessary if you wish to have coverage against these natural disasters because they are not included among the covered events in most mobile home insurance policies.
Choose the Right Coverage Amounts
While securing comprehensive coverage from a quality insurer is important, determining and maintaining the right amount of coverage is essential to your financial protection. For example, if your home is only insured for $30,000 but you have put an extra $10,000 worth of upgrades and renovations into it, you are underinsured. If a tornado swept your home away, you would essentially lose $10,000 because you did not update your coverage amounts. The same principle applies to your personal belongings. For this reason, many insurance experts recommend that you review and modify your mobile home insurance coverage every three to five years.
A certain amount of contents coverage is typically included with your mobile home policy at no additional charge. It is normally a percentage of the total value of your mobile home but it is rarely enough to fully cover all your belongings. Some insurance experts recommend that you tally up the actual value of all your personal belongings and multiply it by two. That should be a suitable amount of contents coverage.
Compare Louisville Mobile Home Insurance Quotes Today
In a city as large as Louisville, finding a reliable insurance agent can seem like a daunting task. When you work with an independent agent, you can be sure you are getting guidance and recommendations from someone who is on your side. All agents in our network have pledged to provide exceptional customer service and ethical advice to the members of their communities. Additionally, they will advocate for you if you need assistance during the claims process.
Find an agent with an office near you today and you can start comparing Louisville mobile home insurance quotes in no time.