Mobile homes may face a large amount of stigma in today's society. However, these homes, also known as manufactured homes, are becoming increasingly popular and well-built. Many people believe that you can't get insurance to cover a mobile home but, just like regular homes, insurance is available to cover mobile, manufactured, and modular homes. It's also an important part of homeownership, as mobile home insurance helps protect your family from loss and financial hardship when a disaster occurs that affects your mobile home.
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Maryland Mobile Home Facts
- There are approximately 23,000 mobile homes in Maryland.
- 3% of all new homes in MD are mobile homes.
- 11,400 structure fires occur in manufactured homes per year nationwide.
- Homes built after the 1976 introduction of HUD's manufactured home laws have a much lower incidence of fire.
Mobile homes are not the paper-thin counterparts of yesteryear. New mobile homes come with sturdy walls, vaulted ceilings, hardwood floors, and even sleek, modern appliances. The new manufactured homes are more expensive, but they are typically much more affordable than their traditional counterparts, or about 25% less expensive than a townhome. While mobile or manufactured homes may be cheaper, they are still homes, and still need insurance in place covering them from risks, damages, and disasters.
What is Mobile Home Insurance in Maryland?
Mobile home insurance in Maryland is a set of policies designed to protect your mobile home from damages. A typical mobile home policy may resemble the following:
- Property damage: Property damage can help you recover from events that cause damage to your home, such as fire, wind, rain, or vandalism. When choosing your insurance policy, you will have to choose your form of reimbursement. Typically, the options are actual cash value, which takes depreciation into account, or you can insure for replacement cost, which will give you the funds to purchase a mobile home of similar size and cost.
- Contents coverage: This coverage protects your belongings from disasters. If you have extremely expensive items, such as heirloom jewelry or artwork, you may have to get extra coverage for these items.
- Liability: Liability insurance covers you financially if someone is injured on your property. This coverage may help to cover medical fees and legal fees up to the policy limits.
- Flood insurance: Home insurance does not cover floods. Flood insurance is regulated by the National Flood Insurance Program (NFIP). The NFIP sets the prices and coverage amounts, and local insurance agents are able to sell the policies.
- Umbrella liability: Typically sold in $1 million increments, this insurance works to extend your liability coverage and help you in case of a lawsuit or accident that occurs on your property.
Mobile vs Manufactured vs Modular Homes: What's the Difference?
A mobile home is also known as a manufactured home. These two terms are used interchangeably, as both are manufactured in a factory, and then brought to the site whole, on a trailer. Since they are not attached to the ground, these homes are typically more prone to damage from storms. A modular home is a home that is manufactured in a factory but is assembled in pieces on site. Each piece of the home is typically brought in via big rig and trailer. These homes are attached to a foundation and are insured much like a traditional home.
How Much Does Mobile Home Insurance Cost in Maryland?
Mobile home insurance policies depend on a variety of factors. When shopping for mobile home insurance, be sure to make yourself aware of the following:
- Make/model of mobile home
- Age of mobile home
- Value of mobile home
- Integrity of electrical/plumbing systems
- If there is a security system in place
- Where the mobile home will be located
- If the mobile home will be moved
- Ages/driving records of residents
- Types of coverages desired
- Deductible preferred
All of these factors, and more, will be calculated in order to give you a mobile home insurance quote. Be sure to ask about available discounts, such as the following:
- Multi-policy discount
- New customer discount
- Loyal customer discount
- Good credit discount
- Security system discount
Each insurance company offers different discounts, so be sure to ask about any discounts you may be unaware of.
How Do I Get Mobile Home Insurance in Maryland?
When searching for the right mobile home insurance for your family, it's important to have an insurance agent that knows the industry and knows the risks, so you get the best protection at the lowest price. An independent agent is always available to help discuss coverage options, find discounts, or even help you file a claim.