You have purchased your Missouri mobile or manufactured home for a reason. Whether it was the appeal of affordable living or to accommodate your aging parent and to keep them close, you want to protect your investment with mobile home insurance. Before you search for manufactured home insurance quotes, there are a few things to keep in mind.
Why Is Mobile Home Insurance Important?
Your home is just like traditional homes found anywhere in Missouri. You keep your belongings there; you invite family and friends over to share a meal. You take care of your home. Not having built it on a foundation like a home doesn't mean you care for it any less.
Mobile and manufactured homes are becoming extremely popular. These types of residential structures accounted for more than 70 percent of the growth of affordable housing in the 90s. Billionaire Warren Buffet knows a good investment when he sees one. That's why, in 2007, he spent the $750 million necessary to buy out Clayton Homes, the nation's top manufacturer of mobile homes.
And, just like any proud homeowner, you want to protect the place where you rest your head at night. A well thought-out mobile home insurance policy will do just that.
Why You Need Specific Insurance for Your Mobile Home
Site-built homes generally tend to increase in value over the life of a 15- or 30-year mortgage. Manufactured or modular homes, however, generally decline in value over time, which makes them more like vehicles or business equipment in the eyes of MO insurance companies.
Besides the differences in valuation over time, mobile and manufactured homes also have different levels of risk from site-built homes.
Mobile homes are at increased risk for damage due to weather, as manufactured structures are typically not built on a foundation (modular homes are an exception.). Additionally, the building materials tend to be lighter in weight than with site-built homes, and they are statistically riskier for fire damage.
It is for these reasons insurance companies offer a different kind of policy to protect your specific type of home. Your mobile, manufactured or modular home is likely perfectly safe, but your insurance company carefully measures the risks you face in your home when they issue you a policy.
What Does Mobile Home Insurance Cover?
Your mobile home policy helps protect your mobile home, and structures that are on the same piece of land as the home but are not attached to it (such as a shed or detached garage), from all forms of loss unless they are specifically excluded in the policy.
Covered perils include, but are not limited to, fire, windstorm damage, damage from falling objects, lightning, explosion and more. Tornadoes and other natural disasters can strike Missouri with little notice. You can also get these protections:
- Protection for your personal property: Your policy may also include protection against a wide range of damage to your personal property. Personal property coverage also applies while your property is located away from your home, but with a lower maximum limit and a smaller range of perils against which you're insured.
- Personal liability protection: Unfortunately, accidents can happen, and, if you unintentionally cause bodily injury or property damage to someone who doesn't live in your home, you could have large, out-of-pocket expenses due to court costs or damages. Your mobile home policy can pay for the medical expenses of someone who does not live in your home in addition to the damages or defense costs due to a covered accidental circumstance.
What Does Mobile Home Insurance Cost?
Your mobile or manufactured home is your greatest asset and protecting it against loss is vital. If you choose the least expensive policy, you may not have adequate coverage to rebuild after a catastrophic loss.
In general, you can expect to pay between $250 and $1,300 per year for manufactured home insurance. Your actual mobile or manufactured home insurance quotes will depend upon a number of factors, including the following:
- Location: Missouri neighborhoods with higher land values, higher incidents of severe storms or wildfires, or more crime will typically have higher mobile home insurance rates.
- The value of your home: As with site-built homes, mobile and manufactured homes vary in value. For example, a singlewide home in a mobile home park has a much lower value than a full double-sized home on land 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: The amount of liability coverage you want, the amount of personal property coverage you want and the deductible you choose will all affect the price of your mobile home insurance. When you select a deductible, you are choosing the portion of the loss up to which you will pay. Be sure this is an amount you can afford. Many people make the mistake of choosing a very high deductible to lower their premium, but find they cannot afford to pay that much in the event of a loss.
Start Protecting Your Home
Your mobile or manufactured home is a great investment. You have chosen this affordable life for a reason, so protect that life by making sure you have insurance on your Missouri home.
Contact a knowledgeable Trusted Choice® independent insurance agent to find the most affordable, yet comprehensive, manufactured home insurance quotes available in Missouri.