New Jersey is home to many small communities, which add to the charm of the Garden State. Hoboken is one of these places and is well known for its cool shops and funky bars. Small communities have a variety of affordable housing options, making them attractive to people of all ages. Many residents in this state own a mobile home or manufactured home, and for these residents, it’s important to have a New Jersey mobile home insurance policy.
Buying a New Jersey mobile home insurance policy is a lot simpler when you work with an independent insurance agent in our network. Independent agents can help you compare New Jersey manufactured home insurance quotes and find an affordable policy.
New Jersey Mobile Home Statistics
- During previous years, mobile homes made up 9% of the housing market.
- The average property loss in NJ from fire was $2,642.00.
- The average household income recently in NJ was $66,672.00.
How Does New Jersey Mobile Home Insurance Work?
A mobile home, also known as a manufactured home, has its own unique insurance policy which is different from a standard homeowner’s policy. Mobile homes are constructed in a different manner, allowing for individual risks that you might not have with a traditional stick-built home. Here are some facts about mobile and manufactured homes, vs. traditional site-built homes:
- Whereas a standard home is built on a foundation, mobile homes are built in a factory. They are brought to a site where anchors are used to fasten them to the ground.
- A mobile home uses lighter materials than you would find in a standard home.
- The term "manufactured home" was introduced in the 1970s to distinguish mobile homes built with new HUD standards.
Is a Modular Home the Same As a Mobile Home?
Modular homes are different from mobile or manufactured homes. Even though a modular home is built in a factory, it is not transported in large completed sections. Modular homes are constructed on-site like a traditional home and are made with similar materials. Also, a modular home is not fastened with anchors but is situated on a foundation like a standard home. Consequently, insurers treat modular homes the same as they do standard homes and these homes can be covered under a standard homeowner’s policy.
New Jersey Mobile Home Insurance Coverage
The type of policy coverage that’s available for a mobile home is very similar to the coverage found in a standard homeowner’s policy. The only difference is that you’re rated differently, so your premium may differ. Coverage for your manufactured home includes:
- Liability coverage: This policy provides coverage if you’re responsible for causing property damage or bodily injury. The injured party can make a claim with your insurance company to receive compensation, but if you’re sued, this coverage also aids with legal defense, legal fees, and possible settlement amounts.
- Property damage: This portion of your policy will pay for repairs or the replacement of your mobile home from damage caused by fire, wind, vandalism and other covered perils.
- Personal property: This portion of your policy provides coverage for your personal possession if they are damaged, destroyed, stolen or vandalized. Note that it is important to review this portion of the policy carefully to ensure that it meets your needs, and to add additional coverage for valuables.
- Medical payments: This policy provides coverage for medical expenses if someone is injured on your property.
What Does New Jersey Mobile Home Insurance Cost?
While New Jersey mobile home insurance costs can range from $600 to over $1,000 annually, there is really no reliable average cost for these policies. This is because insurers consider a number of different variables, such as:
- The value of your manufactured home.
- The amount of coverage you want for your personal items.
- If you purchase additional insurance policies such as flood insurance.
- If you buy additional liability coverage.
- The type of policy you buy. For example, you may be able to choose between ACV (Actual Cash Value) or replacement cost.
Whether or not your mobile home qualifies for replacement cost coverage will depend upon the age of the mobile home and the insurance company. Work with a local independent agent to find the right coverage for your needs at a rate you can afford.
Where Can I Buy Mobile Home Insurance?
A local independent agent in our network can help you find the right New Jersey mobile home insurance for your needs and budget. One of these agents can answer all of your questions and help you compare a range of New Jersey manufactured home insurance quotes from different insurance companies so you can make the best possible decision for you.
Contact an independent agent today to ensure that your mobile home is properly protected.