According to the most recent U.S. Census, there are 145,087 occupied mobile homes here in the Land of Enchantment. These homes provide an affordable way for many of New Mexico’s citizens to become homeowners, especially in a faltering economy. A comprehensive mobile home insurance policy can help protect the investment that 18.6 percent of this state’s households have made in their residences. If you are among the many mobile homeowners in New Mexico, comparing manufactured home insurance quotes can enable you to save money by purchasing the most affordable policy.
Average Value of Mobile Homes in Major NM Cities
- Albuquerque: $43,922
- Las Cruces: $59,347
- Rio Rancho: $99,002
- Santa Fe: $75,023
- Roswell: $37,058
- Farmington: $87,784
What Is Mobile Home Insurance?
Mobile home insurance is a type of homeowners insurance policy that is designed specifically to meet the unique coverage needs and risks faced by owners of manufactured or modular homes. These types of homes have evolved over the years and most of the newer ones look far more like traditional homes than trailers. Manufactured homes are typically built in a factory and then transported, in parts, by truck to their intended permanent location. There, they are assembled and anchored to the ground. Although these anchors are quite strong, these homes are more susceptible to wind damage than are homes built on an actual foundation.
While modular home parts are also manufactured in a factory, they are assembled onto a foundation much like site-built homes and are therefore insurable under a traditional homeowners policy. In addition to providing coverage for property loss and damage, mobile home insurance policies also protect residents of New Mexico from liability claims including libel and slander. If a guest is injured on your property because of negligence on your part or if your pets or children cause injuries or property damage to others, your mobile home insurance may provide the necessary compensation to cover medical and repair costs.
Mobile Home Insurance Covers Weather Damage in NM
Storms with heavy winds, torrential downpours, hail, and tornadoes are not uncommon occurrences in New Mexico. Inclement weather events such as these can cause serious damage to manufactured and modular homes because these houses are built with lighter materials and because strong winds can cause their anchoring mechanisms to loosen or break.
Another risk faced by mobile homeowners is flooding. While floods do not take place frequently in this state, they do happen. When flooding occurs in homes that are built on slabs, the water cannot be contained to basements and therefore damages living areas of the home, destroying furniture and expensive electronic equipment. Mobile home insurance in New Mexico does not cover flood damage. The only way to get protection from this type of disaster is by supplementing your policy with an NFIP-backed flood insurance policy.
Burglary Rates per 1,000 Residences in Major NM Cities
- National average: 7.02
- Albuquerque: 10.84
- Las Cruces: 11.35
- Rio Rancho: 6.13
- Santa Fe: 28.28
- Roswell: 12.65
- Farmington: 5.26
Mobile Home Insurance Covers Property Crime Losses
The most recent statistics place the national average burglary rate at about 6.70 burglaries per every 1,000 residences. New Mexico’s burglary rate of 10.25 significantly exceeds the national average. And in cities such as Santa Fe and Roswell, the risks are even greater. Because your policy will compensate you for losses brought on by theft, owning a home in a high-crime area will increase your mobile home insurance rates.
You can protect your home with dead-bolt locks, burglar alarm systems, and well-lit entryways. This will decrease your chances of becoming a victim of a home invasion. As an added bonus, it may also earn you lower rates on your mobile home insurance policy through policy discounts. If your home is burglarized, first ensure that you and your family are safe and then call the police to file a report. You will need a copy of this report as well as a list of stolen property when you contact your mobile home insurance company.
How Much Does Mobile Home Insurance Cost in New Mexico?
Mobile home insurance policies are a bit less expensive than traditional home insurance policies because these homes cost less to rebuild if they are destroyed in a catastrophe. The cost of your policy will vary according to a number of factors including:
- The location of your home: Homes in areas with higher property crime rates will cost more to insure.
- The amount coverage purchased: This includes the amount purchased for each of the three coverage types, among them:
- Structural coverage
- Contents coverage
- Liability coverage
- Your deductible: The lower your deductible, the higher your premiums will cost.
- Your credit score: Many people are surprised to learn that a high credit score can result in lowered insurance rates.
You may also qualify for discounts on your property if you:
- Bundle your mobile home insurance with another policy, such as auto insurance.
- Have a home security system installed in your home.
- Opt for automatic electronic payments each month.
- Have a claims-free policy renewal.
Different New Mexico insurance companies will have different discount offerings. Be sure to ask about possible discounts when requesting manufactured home insurance quotes.
Compare Mobile Home Insurance Policies in New Mexico
Obtaining manufactured home insurance quotes in New Mexico can be time-consuming and frustrating. Working with an independent insurance agent can make comparison shopping easier. Local agents understand the unique risks faced by members of their communities and can help you obtain a suitable policy that meets both your coverage and budgetary needs.
Find an agent in your New Mexico neighborhood today to learn more about your coverage options and to start reviewing manufactured home insurance quotes.