You may have chosen the affordable living that mobile or manufactured homes offer to residents of the great state of Oklahoma. You may have found the perfect mobile home in the perfect neighborhood. Now, it's time to find the perfect mobile home insurance policy to protect your house and belongings. Before you search for quotes on mobile or manufactured home insurance in Oklahoma, however, you should consider the following information.
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Why Do You Need Mobile Home Insurance?
Due to the materials used to construct them, mobile home insurance is a little different from site-built home insurance. Mobile or manufactured homes also differ from traditional houses in that they simply rest unanchored on a foundation, which poses a different set of risks to those living in them.
Modular homes, on the other hand, typically get the same coverage as site-built, traditional homes, even though the building components ship from a factory for assembly onto a foundation.
No matter its construction, your home is important to you and your family and is likely your biggest asset. Finding the right mobile home insurance policy will protect you from losses due to damage or injury.
Why Do Insurance Companies Treat Mobile Homes Differently?
Unlike traditional site-built homes, which generally increase in value over time, mobile homes (no matter how well you maintain them) depreciate over time. For this reason, Oklahoma insurance companies treat them more like vehicles, business equipment and other depreciating purchases when it comes to managing risk.
Additionally, mobile and manufactured homes, because they only rest on a foundation, are at increased risk of damage due to fire, storms and other natural occurrences.
Your home is more than likely perfectly safe. However, it is because of these differences from traditional homes that OK insurance companies have a unique category of mobile home insurance to address your specific needs.
What Does Mobile Home Insurance Cover?
If you take out a mortgage loan to make a purchase, your lender may require you to carry certain types of insurance on your mobile or manufactured home. Be sure to check with them before making any decisions. Most Oklahoma insurance companies offer several types of mobile home insurance coverage, including the following:
- Property damage: This coverage protects your home in the event of a natural disaster or home fire.
- Liability insurance: This coverage protects you financially in the event that someone suffers injuries in your home or on your premises and files a claim or lawsuit.
- Contents coverage: This coverage protects your personal property within your home. You can typically choose from two types of contents coverage:
- Actual cash value: This type of coverage pays for lost personal belongings at their current value. For instance, the insurance company would pay out only what a 10-year-old stove would go for on eBay (the actual market value of a used stove).
- Replacement cost value: This type of coverage pays the amount that it would cost to replace your belongings with new items. The insurer would pay to replace that 10-year-old stove with a brand new one. If you have older appliances in your mobile home, it may be a good idea to opt for this type of coverage.
The amount of coverage you need depends on several factors including the value of your home and belongings and the personal assets you want to protect. It is a good idea to take time to evaluate the replacement cost of your home and belongings as a starting point for how much coverage you will need.
Mobile Home Insurance Rate Quotes
When you buy a mobile home insurance policy from an Oklahoma company, the price of your quote depends on several factors, including the following:
- The value of your mobile home
- The type of policy you choose
- The deductible you choose
- The value of the personal property you wish to insure
A mobile home with basic furnishings will cost less to insure than one with upgraded hardwood floors, and granite countertops.
When deciding on a deductible, it's a good idea to review the family budget. Some people choose a higher deductible than they can afford to pay. In the event of a fire or storm (things Oklahoma is known for), some people find they cannot pay to repair their mobile home or replace their property. Don't overestimate your ability to pay a deductible in the event of a disaster. It may save you a few dollars on your premium now, but could cost you dearly later.
Find the Best Mobile Home Insurance in Oklahoma
Now that you know why mobile home insurance is in a category by itself and you are equipped with some tips on how to protect yourself, you can start searching for mobile or manufactured home insurance quotes. Even better, you could contact a knowledgeable Trusted Choice® independent insurance agent: let your agent's experience and skills do the searching for you.