Mobile and manufactured homes can be excellent housing options for many people, due to their lower cost, and the fact that they require less maintenance than a similarly sized single-family conventional home. These homes are often attractive to “empty nesters” who are downsizing, and young people just starting out in home ownership. They are also an option for those who may want to relocate, as mobile and manufactured homes can be transported to a new home site.
Unfortunately the same feature that makes these homes mobile puts them at greater risk of loss or damage. Because they are usually not built onto a foundation, these homes can experience more damage in storms and strong winds. To protect your assets when such an event occurs, be sure to get the right Rhode Island mobile home insurance policy for your needs.
Just like owners of site built homes, mobile home owners need insurance to protect their home and their assets. If you own a mobile home, also called a manufactured home, you need a policy specifically tailored to your home’s construction type. Because these homes are built with different materials and standards, and they are anchored in place rather than built onto a foundation, they are insured differently than site built homes.
Modular homes are sometimes confused with mobile and manufactured homes, in that they are also factory built. However, instead of being fully assembled in a factory, they are built in sections which are then assembled on site, similar to a site built home. While you need mobile home insurance if you own a mobile or manufactured home, you typically need a standard homeowners policy for a modular home.
Rhode Island mobile home insurance, like conventional homeowners insurance, typically covers both the structure of your home and your home’s contents, if you suffer a loss. It covers damage from fire, severe weather, high winds, vandalism, or any other covered event. For example, if your home is damaged by fire, and you have the right coverage in place, you can file a claim that will cover some or all of the cost of your repairs.
Your policy will also provide protection against injury and property damage claims by a third party, such as a visitor or neighbor. A liability claim can result if you are at fault for harm caused to another person or their property, whether due to an accident or an act of negligence. For example, if you accidentally allow your dog to run free and the dog bites someone, that person can file a liability claim against you, or file a lawsuit that seeks compensation for damages.
Mobile home insurance is generally similar to homeowners insurance, but it is its own category because of increased risk of structural damage, due to the type of construction, and the fact that mobile homes generally lose value over time, while site-built homes tend to increase in value.
When you are looking for the right coverage for your needs, it pays to compare rates. Every insurance company has a unique method of calculating premiums, and your costs will depend upon the factors each specific insurance company takes into account. These factors can include the size and age of your home, the location of the home, how it is anchored or strapped, and whether you have made any specific changes to make your home more valuable, or to reduce your risk of burglary, fire and other threats.
To compare Rhode Island manufactured home insurance quotes from several insurers, contact a local independent agent in the Trusted Choice® network. These agents work with many different companies and can provide options and rates from several insurance companies. Find a local agent today to get started.