By Durand. Mobile Home Insurance. Published at Wednesday, March 07th, 2018 - 00:58:02 AM.
When confronted with the choice, choose a Replacement Policy. Though this type of policy is significantly more expensive, you will not receive less than what it will cost to repair damage in the event of a claim, only less your deductible. Consider it a forced savings account. This policy is more common with site-built homes or mobile homes that are on property that you may own instead of rent/lease. What does a mobile home insurance claim cover? A typical insurance claim that was caused by a broken water pipe would cover the damage to the home and your property as a result from water damage. The repair to the pipe would not be covered because it is considered home maintenance. This repair would be paid for by the home owner. Another example of what a claim may or may not cover is a leaky pipe. Any damage that would result from the leaking pipe would NOT be covered. Insurance companies only cover sudden and accidental occurrences. Items that are "leaking" are considered lack of maintenance and fall under the home owner's responsibility.
Mobile home insurance protects your mobile home and other structures you own that are not attached to it. It pays to replace or repair your mobile home after it's been damaged by fire, storms, vandalism, lightning, explosions, plumbing leaks, or other incidents named in your policy. There are two types of coverage - replacement cost coverage and actual cash value coverage. Replacement cost coverage pays to replace your mobile home after it's destroyed. Actual cash value coverage also pays to replace your home after it's destroyed, but only for it's depreciated value. Standard policies do not cover your mobile home while it's being transported, but you can purchase trip collision coverage if you expect to move it.
A mobile home insurance policy caters to the specific needs of owners of such. The coverage provided by this policy is similar to that of the regular homeowner's policy. However, it is specifically designed to meet the specific needs of the policy holder. Besides the mobile home, coverage also includes personal property and personal liability. Unless specifically excluded in the policy, your policy will cover your home and adjacent structures from all forms of loss. Coverage includes, without limitation, loss or damage by fire, windstorm damage, damage from falling objects, lightning, explosion, and more. Generally the policy will not cover a mobile home while it is in transit.
If there is an accident involving a mobile home and someone got injured or suffers property damage arising from negligence on the part of the mobile homeowner, liability protection takes care of the medical and hospital bills, lost wages, and pain and suffering. It also pays the money needed for legal representation. This comes in if the injured person sues and legal charges are incurred. For people that are looking for how to get maximum coverage for their mobile homes, other protection plans are also available. The plans include: Additional living costs, debris removal and clean up, earthquake coverage, emergency repairs and food spoilage/waste. There is also mobile trip coverage which becomes active during movements; water backup coverage takes care of damage arising from out-flowing sewers or drainage ducts; and replacement cost coverage, which totally pays off the mobile home if there is total loss.
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