INSURANCE MANDATORY FOR MOBILE HOMES?

IS HOMEOWNERS

DO YOU NEED HOMEOWNERS INSURANCE FOR A MOBILE HOME?

While you aren't obligated by law to have mobile home insurance, you'll likely still want it. For one, most mortgage companies you'll go through to buy a mobile home will require insurance to be purchased.  Second, if you plan to live within a mobile home community, many of these require coverage to stay there.

WHAT DOES MY MOBILE HOMEOWNERS POLICY COVER?

Mobile home insurance is similar to traditional homeowners insurance. That means you can customize what's included in your policy. A basic policy will typically cover: Physical Damage — Should accidental damage occur to your home and other permanent structures, this coverage will pay for the costs. The degree to which you are covered and the amount you will pay varies from one policy to another. Personal Liability — This type of coverage is meant to offer protection if a person is injured on your property and you're held liable. It is meant to help with legal fees and medical costs.

ADDITIONAL POLICY OPTIONS INCLUDE:

Personal Property — Coverage for your personal belongings. Should items you own be damaged or stolen, your policy will protect you. Additional Living Expenses — When your home suffers damage that's covered by your physical damage policy and forces you to temporarily live elsewhere, this coverage is meant to help with things such as rent and hotel costs. Peril Policies — This type of coverage has low premiums but high risk. You have limited coverage, meaning if your mobile home suffers damage not included in the listed perils, you'll be on the hook for costs.

WHY IS MOBILE HOME INSURANCE MORE EXPENSIVE?

The cost of mobile home insurance is often higher than standard homeowners insurance because of the higher risk that's associated with owning a mobile home.

THE AMOUNT YOU'LL PAY FOR YOUR MOBILE HOME INSURANCE WILL VARY DEPENDING ON NUMEROUS FACTORS.

 The different factors that determine the cost of mobile home insurance include: – The value of the mobile home – The foundation – The size of the home – The state you live in – The presence of security features and safety devices – Weather conditions and risks unique to your location – The year of construction – The amount of coverage – The deductible

ARKANSAS INSURANCE SERVICES