Osborne Insurance Agency insures these types of mobile homes:
– Homes of any value
– Homes of any age
– Owner-occupied mobile homes
– Seasonal mobile homes
– Rental mobile homes
– Commercial mobile homes
– Mobile homes on private property
– Mobile homes located in a park
– Even customized mobile homes
What to look for in mobile home insurance
For the most security, a mobile home insurance policy – like all property/casualty policies – should do two things:
It should pay for certain kinds of accidental damage to your home, belongings, or other structures. Coverage for this kind of damage is called physical damage coverage. Common examples of events that cause physical damage to your property include fire, wind, vandalism, and falling objects.
It should protect you against claims or lawsuits filed against you by people who are accidentally hurt by your actions or because of your activities. Coverage for these kinds of claims and lawsuits is called liability coverage. Claims might include medical expenses, lost wages, pain and suffering, and even property damage. Liability coverage should also help you pay for your defense in the event of a lawsuit. Liability coverage does not pay claims for injuries to you or the members of your household.
Mobile home insurance policies are not all alike
Most mobile home insurance policies provide these two basic kinds of coverage. However, the amount and degree of coverage can vary dramatically from one policy to another. That’s why it’s so important to compare policies before buying. What looks like a bargain at first glance can end up costing you hundreds, even thousands of dollars in the event of a claim.
That’s particularly true when it comes to physical damage coverage. Some policies only cover specific causes of loss. These “named peril” policies can leave you financially vulnerable if you suffer a loss not specifically covered in the policy.
Mobile home insurance policies like those from Foremost, on the other hand, automatically cover most direct, sudden and accidental perils, and list the few causes of loss that they don’t cover in the policy. These are sometimes called “comprehensive” policies.
Similarly, liability coverage can vary from policy to policy. Not so much in terms of the type of coverage, but in the amount of coverage. You need to be sure that whatever mobile home insurance policy you choose provides enough liability coverage to protect you in the event you are sued and a judgment is made against you. That amount may be $100,000, $200,000 or more – not necessarily what comes “standard” with a mobile home insurance policy.
Other things to consider
Be sure to check the deductibles and coverage limits in a mobile home insurance policy, too. A deductible is the portion of the loss that you agree to pay out of your own pocket. A coverage limit is the maximum amount a company will pay for a covered loss. Obviously, all other things being equal, a policy with lower deductibles and higher limits would be preferred. However, lower deductibles and higher limits can result in higher premium costs.
Then there are the intangibles. Things like claim service, company reputation and accessibility can make a big difference in which mobile home insurance policy will give you real peace of mind. You want to make sure that the company behind the policy has the dedicated personnel and financial resources to be there when you need them most.
