Insurance companies that offer mobile home coverage often have the ability to offer add-on policies. These policies can cover debris removal in the event of a severe storm, replacement of trees following a storm, food spoilage and even food spoilage. However, you may need to pay more for these optional coverages.
Comparing mobile-home insurers
You may be interested in which insurers offer best rates if you have a mobile home. Your home's condition and roof are just a few of the factors that insurers consider when determining your premium. Your home's type and features are also considered by insurers. A single-wide floorplan may be more expensive than a dual-wide. Also, the premium will rise if your mobile home is older. There are many companies that offer discounts to customers who purchase certain safety features. This can reduce your premium.
Also, consider how much coverage you will need. Most policies provide coverage according to square footage. But your mobile home may only have $50-100 per square feet. You will need to consider the age of your home when determining how much coverage is necessary. Insurers will often offer coverage based on replacement cost for newer mobile homes, while older homes may only receive coverage of 35 percent of their original cost.
Types of coverage available
There are several types of coverage that mobile home insurers offer. The first is dwelling coverage, which covers your mobile house. The second type covers other structures, which includes features not found in a mobile home. In addition, liability coverage protects you financially if you are sued. You can also opt to have medical payments coverage. This is an extension of liability coverage and covers your medical expenses for injuries you sustain or those of your family members.
Mobile home insurance also covers personal property. It will cover you if your belongings get stolen, damaged or lost. If you become disabled due to an accident, your personal property coverage will pay for your medical bills and loss of earnings. Personal property coverage will provide protection for your personal items while you are away, but not your vehicle. It's also worth considering liability coverage. It will cover legal fees and medical expenses resulting from accidents you may cause.
Discounts offered
There are many ways to get a discount on mobile home insurance. Many mobile insurers offer discounts to homeowners who have multiple policies or bundle their insurance with others. You can also get discounts for installing a security system or setting up autopay.
For instance, if you pay your premiums on time each year, some insurers will provide a discount. You can also qualify for a discount if you sign up for autopay or opt for electronic delivery of your bills. You may also be eligible for discounts from other insurers if you have multiple vehicles. There may also be a discount for seniors or first-time homeowners.
The likelihood of filing for a claim is determined by your credit score
A credit-based credit score is a three digit number that is calculated on the basis of statistical analysis of a consumer’s past credit history. It is a reliable indicator of future claims costs. Research from Tillinghast Towers Perrin as well as the Casualty Actuarial Society has shown that claims rates are higher for those with lower credit scores than for those with higher credit scores.
Insurance companies use credit-based insurance scores to set rates and determine risk. Lower premiums can be achieved by having a good insurance rating. Poor insurance scores will result in higher premiums. A credit score can range anywhere from 200 to 997, with higher scores indicating a lower risk. These scores are calculated by the relevant financial information, including your payment history, credit history, and debt.