What is mobile home insurance?
Insuring a mobile home is a little different than insuring a traditional single-family house. For mobile homes, Vermont residents should usually get mobile home insurance.
Mobile home insurance is a type of homeowners policy specifically for mobile and manufactured housing. It’s adjusted for the construction, value, and other unique aspects of these homes.
Who needs manufactured home insurance in Vermont?
Most residents who own mobile homes in Vermont need insurance. Manufactured home insurance is usually the right choice for single-wide homes, double-wide homes, and factory-built housing.
Insurance is often required by lenders or community regulations, and it’s broadly recommended regardless of any such requirements.
What protections do manufactured home policies offer?
Manufactured home policies typically come with several main coverages, and others may be purchased separately. Some of the main coverages that policies typically have are:
- Dwelling Coverage: Insures the mobile or manufactured home itself against damage from various perils.
- Personal Property Coverage: Insures belongings within the mobile home or on its lot against theft or loss by a covered peril.
- Loss of Use Coverage: Provides certain living expenses, such as food and lodging, if the mobile home becomes temporarily uninhabitable.
- Personal Liability Coverage: Insures against liability lawsuits that could be filed against the homeowner.
What’s the difference between a named perils and open perils policy?
The risks that a manufactured home policy protects against are frequently referred to as “perils.”
A named perils manufactured home policy protects against the specific perils that are listed in the policy, and no more. An open perils policy protects against all risks unless they’re specifically listed as excluded perils. In most cases, open perils policies offer broader protection than do named perils policies.
What is the difference between actual cash value and replacement cost coverage?
The dwelling or personal property coverage that a manufactured home policy provides may be on an “actual cash value (ACV)” or “replacement cost (RCV)” basis. ACV insures property to its value at the time of loss, taking into account its depreciation due to age or wear and tear. RCV generally insures for the cost of replacing property with new materials, which can be a much higher amount.
Is flooding covered by manufactured home insurance?
Flooding normally isn’t a peril that manufactured home insurance protects against. Residents who are concerned about flood risk can get assistance from an independent agent who writes flood policies.
Are mobile home policies different from manufactured home policies?
While HUD distinguishes between manufactured homes (built after June 15, 1976) and mobile homes (built before June 15, 1976), insurance policies generally don’t make a significant distinction between the two. The same types of policies can normally cover both mobile and manufactured homes.
How much does insuring a mobile home cost?
The cost of insuring mobile or manufactured housing depends on different variables, including the cost, age, and location of the home. An independent insurance agent can request custom quotes from various insurance companies.
Where can Vermont residents find mobile home insurance?
If you have a mobile or manufactured home in Vermont, whether a permanent residence or seasonal second home, contact Burlington Insurance Agency for assistance. Our independent agents will work with you to find an affordable mobile home insurance solution that protects you and your family.
