According to the Manufactured Housing Institute, roughly 22 million Americans live in a mobile home. Purchasing a mobile home is a great investment for people who are looking to downsize or reduce their living expenses. But before you move in, consider getting mobile home insurance to protect your home against damage and theft.
Manufactured home insurance is similar to traditional homeowners insurance. Most mobile home insurance policies cover the structure of your home, your personal belongings and basic liability. Certain events are covered under your policy, and you’ll have to meet a specific deductible before the insurance will pay for a claim.
Best mobile home insurance companies
Purchasing mobile home insurance can be a difficult process if you’re not sure where to start. There are dozens of insurance providers on the market, so how do you know which company will give you the best value?
To simplify your insurance shopping experience, we put together a list of the best mobile home insurance on the market today. To evaluate these companies, we looked at price, policy offerings and customer reviews.
- Allstate
- American Family
- Farmers
- Foremost
- Geico
These manufactured home insurance providers are the top insurers on the market. However, different companies are better suited to different types of homeowners.
Best mobile home insurance company for retirees: Allstate
Many people downsize their living space as part of retirement. If you’re over 55 and retired, Allstate is your best option for affordable mobile home insurance. The company offers a 10% discount on premiums for retirees.
Best mobile home insurance company for discounts: American Family
With a policy from American Family, there are a variety of ways you can save on your premium. The company will lower your premium if you set up autopay, enroll in paperless billing, pay your policy in full, have home safety features installed or have bought your home in the last three years.
Best mobile home insurance company for non-smokers: Farmers
Farmers doesn’t offer many discounts on its manufactured home insurance policies. But one of the discounts they do offer is geared towards non-smokers. In most states, Farmers customers can save money on their premium if everyone in their household hasn’t smoked in the past two years.
Best mobile home insurance company for extra coverages: Foremost
Foremost is a little-known insurance company, but according to its website, it’s the market leader for mobile home insurance in the United States. In addition to basic coverages, Foremost mobile home insurance offers a number of add-on coverages for extra protection. Customers can choose to get coverage for trees, lawns and shrubs, additional living expenses, debris removal and food spoilage.
Best mobile home insurance company for basic coverage: Geico
If you’re looking for a bare-bones policy at an affordable price, Geico is a good option for you. Geico offers mobile home insurance policies through Assurant, and while the policies aren’t anything special, they will give you the coverage you need to protect your home and belongings. Geico also makes it easy to get a quote online.
Do I need mobile home insurance?
Technically, mobile home insurance is not required by state law. With that being said, it’s hard to get away without having it. If you have a mortgage on your manufactured home, the lender will probably require you to have a minimum amount of insurance before you can get approved. Similarly, most mobile home parks will require insurance before you can legally put your home there.
Even if you’re in the rare situation that doesn’t require insurance, you will still probably want it to protect your home and belongings.
What do mobile home insurance policies cover?
If you’ve ever had traditional homeowners insurance, you’ll notice that mobile home insurance is similar to a more traditional option. Here is what is covered under most mobile home insurance policies:
- Dwelling: Dwelling coverage protects the physical structure of your home.
- Detached structures: Most insurance policies also cover structures that aren’t connected to your main home. This includes fences, garages or sheds.
- Personal property: Personal property coverage pays to replace the items inside your home if they get damaged by a covered peril or if they’re stolen.
- Liability: Liability coverage pays to protect you in a lawsuit if someone gets injured on your property. It will also help you pay for damages that you cause to someone else’s property.
Typically, the covered perils for a mobile home insurance policy are the same for each provider. Expect all basic policies to cover damage from fire, wind, explosions, theft, snow and ice and vandalism. Earthquake and flood damage are not covered under mobile home insurance policies—those require a separate policy.
How much does mobile home insurance cost?
The cost of mobile home insurance depends on your circumstances. Based on the sample quotes we received for each of the five providers on our list, the average annual cost came out to $ 1,000 per year. Our sample quotes were for a single, 26-year-old female living in Austin, Texas.
What factors affect the cost of mobile home insurance?
Besides your deductible, there are a variety of factors that impact how much you’ll pay for mobile home insurance. Insurance companies take into account personal factors, like your gender, age, marital status, employment and credit score. The price will also differ based on where you live, and if you’re in an area that’s at risk for severe weather. Lastly, certain factors about your home affect the price, like how old it is, what it’s built with and the size.
Different insurance companies use different calculations to determine your rate, so get several quotes to find the best option for you.
Mobile home insurance is as important as traditional home insurance. By getting this type of insurance, you are protected from the costs of damage and liability. Talk to insurance providers to get coverage and the peace of mind that your assets are taken care of.
