Planning on purchasing a mobile home and are interested in protecting your investment? Because mobile homes are
different than traditional houses, you may be wondering whether there's a specific type of insurance policy that
will cover mobile homes. The short answer is yes, mobile home insurance
policies do exist! To learn
more, stick around!
What qualifies as mobile and manufactured homes?
Before we get into what mobile home insurance entails, we first need to define what exactly qualifies as a mobile
home:
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Mobile homes
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Modular homes
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Mini homes
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Tiny homes
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Double-wide home
What does mobile home insurance cover?
Similar to traditional homeowners insurance, mobile home insurance will contain the following policies:
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Personal liability coverage: Personal liability coverage will protect you if a third party
liability claims they suffered a bodily injury on your property or in your mobile home. It also protects you
if you cause damage to a third party's personal property. It covers the cost of medical expenses, legal
fees, repairs, replacements, and other associated expenses.
-
Dwelling coverage: Dwelling coverage protects your mobile home against certain perils like
theft, vandalism, fire, high winds, and other perils by paying for repair costs if the physical structure of
your home is damaged.
-
Personal belongings coverage: Also known as contents coverage, your personal belongings will
be protected if they suffer damage or theft as the result of a covered peril that's listed in your mobile
home insurance policy.
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Additional living expenses: If the physical structure of your mobile dwellings is damaged by
a covered peril to the extent that it is unsafe to live in, additional living expenses will cover the cost
of accommodations, meals, and other associated costs until you are able to safely move back into your mobile
home.
Now that you have a better idea about what your homeowners insurance coverage covers, we should also mention what
your mobile home insurance policy doesn't coverage, so you have a better idea of whether optional policies are worth
investing in for your mobile dwelling:
When it comes to the appliances in your
mobile home,
you may be wondering whether your home insurance
policy will provide coverage in the event
your major appliances are damaged. It depends on the circumstances that caused your appliances to be damaged in the
first place.
For example, if a fire starts in your home and the interior of your property, including your appliances, is damaged,
then you would be covered under your home insurance policy, given that all standard policies list fire damage as a
covered peril. However, if your appliances are damaged as a result of flooding, you would need to purchase extra
coverage in the form of overland insurance to be covered by your existing policy.
Other exclusions include intentional damage to your mobile home or detached structures on your property, damages that
arise as the result of criminal activities, and other of course, perils not listed in your mobile home insurance
plan.
Optional coverage
To supplement your basic mobile home insurance, there are optional coverages you can add to your portfolio for added
peace of mind.
-
Sewer backup insurance: Sewer backup in your home can cause significant health concerns and
damages. If you live in an area with older municipal plumbing or do not have a backwater valve or sump pump
installed, sewer backup
coverage is a great way to
give you peace of mind should the unexpected happen.
-
Home business
insurance: Do you operate a business in your mobile home?
Home business
insurance protects you if certain
damages or losses in your home arise from your business activities. Without this coverage, you wouldn't
be able to claim any losses, meaning all expenses would need to be paid out of your own pocket.
-
Overland water coverage: While you may not be able to prevent flooding in your
area, overland flood insurance will protect you in the event a nearby body of water floods and
damages your home. This can help ensure that mould
damage
resulting from floods is covered by your mobile home insurance, which is otherwise not automatically covered
by standard plans.
-
Identity theft coverage: Identity theft
coverage can pay for the
cost of a new card, such as a passport, credit card, and other important documents that may be stolen from
your property, including the cost of recovering your information.
Is mobile home insurance required?
No, whether you live in a mobile or manufactured home, home insurance is not mandatory. It is up to you as the owner
to choose whether or not you wish to protect your investment from potential perils.
What is the average home insurance cost in Canada?
The average home insurance cost
in Canada is approximately $1000. This cost will vary significantly based on numerous factors, however.
How are mobile home insurance premiums calculated?
When it comes to calculating mobile home insurance rates, there are several factors an insurance company will
consider when determining your overall risk profile. Here's a closer look at some of the factors that are taken into
account:
Where you live
Where your mobile home is located will play a major role in what your insurance costs are. Insurers will look at how
close your home is to a fire hydrant, if you live near large bodies of water, what the crime rates are in your
neighbourhood, and more.
The age of your mobile home
The age and current condition of your modular homes are also taken into consideration. Older mobile homes will likely
be more of a risk to insure compared to newer homes. Insurance companies are looking for what type of sewage system
and electrical wiring your home has, and whether they are up to current safety and building standards.
The replacement value of your mobile home
Another important factor considered is the total value of your mobile home and your personal items. Mobile homes that
have a higher replacement value tend to pay more than ones with lower values, given that your insurance provider
will need to pay more in the event you file a claim for damages.
Your claims history
If you've previously purchased insurance, whether it be for a mobile or manufactured home, your insurance provider
will take a look at your claims history. Homeowners with numerous insurance claims are often seen as more of a risk
to insure compared to those who have not filed a claim before. Make sure you prevent home insurance claims with
routine maintenance and yearly inspections!
The coverage limits you choose on your mobile home insurance policies
Higher coverage limits will cost more than basic coverage options, given that you'll have more financial protection
in the event you need to file a claim in the future. Additionally, if you choose to supplement your basic coverage
with optional coverages, you will also need to pay more money for the extra protection.
Your deductible amount
Finally, the deductible amount you choose will also play a role in how much you'll end up paying for your mobile home
insurance policies. Opting for a higher deductible means you'll need to pay more out of pocket at the time of a
claim before your mobile home insurance kicks in to cover the remaining costs. Because you're taking on more
financial responsibility, your insurance provider will lower your premiums to balance costs out. In contrast, opting
for a lower deductible could mean an insurance premium increase.
How to save on mobile or manufactured home insurance
At BrokerLink, we believe that home insurance, whether it be for your mobile or manufactured home, should be
affordable. To help you save on insurance costs the next time you're up for a renewal, consider these tips and
tricks to keep more money in your pocket:
Ask about discounts
Did you know that there are numerous discounts available to homeowners purchasing insurance? Whether it be a
multi-policy discount, remaining claims free, bundling your home and auto insurance, or installing security cameras
on your property, it's likely that you qualify for at least one discount.
Pay for your mobile and manufactured home insurance upfront
If you're able to afford to do so, consider paying for your mobile or manufactured home insurance upfront. Insurance
companies typically tack on monthly fees to those who pay monthly as they need to process each payment.
Consider your coverage options
Consider your coverage needs and only pay for coverage you'll benefit from. The key is to get affordable rates and
enough coverage you can feel confident in.
Compare mobile home insurance quotes
before signing your insurance contract, make sure to compare mobile home insurance quotes from different providers to
find the best mobile home insurance deals available!
How to prevent costly mobile home repairs
Preventing an insurance claim with your insurance company under your mobile home insurance policies is essential if
you want to keep your costs low. Here's how to avoid expensive mobile home insurance quotes:
Manage pest infestations with routine maintenance
Pest infestations are considered
preventable by most home insurance companies, and because of this, any type of pest control is technically the homeowner's
responsibility. Remember, home insurance provides coverage to homeowners for damages that result from unexpected
and unpreventable perils like weather damage, making it unlikely for your insurance company to cover pest
infestations that can be prevented with ongoing maintenance.
Install gutters and downspouts
Not all mobile or manufactured homes have gutters and downspouts installed when purchased. To prevent flooding,
consider having these features installed. By doing so, you can divert water away from your property and prevent
water damage from occurring.
Keep surrounding soil healthy
Soil erosion can lead to all types of structural instabilities, especially if your mobile home is installed on a
permanent foundation. To ensure the surrounding soil on your property is healthy, you'll want to ensure it's not too
wet or too dry throughout the year.
In the winter, you can prevent water from pooling around your mobile home by installing a French drain. In the
summer, water your soil frequently to ensure it does not dry out completely.
Keep heating system working
To ensure the heating system installed in your mobile home works seamlessly throughout the winter, ensure that you
have it professionally maintained in the fall. Doing so will ensure you're able to keep a warm indoor temperature
when exterior temperatures plummet, which will help prevent bursting pipes that cause water damage and other issues
in your mobile home.
Get affordable home insurance with BrokerLink
If it's your first time buying home insurance, navigating the insurance world can be a daunting experience. To ensure
you feel confident in the insurance coverage you choose, consider partnering with an experienced broker from
BrokerLink.
At BrokerLink, we help homeowners find affordable insurance for their mobile and manufactured homes. With access to
some of Canada's top insurance providers, our brokers can help you shop around and compare mobile home insurance
quotes before customizing an insurance plan that works for your needs and budget. Beyond standard insurance for
manufactured and mobile homes, BrokerLink can also help you acquire the following insurance:
If you're interested in working with BrokerLink, don't hesitate to come visit us at one of our many locations across
the country. If you aren't close by, you can still contact us over the phone to speak with a broker at any time.
Alternatively, if you're simply browsing for rates, get a free, competitive mobile home insurance quote using our
online quote tool with just a few clicks!
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