Buying a prefab home will feel like a completely different experience for homeowners. Although it can feel “alien,” getting homeowners insurance for these homes involves many of the same factors needed to get insurance for a regular house. This post will examine what factors determine rates for mobile home insurance.
Mobile home insurance’s typical cost ranges between $500-$1,500 per year. However, these numbers are a very generalized estimate at best. Various factors influence these costs, and house size is one of them.
Many mobile homeowners think that the insurance companies focus on housing type, but this isn’t true. It just so happens that certain mobile homes come in specific sizes. That some kinds of mobile homes may cost more or less than others. With that said, it’s worth noting how much mobile homes cost insurance-wise.
Mobile Home Insurance Coverage Examples (Per Year)
- Tiny House – $600
- ADU – $500-$1500
- Single-wide trailer – $300-$1,500
- Double-wide trailer – $400-$2,000
- Triple-wide trailer – $800-$2,700
As you can see, these types of mobile homes tend to fall in a particular category of size. Bigger units cost more to insure. Of course, size is just one factor determining your insurance premium’s cost. Covertree can save you up to 40% in less than 3 mins when you purchase online.
Personal Factors for Mobile Home Insurance
One thing that makes mobile insurance premiums so diverse is the personal factors that determine their costs. Two people can buy the same type of mobile home and have vastly different premiums. That’s because every homeowner has differing personal factors such as location and credit profile.
Location is a significant factor because your ZIP code could bring your premium up or down. Due to the climate or safety concerns, some locations are considered high risk. For example, a state like Florida poses more significant weather risks than Wyoming (due to hurricanes). That makes mobile home insurance in Florida more costly. Even locations in the same state can vary as well.
There’s also your financial history, such as previous insurance claims and credit history. Depending on your profile, your mobile home insurance could go up or down.
Condition of the Home
Your mobile home’s condition is another important factor for insurance providers. It’s not about whether the house is new or old. What matters is whether its condition poses a risk to the safety of its occupants. Older mobile homes tend to have more wear-and-tear that needs repairs, making them subject to higher insurance premiums.
For example, an aging roof could increase the risk of water damage. So can faulty wiring, which can pose a risk of electrical fires. The poorer the home’s condition, the higher the insurance cost will be.
Closely associated with this are repair costs. A mobile home that costs $300,000 will likely have a higher insurance premium than one costing $100,000. Also, mobile homes with fewer security features have higher insurance premiums due to increased risk.
Mobile Home Insurance Discounts
Providers for mobile home insurance often factor in your eligibility for discounts to help you save money. Most of these discounts depend on you having certain features or falling into a particular buyer profile. If you qualify for a discount, you could see a reduction in your insurance premium.
Types of Discounts
- Fire alarm/sprinklers – A standard discount is 5% off for having fire loss prevention systems in a mobile home.
- Security system – Having a security system installed in your mobile home can reduce your premium by 10%
- Impact-resistant glass – Installing glass that can withstand impact from flying or falling objects can save you up to 35% on your insurance.
- Storm shutter credit – Installing a storm shutter in your mobile home can save you 8-10% of your annual insurance costs.
- Being 55/Retired – If you’re 55 or older (or are retired), you can save up to 10% per year on insurance.
Other ways you can save on mobile home insurance include bundling. With this technique, you buy more than one product with the insurance provider. The insurance provider will likely offer a discount as a result.
Mobile Home Insurance that Benefits Your Pockets
The good news about mobile home insurance is that it’s relatively straightforward to apply for and affordable. It’s crucial to have because mobile homes are not immune to ravages of nature or man-made incidents.
A reasonable premium will cover your mobile home in the aftermath of an emergency and at a cost-effective price. Ultimately, you’ll have confidence that your livelihood is not at risk of being a total loss.
Here at CoverTree, we offer affordable mobile home insurance in just 3 minutes. Get your quote now and save up to 40% online!