Mobile Home Insurance - Things You Really Need to Know

Like traditional homeowners insurance, a mobile home insurance policy is crucial in protecting your home and its contents. Unfortunately, many people do not understand what type of insurance coverage they need, or that they can even get coverage to start with. There are many insurers offering mobile home policies, but you need to take a little time and make yourself familiar with various coverage's and options before signing up for any policy. Here are three areas that you really need to be aware of.

Coverage on the home itself

Obviously, the most important part of any mobile home insurance policy is protection on the actual home itself. Be sure you have high enough policy limits to cover you in the event of a total loss. Don't forget about any out buildings or tool sheds you have on your property. Having a natural disaster is bad enough, but not having coverage to provide for replacement of your loss is even worse. A good policy will always cover you from loss by fire, storms, vandalism, smoke and other natural disaster.

Do you live in a flood plain? If so you will need to purchase a separate flood insurance policy. Mobile home or traditional home insurance policies do not cover you in the event of flood damage. This has been a huge matter in recent hurricane in New Orleans and the surrounding area.

Coverage on your personal property

Next, you want to be sure you have adequate coverage for your personal contents. The best way to keep track of all that you have is to do an inventory. Write down all of your major items such as big screen TV, computers, stereo or home theatre, appliances, etc. Take pictures of everything, especially any kind of collectables, including jewelry. This will help in proving ownership in the event of a catastrophe. Keep these records in a safe or in a safe place that is not in your home.

If you have ever went through a serious claim situation before then you know how important it is to keep an inventory. In addition, it also helps you determine the total amount of contents coverage you need. Yes, it will take a couple of hours to complete your inventory, but I can assure you that it is time well spent.

Liability coverage

Finally, you will want to be sure you have good liability coverage with your mobile home insurance policy. It is your liability insurance that covers you in the event someone gets hurt while in your home or on your property. It will provide protection for any medical bills as well as any potential lawsuits that may arise. It should also provide for your legal defense in the event of any lawsuits.

What is the right amount of liability protection to have? $100,000 is the minimum you would want to have. $500,000 and up is preferable, especially if you have teenagers and pets such as a dog. Here in the U.S. we have become a very litigious country, and being protected is a must! You should also take steps to be sure your home and property are free from excess clutter. Be sure your walkways, porches, and driveway are in good shape and not an accident waiting to happen so to speak.

Your mobile home is not only your biggest asset, but it is your home. Be sure you have a good mobile home insurance policy in place that will protect you for years to come in the event something was to happen out of your control.