Investing in a mobile home insurance policy may be a little more challenging than getting insurance for a traditional one since manufactured homes have more unique considerations. Because your mobile home will have specific needs, you should ensure that the one you get provides ample protection against most types of vulnerabilities present in your area.
In order to make the most out of your investment, choose a manufactured home insurance that can provide the best personal property coverage and mobile home insurance rates. It is also important that the mobile home insurance providers have a good track record of servicing satisfied clients.
Before we dive into the top 3 insurance providers, let’s first discuss if you need insurance, things you have to consider, and how to choose the best insurance carrier.
Do you need mobile home insurance?
When it comes to legalities, you are not actually required by law to purchase mobile home insurance policies upon acquiring a manufactured home. However, just because it is not mandated by the state does not mean that it is advantageous and in some instances, necessary.
As an example, there are some home lenders that would require the debtor to have a minimum amount of coverage before they can be considered for a mortgage. Moreover, a lot of mobile home parks nowadays require even standard mobile home insurance before the mobile home owner can park within the property.
Even if these two are not present within your area, purchasing mobile home insurance still stands as one of the best methods for protecting your person, your property, and valuables inside.
What should be considered when choosing the best mobile home insurance company for you?
Every homeowner has varied preferences and needs, which means there is not one company that best suits everyone. When comparing your insurance provider options, here are the most important things to consider that will help you narrow them down.
Your home’s location
The rates that apply to your home insurance coverage can heavily vary depending on your state, city, and ZIP code since different locations have different common losses.
For instance, in neighborhoods with high crime rates, home insurance would typically cost more than the average, but at the same time it is more necessary.
Common losses to assess in your location are:
- Crime Rates – If theft or home break-ins are relatively common in your area, your home insurance premium may get expensive. At the same time, you may want to opt for more coverage to protect yourself and your property.
- Weather and natural disasters – Some areas are naturally more prone to drastic weather conditions such as hurricanes, tornadoes, hail, thick snow, and the like. Living in these areas will usually have more expensive premiums available.
- Proximity to fire station – If your property is located within one mile of a fire station, your premiums turn out a bit cheaper. However, the further away you are and more common fires are in your area, the more you need to purchase high coverage limits.
Your home’s features
The cost of your home insurance can also differ based on your home’s square footage, material used in building, and safety features. For instance, if your home has an impact-resistant roof, a home security system, or other proofing factors, your insurance providers will be more inclined to lower your rate. When considering different insurance companies, it would be good to look for providers that offer ample coverage for the specific features your home has.
Similarly, if your home has a pool, yard, or other similar features, it would be best to check their endorsements that fit these or discounts if you purchase them as an add-on. Some examples would be water backup coverage or garden coverage.
Many homeowners often maximize their payout after they claim compensation by investing a replacement cost value (RCV) policy. With this policy, the insurance company will pay to either repair or rebuild your home back to its original value without factoring in depreciation. Though it may be more costly up front, it can be more advantageous if the need arises.
Their ratings
Search online for any third-party ratings you can find of the companies you are considering. One of the most recommended and highly trusted sources is J.D Power, as they feature overall customer satisfaction ratings, real client feedback, details on costs, agent interactions, and even their claim handling process.
Furthermore, check the insurance provider’s financial strength through AM Best and Standard & Poor’s. If the company has good, longstanding financial stability, they would most likely have enough funds to fulfill a policyholder’s claim.
Their quotes
In this competitive market, different insurance companies would understandably charge different rates for the same or similar types of coverage. Gather enough quotes from your top picks and compare which company you can maximize most of your budget on.
Furthermore, check for any discounts or bundles that each company may offer that could save you a lot of money in the long run. Some examples of these would be bundling your home insurance and auto policy, getting discounts for paying your annual premium in full, installing safety features, and/ or having no recent insurance claims on your records.
The 3 best mobile home insurance companies
According to various sources, reviews, and assessments by many trusted sites, the top 3 best mobile home insurance companies are:
Top 1: Allstate
Allstate has been around for quite some time now. It was first founded back in 1931 as part of Sears, Roebuck, and Co., and eventually became an independent company in 1995. They have over 113 million policies distributed across the United States and have earned its name as one of the best insurance providers for mobile home owners in the country.
Pros of Allstate:
- In the instance that you are the original owner of the mobile home, you are entitled to a 5% discount.
- If you are 55 years old and above, and are no longer working, you are entitled to a 10% discount.
- If you have home security systems in place, you can save up to 15% on your policy
- You have the option to purchase a Claim RateGuard add-on to ensure that your premium does not increase after a claim.
- You have the option to purchase coverage add-ons for valuable items such as sports equipment, musical instruments, and similar items
- They offer up to a 25% discount on your premium if you opt to bundle your mobile home policy and auto insurance policy.
- They offer up to 5% discount if you opt for automatic payments
- Available in all 50 states
- Mobile app available
Cons of Allstate:
- Some locations may experience limited customer service
- Loss of Use Coverage is not typically included in the standard packages
- The Liability Coverage cap is only at $500,00, which is lower compared to competitors.
- It can be difficult to request for a quote online
Top 2: American Family Insurance
American Family Insurance, also known as AmFam, is a private company that narrows down their products on property, casualty, life, health, mobile homeowners, and auto insurance. It was founded back in 1927 and has a rich history of offering solid retirement products in addition to the standard policies.
Pros of American Family:
- Requesting for an online quote is easy
- Has a Diminishing Deductible benefit, which lowers your deductible by $100 every year you opt to renew your policy
- You can save on your premium if you opt to bundle your mobile home policy with an auto insurance policy.
Cons of American Family:
- Despite good policies, they only cover mobile homes within 19 states.
- Claims processing may be slower than competitors
Top 3: Progressive
Progressive is one of the biggest insurers in the country, ranking third in all of the United States. It has earned its name on the top 3 list by serving their clients with solid policies since it was founded in 1937. Apart from impressive mobile home insurance, it is also ranked as the No. 1 commercial auto insurer.
Pros of Progressive:
- Has a mobile app and provides easy online quote
- Multiple payment plan options
- Offers Replacement Cost coverage option
Cons of Progressive:
- Not available in some states
- Utilizes underwritten policies from Assurant
You’re All Set!
A policy is an important investment that most accomplish in order to get enough protection for their private property and their resources if the situation calls for it. The main benefits of choosing the right company for you are ample coverage, relevant policies, and a smoother claiming process if the time comes.
