Older Mobile Home Insurance can be challenging and costly due to the unregulated building standards of these homes, which were constructed prior to 1976. The Manufactured Home Construction and Safety Standards (MHCSS) were created in 1976 by HUD. Mobile homes are those that were constructed prior to June 15, 1976, and manufactured homes are those that were constructed after that date.
Nevertheless, an independent agent should be contacted by homeowners seeking insurance for older mobile homes. While it is difficult to obtain online quotes for mobile homes, the process becomes increasingly challenging for older models. You can probably get a quote from a mobile home insurance company in your area from an independent agent. If you want coverage, you might have to buy it from a local insurance company rather than a national one.
Your insurance options may differ from those of a more recent model if your mobile home was built prior to 1976. Major insurers like Allstate and specialty companies like American Modern offer insurance for older mobile homes.
Older Mobile Home Insurance
It is pertinent to note the following:
- Because there were no manufacturing standards in place at the time, older mobile homes constructed prior to 1976 are more difficult to insure.
- A policy that covers an older mobile home has special coverage just for mobile homes in addition to the standard protections of a homeowners policy.
- Older mobile homes are covered by well-known companies like State Farm and Allstate, as well as specialty companies like American Modern and Foremost.
What is covered by older mobile home insurance?
The fundamental coverages of mobile home insurance are comparable to those of other homeowner’s insurance policies. They are:
- Dwelling coverage. The mobile home itself and anything attached to it, like a deck, are covered by dwelling coverage. For an older mobile home insurance policy, the recommended amount of coverage is $30,000 for a single-unit mobile home and $45,000 for a double-wide mobile home.
- Coverage for personal property. Everything you own, from your furniture to your towels, is included in this. This is usually calculated as 50% of the homeowner’s coverage.
- Loss of use or additional living expenses (ALE). Your additional living expenses or loss-of-use coverage will cover living expenses like a hotel if you are unable to live in your home because of covered damages.
You can also purchase mobile home specialty coverage such as trip collision coverage, which protects you while the mobile home is being moved.
What is not covered by insurance on a mobile home?
A standard mobile home insurance policy does not include certain types of coverage. Add flood insurance to your mobile home insurance if you buy it in Florida, Texas, or Louisiana.
Insurance against earthquakes, scheduled personal property protection for valuable possessions and even identity theft protection are all examples of endorsements for older mobile homes.
How to obtain insurance for an older mobile home
Be prepared before purchasing insurance for your mobile home. Find out what coverage you require by conducting research and comparing prices.
- Determine the value of your older mobile home. This amount can be found using J.D. Power’s NADA guides.
- To determine the amount of personal property coverage you require, conduct a home inventory of your belongings.
- To ensure that your older mobile home receives the appropriate amount of coverage, inquire about the addition of any additional endorsements to your policy.
- To find out how much you will have to pay when you file a claim, check the deductible.
- Last but not least, check the quotes from multiple companies and make sure you compare them. Find out which home insurance company offers the best deal for your older mobile home insurance policy by comparing coverage and pricing.
Why are mobile homes constructed prior to 1976 different?
Understanding the insurance industry’s treatment of manufactured and mobile homes is essential before purchasing mobile home insurance.
Most people think of properties built before 1976 as mobile homes. Even if they are the same size and design as older mobile homes, properties built after 1976 are considered manufactured homes. This is because the Department of Housing and Urban Development (HUD) did not establish building standards for manufactured homes under the Manufactured Home Construction and Safety Standards (MHCSS) until 1976.
After that, the term “manufactured home” was used to refer to homes constructed in accordance with MHCSS. Mobile home insurance is required for older mobile homes, not manufactured home insurance.
Which insurance providers cover older mobile homes?
It’s harder to choose the right provider because not all insurers cover older homes.
Some of the insurance companies that cover older mobile homes are as follows:
- The State Farm. State Farm offers a security system discount and discounts based on your mobile home’s age and year.
- If you are the original titleholder of your mobile home, you can get a discount of 5% from Allstate, one of the biggest home insurance companies in the country.
- American Modern. American Modern, a specialty company, has been providing insurance for mobile homes for more than 50 years.
- American Family. The Diminishing Deductible program from American Family enables you to accumulate incremental savings over time.
- This firm focuses on mobile homes and other specialized home insurance policies. It is a subsidiary of Farmers Insurance Group.
- To provide simple auto and home insurance bundles, Assurant collaborates with major insurance companies like Liberty Mutual and Geico.
How much does it cost to insure an older mobile home?
Each year, mobile home insurance costs between $300 and $1,000. However, where you live significantly affects how much your state’s average homeowners insurance costs. In Florida, for instance, the average price of mobile home insurance can range anywhere from $860 to $2,400.
The age and condition of your mobile home, the amount of your deductible, your claim history, and the coverage limits you select will all be taken into consideration by insurance companies when determining the cost of coverage for your older home. To make sure you get the right policy for you, an agent can help you look over your options for coverage and pricing for your home.
The cost of your insurance can also be affected by other factors, some of which are related to your age. These are some:
- The insurance companies that provide coverage for your postcode will take into account things like the crime rate in the area and whether you live in an urban or rural area.
- Insurance companies will always ask for the cost of rebuilding your house. This is not its market value but rather the cost of completely rebuilding it. Rebuilding costs are likely to be higher for older homes due to the higher cost of the necessary materials.
- Older homes may be more susceptible to subsidence due to their shallower foundations. When the ground beneath a house sinks, the house is called a “subsidence.”
- Flood risk which will be more dependent on where your property is than on its age, but older properties may have better flood defenses.
- Having a lot of security measures in place like CCTV and burglar alarms, may help you save money on your insurance.
- Your insurance may be more expensive if you have made claims in the past. Your insurance is likely to be less expensive the longer you can go without filing a claim.
- Whether your home is occupied or not, insurance companies see empty homes as a greater risk. If you have to leave your home unoccupied for more than 30 days, you might have to pay more for insurance or run the risk of losing your coverage.
How can older mobile home insurance premiums be reduced?
To lower the cost of your mobile home insurance, you can employ many strategies that are applicable to any insurance policy:
- Adapt the levels of coverage. If you need to, you can reduce costs by increasing your policy’s coverage. In the event of a claim, just make sure your coverage levels are sufficient.
- Make your credit better. Rates are based on your credit score which can be improved by making timely payments and paying down debt.
- Make the deductible higher. Rates go down when you raise your deductible. However, if you have a claim, you will have to pay more.
Discounts for older mobile home insurance policies
Discounts are a great way to cut costs on mobile home insurance policies. They are:
- Placement: You may be eligible for additional savings if the older mobile home you own is in a park for mobile homes.
- Safety measures: You could receive additional discounts for having a safe home by installing security or smart home devices.
- Consistent coverage: You could save even more money by keeping coverage on an older mobile home uninterrupted.
- No claims. Your mobile home insurance company may reward you with a lower premium because of the lower risk you pose if you do not file a claim within a predetermined time frame.
- No paper bills. Many insurance companies will give you a discount if you choose electronic statements to help the environment.
- You could also install exterior LED security lights or lay gravel on your drive or footpath—the sound of people walking over it deters burglars.
- Purchase a policy that covers both your building and your contents. Sometimes, it can be cheaper to buy both policies separately.
- Improve fire safety: Installing smoke detectors is always a good idea, especially if your house has a thatched roof.
- Keep up with maintenance: By properly maintaining your property, you can prevent costly disasters from arising from minor issues. Keep your home in good shape by clearing out the drains and gutters on a regular basis and looking for signs of mold and dampness.