Insurance is required when you finance a mobile home. There are many different reasons but the main reason is to protect your investment, as well as the lienholders investment.
Requirements:
Insure to the contract price. (It is advisable to insure the sales price.)
Automatic Endorsements:
Other structures (10% of the home's insured value) (ie. Addition, Artic Entry, Shed, ect.)
Personal Property (50% of the home's insured value), your TV, bed, furniture, etc.- (actual cash value)
Liability ($50,000.00 / $500.00 medical)
Basic Coverages
Fire
Vandalism
Landslide
Falling Objects
Explosion
Off Right-of-Way Collision
Attempted or Actual Burglary or Robbery
Water Damage from Bursting Pipes
Damage from Ink, Paint, Dye, Shoe and Nail Polish
Damage by Wild or Stray Animals
Damage caused by Faulty Blocks or Jacks
Collapse from the weight of ice and snow
Wind
Hail
Optional endorsements:
Replacement cost of mobile home (available on some homes.)
Replacement cost of personal property- replacement value as opposed to actual cash value.
Earthquake-When is the next BIG one?!
Increased liability up to $300,000.00 / $1,000.00 medical. Some parks require this endoresement if you have a dog, trampoline, or pool.
Insurance is required on all mobile homes, unless paid in full. It, however, is always a good idea to have your investment insured.
Remember, this is to protect YOU, YOUR personal property, and YOUR investment.
