If you're shopping for a mobile home insurance quote, it's important to know how your credit score and policy type can help you find a cheap home insurance rate. Homeowners can apply for a mobile home insurance quote for standard homeowner's insurance or manufactured-home coverage. Rates and benefits vary by plan and provider, so comparing several quotes can help you find the best deal if you're looking for cheap home insurance for a trailer or mobile home.
Like all insurance policies, your credit score affects the annual premium of your manufactured-home insurance. Depending on your state's regulations, insurers may or may not be required to notify you before they perform a credit check. To protect consumers, many states require providers to explain how information found in a credit check affects your rates. Although states regulate how much insurers charge for homeowner's insurance policies, rates do increase if you have a poor credit score. Fortunately, if your credit report improves you can request a reassessment after one year, which could reduce your homeowners insurance costs overall.
Manufactured-home insurance and mobile home insurance are intended for homeowners only. If you plan on renting or leasing your mobile home, manufactured-home insurance won't cover damage caused by tenants, so it's imperative to purchase a specialty policy designed specifically for landlords. Insurers can deny coverage if your mobile home is located in a remote, under-served or unprotected area. If your property is not located within reach of a fire pond or water hydrant, insurers can deny coverage or charger higher premiums.
When evaluating the risks of insuring a mobile home, underwriters look for certain building and construction requirements before offering a quote and coverage. Most underwriters use the same guidelines to determine a mobile home's eligibility for a manufactured-home insurance policy or traditional home insurance coverage. To qualify for a homeowner's insurance policy, mobile homes require anchors and building tie-downs as well as a concrete slab or approved mounting pier. The mobile home's age, roof pitch and composition can also affect your ability to find coverage. In many cases, insurers won't cover mobile homes that are older than 10 years or have flat, metal roofs. Customized add-ons not installed by the factory will also affect coverage availability. Wood-burning fixtures and heating systems not installed by the factory are one of the most common reasons for coverage denial.
Mobile homeowners have a quite a few options for dwelling coverage ranging from traditional homeowner's policies to coverage tailored to manufactured homes. Due to differences in coverage terms and policy premiums, homeowner's can save big by shopping for quotes for a number of policies.