A mobile home insurance policy in Monroe MI can protect against damages due to storms, vandalism, and accidents. Standard policies cover both the exterior of the building and the belongings stored in the home. Some policies also cover damage or loss sustained to unattached structures, such as a shed or garage. One of the main differences between a mobile home and a traditional home structure is that a mobile home depreciates over time. An insurance policy will reduce the amount of coverage for a total loss by the amount of the mobile home’s depreciated value. Browse our website for more information on policy coverage.
Total Loss
While a mobile home insurance policy in Monroe MI will protect homeowners against a total loss, they will want to implement a savings plan to cover the costs of depreciation. Most policies will cover the value of a mobile home park’s model home minus depreciation in the event of a total loss. A total loss occurs when the home is either completely demolished, or it is more expensive to repair the damage than it is to replace the home. A mobile home originally worth $30,000 that has depreciated by $10,000 means the insured individual will have to cover the $10,000 in depreciation, while the insurance company will pay $20,000 towards a replacement.
Coverage
Although it is best to check with an insurance agent to determine appropriate coverage amounts, most policies cover damages to the home itself, theft of the owner’s personal property stored within the home, damage to the owner’s personal property, and any damages from those who chose to sue the owner from sustained injuries on the property. Examples of covered damages that can occur to the exterior or interior include fires, hail storms, wind storms, and falling trees. Liability coverage protects the owner in case of a lawsuit for personal injuries that can occur from slips, falls, and dog bites.
Taking out a policy for mobile home insurance is a sound investment as these homes is more vulnerable to physical damage. Since the cost of mobile homes are usually substantially less than a traditional home, the cost of some portions of the policy may be less expensive. However, since these types of homes carry more risk due to the vulnerability in certain geographic areas, check with an agent before determining how much to budget.
