For many people, the last few years have highlighted the importance of being prepared for all kinds of emergencies. One form of preparation you may have overlooked is your mobile home insurance. Are you covered in the event of the total loss of your mobile home?
Though stressful, it’s worth considering expanding your insurance to cover your home for the full replacement cost. Even if you are already insured, some policies do not include coverage for natural disasters, like wildfire or earthquakes. Considering California’s increasingly severe fire seasons and tendency for earthquakes, this is an important factor to examine. Some policies have maximum payouts based on the current value of your home. Because mobile homes depreciate in value over time, an insurance payout for the current value is probably not enough to cover the cost of a replacement after a disastrous event.
One of the perks of insurance is peace of mind. No one wants to go through the nightmare experience of losing their home. Imagine experiencing that tragedy AND learning in the aftermath that insurance doesn’t even cover the expenses for a new home. Then factor in the additional costs to replace basic household needs like clothing, appliances, or furniture.
We recommend contacting your insurance provider to check that your home is insured against natural disasters and for the full replacement value. Be sure to ask about coverage for expenses specific to the total loss of a mobile home. Some of these include removing a destroyed home, preparing the lot for a replacement, purchasing a new home, mortgage payments, and replacement costs for belongings like clothes and furniture. Once you have a full picture of the coverage options, you will be better situated to make insurance decisions that best fit your needs.
