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Are you a mobile home owner in Florida looking for the most affordable insurance options that offer comprehensive coverage? Look no further! In this article, we will discuss the cheapest mobile home insurance companies in Florida and guide you through what coverage you need to safeguard your home. Let’s dive in!
Which are the Cheapest Mobile Home Insurance Companies in Florida?
Finding the cheapest mobile or manufactured home insurance in Florida depends on whether you want windstorm coverage. Let’s explore the options:
American Traditions
American Traditions currently has the largest market share of mobile home insurance in Florida. With an average annual rate of $1,210 (about $101 a month) for coverage including wind damage, it offers the most affordable rates in the market.
Pros:
- Cheap annual rates
- Tailored coverage options
Cons:
- Can be difficult to reach customer service by phone
- Additional criteria required to cover mobile homes built before 1982
Tower Hill
Tower Hill is the next best option for affordable mobile home insurance in Florida. With an average annual rate of $1,424, it offers competitive rates and additional coverage options like flood, food spoilage, and coverage against mold damage.
Pros:
- Low rates
- Extensive coverage
Cons:
- Downgraded financial strength by A.M. Best
- High customer complaint rating
Citizens
If you are unable to find insurance coverage elsewhere on the private market, Citizens may be an option for you. It has an average annual rate of $1,542 for mobile home insurance coverage including wind damage. However, its coverage options are somewhat limited, so it’s considered a last resort.
Pros:
- Can usually offer coverage if unavailable elsewhere
- May offer more affordable rates than private companies
Cons:
- Limited coverage
- High customer complaint rating
Safe Harbor
If you live along the coast of Florida, Safe Harbor is specifically designed to provide home insurance products for you. Their average annual rate for mobile home insurance is $1,575.
Pros:
- Various coverage options
- Easy claims process
Cons:
- Very little comparison rating information
Foremost
Foremost, known for offering the first mobile home insurance in the country, provides a strong mobile home insurance package with comprehensive add-ons. However, it has the highest average rate among the companies we surveyed, at $1,862 a year.
Pros:
- Strong reputation
- Excellent coverage
- Comprehensive add-on options
Cons:
- Expensive rates
- Additional living expenses not part of standard policy; only as add-ons
What Does Mobile Home Insurance Cover?
Mobile home insurance, also known as an HO-7 policy, offers comprehensive coverage for your home and belongings, as well as liability coverage and more. Here are the key coverage types:
- Dwelling coverage: This coverage handles the structure of your manufactured home, including external structures such as a shed or staircase.
- Personal property: Your belongings, including clothes, furniture, and electronics, are included under this coverage.
- Liability: This covers repair or replacement of personal property of others damaged in your mobile home, as well as medical and legal fees for injury to others you’re responsible for.
- Medical payments: Covers medical expenses for someone hurt on your property, regardless of who’s responsible.
- Loss of use (LOU): If you need to temporarily relocate while your home is repaired, many policies also cover the additional costs of the relocation, known as “loss of use.”
What Mobile Home Insurance Do I Need in Florida?
Florida state law doesn’t mandate mobile home insurance, but if you’re financing your home or living in a mobile home community, you’ll likely be required to carry it. Here are some factors to consider when selecting mobile home insurance:
Age
When looking for a mobile home policy, consider the age of your home. Prefabricated homes built before June 1976 may have limited coverage options or high premiums due to the lack of regulatory standards. Homes built after this date, known as “manufactured homes,” follow regulations and generally have more coverage options available.
Replacement Cost
Ensure that your dwelling coverage limit matches the replacement cost of your home. Most mobile home insurance policies provide dwelling coverage at its “actual cash value,” which accounts for depreciation. However, some providers offer the option of full replacement cost coverage, which covers the entire replacement but comes at a higher cost.
Personal Property
Evaluate the coverage for personal property. While most policies cover personal property at actual cash value, consider opting for a replacement cost upgrade. Creating a home inventory list can help determine the amount of personal property coverage needed. It includes item descriptions, serial or ID numbers, and costs, making claim resolution faster and easier.
Flooding and Wind
Flooding and wind damage are common risks in Florida. However, flood coverage is not part of a standard mobile home insurance policy. If you live in a high-risk flood zone, your lender may require separate flood insurance. Some mobile home insurers offer flood insurance add-on options.
For areas prone to windstorms, it’s essential to check if windstorm damage is included in your policy. If not, consider purchasing a separate windstorm insurance policy to protect against the potentially high costs of such damage.
Now that you have a better understanding of the cheapest mobile home insurance options in Florida and what coverage you need, you can make an informed decision to protect your home and peace of mind.
FAQs
Stay tuned for some frequently asked questions about mobile home insurance in Florida.
Conclusion
Protecting your mobile home is crucial, and having the right insurance coverage is the first step towards securing your investment. From affordable rates to comprehensive coverage options, the cheapest mobile home insurance companies in Florida offer a range of choices to meet your needs. Remember to consider the age of your home, replacement cost, personal property coverage, and additional coverage for flooding and wind. By choosing the right policy, you can enjoy peace of mind knowing that your home is protected, no matter what comes your way.
