Did you know, if you own a mobile or modular home, there are specific underwriting procedures and coverages that go beyond typical property insurance? In FL, mobile home insurance is necessary in an environment where anything can happen. Mobile homes are covered differently than typical properties; when you apply for a mobile home policy, your insurer will look at the following criteria:
- Type of Occupancy -Whether you own, rent or lease your mobile will determine the level of coverage you will need. For instance, if you own, you will be underwritten on an Open Peril basis, meaning that you will be covered for losses regardless of the event. If you are a tenant, on the other hand, you will more likely have a Named Peril policy, which restricts coverage to specific catastrophic events.
- Age of Unit -The age of your modular unit will also determine the kind of coverage. Most FL mobile home insurance companies will cover homes of all ages, however most focus on homes greater than 10 years old. If your mobile home is less than 15 years old, though, your policy will likely cover the cost of a new home replacement.