Unlike traditional houses, mobile homes are typically constructed without a standard concrete foundation. Because of their configurations, a different type of coverage policy is needed to protect their unique structures. Allstar Insurance in Lincoln, NE, specializes in providing comprehensive and affordable mobile home insurance designed for customized needs. The locally owned agency answers some of the top FAQs about the plan and its features.
FAQs About Mobile Home Insurance
What Does Mobile Home Insurance Cover?
Most policies cover repair and replacement costs related to property damage. This includes the actual mobile home, anchors, and structural support systems. The plan also typically covers personal property items that are stolen or damaged as a result of theft, fire, harsh weather, and other natural disasters. One additional feature on most policies pays for liability claims if you or someone else is injured in the mobile home.
How Do I Determine The Amount Of Coverage Needed?
The premium payments are often determined by the mobile home's value and personal property items. Expensive possessions such as computers, appliances, jewelry, and electronics may increase the number of premiums. The amount of coverage is also determined by the extent of liability coverage for bodily injuries and legal claims. One good way to calculate how much insurance you need is to compare rate quotes among several policies.
Am I Required to Have Mobile Home Insurance?
Similarly with standard houses, coverage is generally required if the mobile home is financed through a bank or another lender. The main reason is that the financier wants to protect their investment from damages and other costly risks. Insurance rules are different in each state, but lenders will typically want a policy in place until the mobile home is completely paid off.
Will I Be Eligible for Any Tax Deductions?
If you secure a mobile home insurance policy, you may qualify for several tax deductions. For instance, property taxes paid on the home are typically tax deductible. Annual interest payments, as well as pre-paid interest, (also known as points), may also be deducted on your state and federal income tax returns.
If you're in the market for a mobile home, let the professional and friendly team at Allstar Insurance help you secure a budget-friendly policy. Receive a free, no-obligation insurance quote today by calling (402) 477-0900. You can also request a quote online where additional information is regarding a wide range of policy options.