Home » Factors That Affect Mobile Home Insurance Rates: How to Lower Your Premiums
June 28, 2024

Factors That Affect Mobile Home Insurance Rates: How to Lower Your Premiums

Mobile home insurance is essential for financially protecting your investment and offering peace of mind. Knowing the factors that impact your insurance rates empowers you to make informed choices and potentially lower your premiums.

How to Save on Mobile Home Coverage

The following are factors that can influence mobile home insurance rates:

  • Location—The location of your mobile home significantly influences insurance rates. If your home is in an area prone to severe weather like hurricanes, earthquakes, tornadoes or floods, expect higher premiums due to increased risk. Furthermore, neighborhoods experiencing higher crime rates can result in increased insurance expenses. On the positive side, being close to fire stations and hospitals can actually lower your rates. Before buying a mobile home, it’s crucial to research insurance rates in the specific area to make an informed decision.
  • Personal factors—Insurers take personal factors into account when determining rates. Maintaining good credit is essential, as a higher credit score typically leads to lower insurance premiums. Conversely, frequent or expensive claims can increase your rates, so aim for a claims-free history. Additionally, insurers use credit and insurance scores to assess your financial responsibility.
  • Mobile home features—Consider your mobile home’s characteristics when assessing insurance rates. Due to wear and tear, older homes often incur higher insurance rates. Additionally, installing safety features like smoke detectors, fire alarms and security systems can qualify you for safety feature discounts.
  • Coverage choices—Your choice of coverage directly impacts your premiums. Opting for higher coverage can offer greater financial protection but may also increase your premiums. On the other hand, higher deductibles can lower your premiums, although they come with increased out-of-pocket expenses during claims. Make your decision wisely based on your specific needs.
  • Discounts—Several discounts may be available to help you save on mobile home premiums. Bundling discounts may allow you to combine your mobile home coverage with other policies (such as auto or umbrella insurance) from the same insurer, resulting in significant savings. Staying loyal to the same insurer over time can lead to loyalty discounts, rewarding long-term customers with reduced premiums. If you maintain a claims-free history, insurers may offer a discount at renewal. Finally, purchasing a new mobile home or ensuring it’s securely tied down and fully skirted can also lead to additional savings.

Mobile Home Insurance in Hendersonville, NC

Understanding these factors empowers you to manage your insurance rates effectively. Contact Barnette & Coates Inc. to discuss mobile home coverage. We can recommend ways to save on your policy.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.


Categories: Mobile Home

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