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Arkansas is famous for its natural beauty, but it’s also prone to some extreme weather, namely floods, droughts, thunderstorms, and tornadoes. Add in the winter months where hail and ice storms are common, and you see why mobile home owners in the Natural State need to think about property damage.
Making sure that you have the right mobile home insurance is critical to protecting your assets and your lifestyle. After all, you can’t enjoy all Arkansas has to offer if you’re struggling to pay for repairs after a tornado damages your mobile home.
Arkansas’ 174,831 mobile homes are spread out across 269 mobile home parks, and account for almost 15 percent of all housing units. About 13 percent of Arkansans live in mobile homes, and the state ranks tenth in the nation for the number of mobile homes per capita. The average cost of mobile homes in the Natural State ranges from $50,000 to $100,000.
Arkansas mobile home insurance includes protection for your actual mobile home and the belongings you have inside of it. Policies cover perils such as fire, burst pipes, and windstorm. Moreover, our mobile home policies are all for replacement cost coverage, which means we don’t subtract for wear and tear when we pay claims.
In addition to covering your property, Arkansas manufactured home insurance covers your liability. This means if someone sues you for causing them injury or property damage, your insurer pays your legal fees up to your policy limits.
Other important protection found in Arkansas mobile home insurance include:
Mobile home owners who get a mortgage or loan are usually required to get mobile home insurance by their lender. Those that aren’t may still have to get a policy to stay in a mobile home park.
If you aren’t required to get mobile home insurance, you may still want to consider getting a policy. The reason is simple: claims can cost tens of thousands of dollars, and mobile home owners are responsible for all losses. A mobile home insurance policy is less expensive than covering these costs out of pocket.
Mobile home insurance premiums typically range between $300 and $1,000 per year, but insurance companies base rates on several factors, including your mobile home’s:
Getting an accurate mobile home insurance quote in Arkansas requires a variety of details about your property and your mobile home. The best way to know how much your policy might cost is to speak with us. There’s no obligation and the whole process takes just a few minutes.
Getting the most out of your insurance while getting the best possible deal is important. Look for discounts for:
The difference between mobile home insurance and traditional homeowners insurance can be confusing. Both protect the structure, other structures, personal belongings, and liability. Both cover the same types of losses, like fires, burst pipes, theft, vandalism, and windstorm. Both protect you with replacement cost coverage rather than actual cash value.
With so much in common, you might not think there are any differences, but there are. The first is the policy form. Mobile home insurance is written on an HO7 form, and homeowners is an HO3 policy. Why does this matter to you? Mainly because mobile homes have different risks that require the coverage spelled out in the HO7 form.
The different risks for mobile homes also means your premiums are higher than those for people who own traditional homes. Mobile homes are not built to the same building codes and standards, so they’re more prone to catastrophic losses and more pricey to insure.
How you’re insured will depend on whether or not you have a mobile home, a manufactured home, or a modular home. Each of these properties is similar yet has some critical differences that change how they are insured.
Mobile homes and manufactured homes are very similar. Both are built in a factory and designed to be towed on its own chassis to a plot of land. However, “mobile home” describes prefabricated dwellings built before 1976. Manufactured homes are the successor to mobile homes and abide by safety codes put out by the US Department of Housing and Urban Development. Because they abide by these safety standards, manufactured homes typically have a lower base premium.
Modular homes are yet another type of prefabricated dwellings, but they are different from mobile and manufactured homes in two key ways. First, they are built and transported in sections, often by a semi, and assembled on the owner’s chosen location. Second, modular homes do not have to follow HUD’s safety codes, but they do have to meet state and city ordinances.
Because insurers see modular homes as similar to traditional homes, they use traditional homeowners insurance policies to cover them. Mobile and manufactured homes use mobile home insurance.
To get the most accurate quote, have your mobile home vehicle identification number handy. You can find it on the data plate inside your mobile home or stamped on its steel frame. You might also want to do a home inventory to make sure you get enough coverage for your personal belongings.
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