Even though small houses can be built on a foundation, many people prefer to build them up on a trailer frame to make them mobile and avoid standard specifications imposed by municipal authorities to permanent structures.
Mobile homes are gaining popularity rapidly in the US and around the world, noticing the fact that they are offering more affordable living.
- Low-cost insurance for a single-wide mobile home goes from $250 to $700 per year;
- The cost for double-wide mobile home insurance goes from $300 to $700 per year;
- The cost of triple-wide mobile home insurance goes from $550 to $1,300 per year.
The insurance of a mobile home covers theft, legal liabilities, damage to the home, and property damage, and the cost depends on the location, the age and size of the unit, and the purchase price.
Depending on size, age, location, purchase price, level of liability coverage, and choice of deductible, the insurance for a single-wide mobile home usually costs around $250 and $700 per year. (For a $150,000 manufactured house in Southern California you will pay about $700 for insurance per year, while the insurance for a $30,000 home in the same area is around $250.) A usual single-wide mobile home measures from 14′ to 18′ wide and are 60′ to 90′ long.
Often the least expensive to insure and the most common sized units, the double-wide mobile homes have an insurance cost of about $300 to $800 per year, depending also on size, age, location, purchase price, level of liability coverage, and choice of deductible. (For a $60,000 mobile home you will pay a $300-$400 insurance per year, while for a $100,000 mobile home you will pay a $500-$600 insurance per year.) A double-wide mobile home is two connected single-wide mobile homes.
If you want to ensure a triple-wide mobile home, depending on size, age, location, purchase price, level of liability coverage, and choice of deductible, you will pay around $500- $1,300 per year. (For a $100,000 mobile home you will pay a $550 insurance, while insurance for a $250,000 unit will cost you about $1,300 per year.) A triple-wide mobile home is created from three single-wide mobile homes.
What should be included:
A basic insurance package covers usually damage, theft, and legal liabilities, while more complex packages can include also flood insurance.
Additional hazard insurances are paid separately and can cost another $50 to $120 annually, on a single-wide unit. For earthquake insurance, the price can fluctuate, depending on age, size, home location, and distance from major fault lines because the closer the home is to a potential earthquake activity area, the higher the price.
Another additional and mandatory insurance is the flood insurance if you are in a deemed flood area, and depending on age, size, and home location it will cost you from $130 to $2,900 annually.
Should the average working Joe get mobile house insurance?
Mobile or not, it`s always a great idea to insure your home. Although the price might seem high, it will always be worth it if anything bad were to happen. Try splitting the yearly cost into monthly expenses and this way it will be easier for you to pay.