Flood insurance for mobile homes can provide its own challenges. Many people think there is only one option for flood insurance on mobile homes, but this is not true. Let's discuss what the options are, the coverages available, and what option might be best for you.
When it comes to traditional flood insurance you have two options available the National Flood Insurance Program also known as NFIP and private flood insurance. This also holds true for flood insurance on mobile homes.
As you know the foundations of mobile homes are very unique. Some are tied down, some are on a permanent foundation, and some just have an enclosure. Well this can have a major impact on flood insurance rates. Especially when it comes to the private market. If a mobile home is elevated or on a permanent foundation then private flood insurance may show better rates. Sometimes these rates might be 50% less than NFIP. Now let's talk a little bit about coverages.
There are three main coverages you want to focus on when picking out flood insurance for a mobile home. Dwelling or building coverage this will cover the actual structure. Private flood insurance may offer some higher coverages than NFIP in this area. However with a mobile home you aren't generally going to need $250,000 in building coverage. The next thing to discuss is contents coverage unlike NFIP private flood insurance will offer replacement coverage on contents. This means if your TV is destroyed you are getting what it would cost to replace it today not 5 years ago when you bought it. The last coverage we want to discuss is additional living expenses if your mobile home floods then you are going to need some where to stay. Well this is exactly why additional living expense coverage is available.
If you need help understanding the right building coverage, contents coverage, or additional living expense coverage then make sure to reach out to a flood insurance expert like The Flood Insurance Guru. They can help you understand these coverages, also if you have other flood insurance questions make sure to subscribe to our YouTube channel and like our Facebook page The Flood Insurance Guru. You can also reach out to us by phone 205-451-4294.