Mackay Insurance Blog
The estimated 33 percent of all Canadians who live in Ontario are lucky. In addition to permanent housing communities, Ontario features a wide assortment of seasonal RV and mobile home parks, many located in some of Canada's most beautiful natural spaces.
Whether you want to live year-round in a mobile home or you just want to take seasonal trips with your home in tow, one thing is for sure: you will want to bring mobile home insurance coverage along for the ride.
In this article, learn 6 key ways to get the most mobile home coverage for the least cash.
Tip 1: Know what you really need in a mobile home insurance policy
Mobile (alternately, manufactured) homes present different benefits and challenges than traditional foundation homes. So the policy you purchase for your mobile home should be tailored to address the risks you are most likely to encounter, as follows:
Essentially, a mobile home is a home that can be moved. You may move your home frequently or rarely, but this makes the risk of collision more likely than if you had a home that was built to stay put.
What to look for in your policy: The option to purchase trip collision coverage.
Of particular concern here is wind, whether on its own or from hurricanes, tornadoes, or strong thunderstorms. Using tie-down straps can reduce but not eliminate the risk, especially if the weather is an earthquake!
What to look for in your policy: Options to increase the minimum coverage levels for your dwelling (structure).
The risk of damage from fire is increased when you live in a mobile or manufactured home. The major risks come from electrical distribution and cooking activities.
What to look for in your policy: Options to increase the minimum coverage levels for your dwelling and personal property.
Tip 2: Consider adding extra coverage for special circumstances
Perhaps you plan to live in your mobile home full-time. Or maybe your major use will be seasonal, for family trips. Or perhaps your mobile home will serve as a home office or workshop instead.
In each of these cases, the type of mobile home coverage you want may look slightly different. What is important here is to know whether your insurer offers riders to cover your specific use plans.
What to look for in your policy: Ask about secondary residence coverage, and if your mobile home will be a part of conducting your business, ask about adding on a rider for business liability insurance.
Tip 3: Know what your plan is if your mobile home gets destroyed
This is not ever something anyone likes to think about. But the truth is, Mother Nature happens when and where she pleases, and sometimes we just get inadvertently caught in the crossfire.
Because of this, think about what your situation might be like if your mobile home is rendered unlivable due to an insured accident or natural disaster. Where will you live? How will you pay your bills (especially important if your mobile home serves as a home office)?
What to look for in your policy: A replacement cost coverage rider and a rider for additional living expenses while your home is being repaired or rebuilt.
Tip 4: Consider protection if you plan to welcome house guests or visitors
Unless you plan to take your mobile home out into the wilderness and live there alone, it is quite likely you will want to welcome guests and visitors from time to time. As well, you may have other persons who venture onto your property, whether it is at your invitation or not.
If one of these persons falls and is injured or becomes ill while on your grounds or inside your mobile home, they may decide to pursue you for damages. It is definitely in your best interest to consider protecting yourself from these types of future unknowns!
What to look for in your policy: Ask about personal liability coverage.
Tip 5: Talk to your current insurers first to get a policy quote
If you already have an auto, commercial, life, or homeowners policy with an insurer, it is always a good idea to approach that insurer first and ask if they offer discounts for policy bundling.
Purchasing more than one type of insurance coverage with an insurer means there is the option to bundle them together as a package. Some insurers provide financial incentives to do this. It also works in your favor because to update your personal and billing information, renew your policy, ask questions, or make changes, there is only one call or online stop you have to make.
What to look for in your policy: Ask what incentives exist if you bundle mobile home coverage together with an existing policy.
Tip 6: Ask about what other discounts you may be eligible to receive
Provinces are permitted to set their own insurance minimums, which means it isn't always possible to get a lower price by lowering the minimum. But insurers can help you keep costs low by offering proprietary discounts, such as for paying in one lump sum, signing up for auto-renewal, having an excellent driving record, and more.
What to look for in your policy: Ask about any available discounts before you purchase a policy.
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Mackay Insurance Brokers Inc. has been successfully operating for nearly 40 years, and our clients in Belleville and Napanee now number 5,000+. With a jaw-dropping 165 years of combined insurance expertise between our staff, we are eager to help you get the most coverage at the most competitive price.