I am very familiar with insurance and especially with insurance that pertains to mobile homes, manufactured homes and modular homes. Not only am I one of the owners of Wholesale Mobile Homes, Inc., but I am also the owner of Texoma Insurance Group, LLC in Kingston, OK. Selling mobile home insurance is our specialty, simply because we have a vast knowledge of mobile homes and the industry in general. That being said, I can tell you that mobile home insurance prices are never consistent from person to person and generally the policies themselves differ from company to company as well. Other sites might tell you that for most the most part, mobile home insurance is usually in the range of $250 to $1,300 per year. Percentage wise this might be true but I can tell you that I have seen a lot of policies that are well over $1,300 a year when the insured is written with the proper coverage.
Mobile home insurance is no different than homeowners, auto or any other kind of insurance that you are familiar with in the fact that the prices differ dramatically from person to person and are never consistent. Here are some things that make insurance rates for mobile homes inconsistent: Year/Make/Model/Size of the home, your credit score, the amount of claims you have made in the past 5 years, your overall insurance history (time with carriers), and location of the home being insured.
Here is why these things affect your pricing. 1. Some brands of homes have to be insured for a higher amount than others because of their higher replacement cost value, which in turn makes the premium higher. 2. Your credit score (according to insurance companies) reflects the likelihood of you making a claim and how long you might stay with one company long term. People with lower credit scores will ALWAYS have higher premiums than those with higher credit scores (if you are using a company that does credit checks...most of them do). 3. Most companies also do a check on past claims so that they can evaluate the risk and see if the premium needs to be higher in order to offset what they predict might be a claim waiting to happen. 4. Insurance companies look at how often you change from company to company. If you change companies all of the time then it can affect your premium by making it higher. They are looking for long term customers. 5. Last but not least is the location of the home. Homes within 5 miles of a fire station, close to a fire hydrant, or in a good fire protection class will have lower premiums than homes that are not.
Technically I can't tell you how much mobile home insurance costs. The only way to know how much mobile home, manufactured home or modular home insurance will cost is to get a quote. If you have good credit and no claims then generally it is best to check with 3 to 5 companies and compare coverages and rates that best suit your needs. If you have bad credit and/or a lot of high claims then it is generally best to stick with a company that doesn't check credit or claims because that will give you the best chance at getting a cheaper rate. Most captive agents (the one's that only sell insurance for one company) are limited on choices and can't always get good rates. It is best to go to an Independent Insurance Agent that has several companies to choose from in order to find the best coverage and best price for your individual need. I have seen a difference in price of over $1,500 a year between two companies for the same person so you can see how much difference it can make. If you feel like you are paying too much right now and want a quote or if you want someone to look at your policy and see if you are properly covered then please contact us by clicking on this link (Texoma Insurance Group, LLC ) and we will be glad to assist you in any way that we can. We have over 6 different companies to choose from that write mobile home insurance. Currently we are only writing insurance in Oklahoma and Texas. If you are thinking of purchasing a mobile home and are unsure of what your costs will be then get an insurance quote before you buy it. This will help you in determining part of what your overall expense is going to be, which might also affect which home you can buy.