So let’s talk insurance today, specifically in regards to a mobile home endorsement.
We get it, we really do. Insurance-speak can get a little confusing — maybe that’s an understatement. Either way, we’ll walk you through the basics of understanding what a mobile home endorsement means to you and how to know if you have one.
As a new homeowner or homeowner to be, it makes sense for you to be informed on what all this means to you and your home.
What is a mobile home endorsement?
So what is a mobile home endorsement, you ask? Well, in the following paragraphs we’ve broken it down for you. First we’ll talk about endorsements in general, then discuss how it applies specifically to you as a mobile home owner.
Let’s talk about endorsements in general
To begin with, in insurance lingo, an insurance endorsement is an addition to an insurance contract. The endorsement makes changes to the details surrounding the original policy.
An insurance endorsement is a change made to an insurance contract that already exists.
What’s the point of an endorsement?
In a nutshell, it’s a way to modify an existing policy. This allows the insurance companies to make changes to policy coverage limits — whether it means adding or restricting that coverage.
An endorsement is something that can be issued on home insurance policies, renter insurance policies and other types of insurance policies. It’s part of your legal insurance contract and expires when the contract expires. That is unless the endorsement states otherwise. You’ll have to read your policy thoroughly to be sure — being surprised by not reading carefully could prove to be a pain!
But what is an endorsement as it applies to mobile homes?
So, a mobile home endorsement is a means of modifying a standard homeowners policy to allow for mobile home coverage. Because of the differences between a mobile home and standard stick built home, some insurance companies may choose a separate insurance policy tailored specifically to mobile homes.
In other cases, an insurance company will be OK with simply adding a mobile home endorsement to the standard homeowner’s insurance policy. Of course, this is as long as the mobile home is permanently situated.
How do I know if I have a mobile home endorsement?
To see whether you have a mobile home endorsement is simple. Is your insurance policy merely a standard homeowners insurance policy? If so, then there’s a possibility that you have a mobile home endorsement. Sift through the pages that detail your insurance policy and look for the mobile home endorsement section.
For further help, consult with your insurance agent if you’re unsure. Whatever you have worked out for insurance, the documentation should be clear.
If I don’t have one, what does this mean?
If you don’t have a mobile home endorsement, it could mean that your insurance agency decided to acknowledge your mobile home as a regular house. But that’s only if you do have a homeowners insurance policy attached to your mobile home.
But what if I don’t have an insurance policy of any kind?
And what if you don’t have an insurance policy? Well, you might find yourself in a puddle of regret. In the event of a fire or other damage, your home could be destroyed and your family left practically homeless. With the proper insurance policy, you have peace of mind in knowing that your home could be replaced!
While the loss of a home is still devastating, insurance protects you from further devastation, giving you reassurance that you didn’t lose your home’s value in money which can go toward a new home.
Ultimately, it’s your call. But we would encourage you to consider the benefits of investing in insurance. Whatever you decide on the insurance issue, we trust you’ll be thorough in weighing the pros and cons. Your home is not simply a place. It’s your place. Your hopes, your dreams, your life is all wrapped up in that home. Certainly, you don’t want to take lightly the proper stewardship of your property. Especially property that your life is so wrapped around on a day to day basis.
A quick recap
So when it comes to a mobile home endorsement, you learned two key points today.
First of all, a mobile home endorsement is merely an amendment to a homeowners insurance policy. The amendment caters the existing policy toward covering manufactured homes.
Second of all, some insurance companies may have a policy that already caters to manufactured homes, bypassing the need to amend the regular homeowner’s insurance policy.
Are you covered?
Regardless of what your insurance company offers, as long as your home is covered in the case of a disaster, we’d say you’re in good hands!
Now, what about mobile home park insurance? We’ve discussed that too!