Millions of Americans live in mobile or manufactured homes. While some residents own their mobile homes, others rent them. Regardless of the situation, mobile and manufactured homeowners must be insured in much the same way as single-family house and condominium owners. Enter the HO7 mobile and manufactured home insurance policy, which safeguards these types of residences.
If you need coverage for your mobile or manufactured home, a local independent insurance agent can help you find the right policy. They'll get you matched to the ideal amount of coverage at a great rate. But first, here's a closer look at HO7 insurance, what it covers, and more.
What Is HO-7 Home Insurance?
So, you may be wondering, what is an HO7 policy? An HO7 home insurance policy covers many types of mobile and manufactured homes, including the following:
- Single-wide mobile homes
- Double-wide mobile homes
- Modular homes
- Sectional homes
- RVs
- Trailers
HO7 mobile home insurance is the same broad form as HO3 insurance for single-family homes. These policies are labelled “broad form” because they cover all types of risks, except those explicitly excluded by the policy documents.
An HO7 policy can cover almost every risk that can impact the home’s structure and additional buildings like sheds or garages. On the other hand, personal belongings inside the mobile home are only protected from specific risks listed in your policy documents. If your personal items, like furniture or clothes, are ruined by a named hazard, the insurance carrier will pay you the actual cash value if your claim is approved. You’ll basically get reimbursed for the personal items minus depreciation (i.e., wear and tear).
What Does HO-7 Homeowners Insurance Cover?
HO7 insurance coverage can protect you and your property in multiple ways. Here are the major coverage categories found in an HO7 policy.
- Coverage A or dwelling coverage: Covers your mobile or manufactured home’s physical structure or dwelling and detached structures like sheds and fences. On an HO7 home policy, the insurance company will pay Coverage A claims as replacement cost. This means your claim payout will be the current market value of your ruined home or outbuildings.
- Coverage C or personal property coverage: Covers belongings inside your mobile home that are damaged or destroyed by a listed peril or hazard in your policy. This is also known as contents coverage. The most common named perils are as follows:
- Fire, smoke, and lightning
- Windstorms and hail
- Aircraft damage
- Explosions
- Riots and civil disturbances
- Theft and vandalism
- Malicious mischief and vandalism
- Falling objects and trees
- Volcanic eruptions
- Damage from the weight of sleet, snow, and ice
- Water damage from plumbing, heating, or air conditioning overflow
- Frozen pipes
- Coverage D or loss of use: Covers expenses for hotel stays, takeout meals, and more while your mobile home is temporarily unhabitable and undergoing repairs due to a covered peril.
- Coverage E or personal liability: Covers your legal defense costs and other expenses related to third-party lawsuits against you for claims of personal property damage or bodily injury to others.
- Coverage F or medical payments: Covers expenses related to someone getting injured or ill in your mobile home or on your property. Your HO7 medical payments coverage can reimburse you for the following:
- Ambulances and other hospital fees
- Surgery
- Medical bills
- X-rays
- Dental care
- Nursing care
- Prosthetic devices
- Funeral expenses
Your independent insurance agent can help you assemble a complete HO7 policy with every type of coverage you need to protect your mobile or manufactured home.
What's Not Covered by HO-7 Insurance?
An HO7 home insurance policy still comes with a set of excluded risks that it won't cover. Typically, these excluded risks are the following:
- Hurricanes
- Floods
- Earthquakes
- Mold
- Wear and tear
- Vandalism to vacant dwellings
- Neglect
- Intentional acts by the owner
- Damage caused by pets
- Enforcement of building codes or similar laws
- Government acts
In some states, you may have the option of buying separate insurance for flooding, mold, and earthquakes. Ask your independent insurance agent if these options are available in your area.
An Independent Insurance Agent Can Help You Protect Your Mobile or Manufactured Home Today
It’s critical to protect one of your greatest investments, your mobile or manufactured home, and its contents. Not only do you need an HO7 home insurance policy, but you’ll also want to be sure you know when and how to file a claim in case of a disaster.
Working with a local independent insurance agent is a great way to get set up with all the coverage you need at the best possible rate. Your agent can also explain the details of your policy's coverage and help you file claims if the time comes.
