Mobile homes costs over $16000, be it old or brand new. Any mobile homeowner has no choice but to take a mobile home insurance cover. There are countless risks associated with property-owning nowadays, some of which are beyond human control. One such uncontrollable cause is a storm. Storms are mainly prevalent in continents such as Europe, US, and Australia. Whenever a storm occurs, depending on its power, properties are damaged. In extreme conditions, the storms result in a massive loss of peoples’ lives. The good news is that most mobile home insurance policies cover such natural risks. However, owing to the unpredictability of such incidences, it attracts high caravan insurance costs annually. To tame such unaffordable costs, investors are encouraged to install tracking devices and alarms to simplify recovery in the event of incidences like burglary. This, in effect, lowers the insurance cost significantly.
The big dollar question is, does the insurer fully cover any damage occasioned by an unexpected storm? What criteria do they to determine how much compensation the insured deserve? Does the cover depend on the type of storm experienced? Well, all these will be totally tackled here. Technically, most mobile home insurance Ireland companies cover for any damage accrued from cases like lighting, hail, or wind. However, the insurers shy away from natural damages resulting from earthquakes and floods. The insured must keenly review their insurance policy to fully understand the company’s terms and condition concerning caravan insurance. Common storm damage types covered by caravan insurance Ireland companies include wind, hail, power surges, and water or ice damage. Water and ice damages are common to most mobile homeowners these days. This includes bursting of pipes located within or without mobile homes. Frozen pipes easily succumb and burst hence affecting the mobile home dwellers.
Second storm damage type is a lightning strike. If lightning strikes your house and triggers fire or smoke damage, the insured can make an official claim for compensation. Upon evaluation of your claim, the insurer compensates the insured based on the damage extent, and the insurance policy agreed upon. Caravan insurance equally provides compensation due to power outages triggered by a storm. It is essential to note some of the storm damages exempted by most insurance companies in mobile homes insurance policies. Examples of these damages include floods and earthquake. Damages caused by an earthquake can be immeasurable and highly unaffordable to most mobile home insurance firms. The loss can easily affect over half or more of the insured. Compensating such a large number of people at once can quickly bring the insurance company to its knees. Compensation needs not to be monetary; the insurer may opt to take the responsibility of getting your mobile home repaired in case the damage is not too severe.
Some mobile home insurance Ireland policies offer compensation for storm damages occasioned by previous or present wind damage. People can get a caravan insurance cover as a separate policy as it is not included in other storm damage policies. Flood coverage usually attracts similar premiums and is mainly provided by the government. However, the premium payment has to be done in full to qualify to make an insurance claim when need be. Unlike other mobile home insurance policies, flood policy is not valid until after the expiry of the thirtieth day since purchase. Despite the high insurance cost, flood policy is extremely crucial due to the devastating effects of floods on mobile homeowners. Most flood insurance cost just $75000.A one-time payment after which the insured becomes entitled to compensation in the event of floods.
The most valuable advice anyone can give to a mobile homeowner is to take mobile home insurance!