What does HO-7 mean in a mobile home policy?
Homeowners policies are often abbreviated using a standard system that’s followed within the insurance industry.
HO-7 is the abbreviation normally used for mobile home policies. The abbreviation generally indicates that these policies have been adapted for manufactured housing.
Some other homeowners policy abbreviations are HO-1, HO-2 and HO-3 (traditional houses), HO-4 (renters), HO-5 (usually luxury homes), HO-6 (condominiums) and HO-8 (older homes).
What’s the difference between mobile home and manufactured housing insurance?
Mobile home policies and manufactured housing policies are basically the same for insurance purposes.
The distinction between mobile homes and manufactured housing is made by HUD. The federal department generally classifies these homes built before June 15, 1976 as mobile homes. Ones built after June 15, 1976 are generally classified as manufactured homes.
These homes generally need the same insurance coverages, however, so the same type of policy is typically used for mobile homes and manufactured homes.
How much does it cost to insure a mobile home?
The premiums charged for insuring mobile homes are based on many factors. Some of the details that impact cost are the mobile home’s age, construction, size and location. Other details impact cost, too.
In general, however, these policies tend to cost less than policies for single-family houses.
To find out how much insuring a specific mobile home would be, owners should consult an independent insurance agent. An independent agent will be able to check how much different insurers will charge for a policy.