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To protect yourself from financial loss due to unforeseen circumstances like damage to your home and property, it's crucial to have a homeowners insurance policy. But, if you have a non-traditional home like a historic, mobile, tiny or eco-friendly home, you may need special coverage or even a different policy.
We'll explore various non-traditional home types and the coverages they may require, so you can have peace of mind knowing that your home is entirely protected.
Although historic properties are attractive due to their rich history and vintage features, insuring an older home can be complicated and expensive. This is because these homes are built with older materials that are costly to replace. Additionally, the electrical, plumbing and HVAC systems may not meet current code standards, making them susceptible to fires and other hazards. Insurance companies may increase your premiums to offset the risk of insuring a historic home.
Consider enlisting the National Trust Insurance Services (NTIS), an insurance agency catered to historic property owners, to find an insurance company offering coverage for your property[1].
Tiny homes are gaining traction among prospective homeowners all over the world. According to Technavio, a company that provides global market research, the global tiny home market is expected to grow $4,171 million by 2027, with North America contributing 57% of that growth.
A tiny home is 400 square feet or less dwelling. While you aren't legally required to purchase insurance for your tiny home, your lender may require you to get insurance if you obtain financing.
A standard homeowners insurance policy won't cover your tiny home. See coverage options below.
Some factors that may influence the cost of your policy include policy limits, deductible amounts, safety features of your tiny home, and your NOAH and RVIA status.Â
Your insurer may require a National Organization of Alternative Housing (NOAH) or RV Industry Association (RVIA) certification to provide coverage for your tiny home[2]. These certifications ensure your tiny home is up to code with safety and construction standards.
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Mobile or manufactured homes are built in a factory, transported, planted on a metal frame chassis with wheels, or tied to the ground. The best option for this type of home is mobile home insurance. This coverage offers dwelling and other structures coverage and personal liability protection but limited peril coverage.Â
Not all insurance companies offer this type of insurance policy. And if they do, it's usually offered at a higher cost than the standard home insurance policy. Mobile homes are costlier to insure than the typical home because their weaker structure makes them more susceptible to weather-related damages, a greater liability to insurance companies.
With the growing focus on eco-consciousness, homeowners increasingly opt for eco-friendly homes. These homes are known for their efficient building materials and careful management of energy and water resources.Â
Here are some of the defining features of an eco-friendly dwelling.Â
You can insure your eco-friendly home with a conventional home insurance policy. However, you can ask your provider if they offer eco-friendly replacement material endorsements so you can build your home with sustainable materials after a loss.Â
Discounts are available for green homes if your home receives certification from an environmental agency like Energy Star or the Leadership in Energy and Environment Design (LEED) so homeowners can get additional savings on their insurance policy.
You don't have to live in a cookie cutter house to make sure your home is protected. If you have a home with non-standard features, make sure you have the appropriate coverage to match.
