Although insurance coverage for a tiny home isn’t required by law, you’ll need it if you finance your tiny home. It’s likely that your lender will require you to carry insurance if the house hasn’t been paid for in full. This is the lenders’ way of protecting their investment before your tiny home is paid for in full. However, the type of insurance you’re required to carry will vary according to the type of tiny home you have. Conversely, if you didn’t finance your tiny home, you aren’t required to insure it, unless it’s a requirement in the community or neighborhood you live in.
What kind of insurance do you need for a tiny home?
Typically, you’ll be required to carry either RV insurance or mobile home insurance. Both policies will operate similarly to a homeowners policy. Both policies will provide protection for your tiny home’s exterior and interior as well as your personal possessions. Although tiny homes don’t appreciate in value, insurance provides protection that helps sustain and repair your home if needed.
RV Insurance for a Tiny Home
As mentioned earlier, the type of coverage you’re required to carry for your tiny home will depend on how it’s built. Logically speaking, if your tiny home is built on wheels, you’ll be required to carry RV insurance. A tiny home on wheels is similar to an RV in that it operates as a home on wheels like an RV.
Mobile Home Insurance for a Tiny Home
If your tiny home is stationary or built on a permanent foundation, you will need mobile home insurance. Because your tiny home isn’t built according to conventional home standards, it would be considered similar to a mobile home. If you have questions about the best insurance for your tiny home, give our team at Johnsen Insurance a call. Our Baraboo, WI team would be happy to answer your questions.