While it is easy to see the appeal of having your place, caravans represent an important financial investment. So it is only natural that you might want to offer protection to your caravan through insurance. Image owning a personal home away from your own home, available every time you wish and as long as you want. If you own a permanently located caravan with a permanent electrical and plumbing system, you may get insurance coverage to regular home insurance. Many holiday parts need you to have a basic cover, which may include public liability insurance policy. But this isn’t legally required.
Types of Caravan Insurance
Many insurance providers provide policies personalized for every kind of caravan insurance. Some examples of caravan insurance are:
- Static caravan covers every caravan permanently situated at one location, normally at holiday parks. While it has evolved from March to prefabricated bungalows, this holiday home is still called static caravan insurance.
- Touring caravan – This is a kind of cover that you can tow behind your park and car at different locations. Your insurance can include third-party coverage, which applies when towing.
- Park home insurance – It is very specific for all-year-round permanent residents. They are located in residential parks, which can be private gated communities.
- Mobile home insurance is another name for a static caravan, covering a prefabricated holiday home with a permanent location. Although they hardly move, a static caravan holiday home is still considered mobile.
What Caravan Insurance Covers
Caravan insurance covers vary from one policy to another. However, most of them include coverage for loss because of fire, crime, severe weather, destruction, or damages. It is also important to go through the terms and conditions of your insurance to determine what it covers and doesn’t.
How Much It Costs
The amount it will cost you to buy caravan insurance depends on a few aspects. These may include the insurance value, contents, veranda, decking, and new for old vs. market value. While it is difficult to know the estimated cost, several tips can help you keep the costs down. One of the tips you need to consider is determining what you want to cover.
Market Value vs. New for Old Cover
Market value means your caravan will get insured for its current worth. So if you purchased the property for $25,000 and it got stolen two weeks later, you will receive the same amount from the insurance firm. But if your caravan is 12 years old and worth about $10,000, then that is the same amount you will receive from your insurance to buy the same property of a similar age. When it comes to new or old, you may get about $25,000 at any point, even if it is 12 years down the line.
The Takeaway!
Caravan insurance is always there to offer your caravan protection against anything that may happen while on site. Insuring your property is not required legally. But it is necessary to protect it from all risks, including theft.
