There are many Americans who have chosen to make a recreational vehicle their home. And along with all of the financial benefits of living the RV lifestyle, there are also many questions with regard to how homeowners insurance applies to those who live in recreational vehicles. After all, an RV represents both an auto and a home insurance scenario, even though it’s different from both car and home.
Recreational Vehicle Insurance Offers Familiar Coverage
Many of those considering a full-time RV lifestyle are surprised to learn that many aspects of this type of homeowners insurance resemble those of traditional insurance coverage. For example, no matter what type of home you have, you will need coverage for any property that is located within it, such as clothing and electronics. As well, you will need to ensure that anything located outside your RV but attached to it, like an awning or satellite, is also covered.
Guaranteed Loss Replacement
Guaranteed loss replacement is another aspect of recreational vehicle coverage that bears resemblance to traditional coverage. But in this case, guaranteed loss replacement will replace your RV in the event that you are involved in an accident which renders your home unusable.
A common scenario for the guaranteed loss replacement of an RV is to provide the homeowner with the latest model of vehicle if the owner is in the first five years of their policy. If into a policy for longer than five years, the common practice is to provide the homeowner with the RV’s full purchase price.
There are some types of coverage which may be included with the guaranteed loss replacement coverage. These may include vacation liability, trailer and emergency expense coverage. Anyone can contact their insurer to confirm what is covered under RV insurance.
Other Types of RV Coverage
There are other types of RV coverage you may wish to consider if you are planning to make your motor home your permanent dwelling. One of these is property damage and bodily injury liability. This type of coverage is important as it protects you from a lawsuit should anyone using your motor home become injured at the time of use. It also protects you in the event your home is damaged by an intruder or other occurrence. Because this falls under vehicle insurance, liability limits will need to be specified.
While RV coverage can provide a long list of protected items and circumstances, many RV owners aren’t sure whether or not to purchase it. But the truth is that having what’s known as a personal auto policy will not be enough for sufficient protection. This is because personal auto policies don’t include the loss of any personal belongings inside your RV, nor do they include liability protection in the event of an injury to a person in the place an RV is parked.
Getting Recreational Vehicle Insurance Coverage For Less
It may be possible for those looking to live in their RVs full time to obtain discounts on their coverage. But before this is explored, ensuring that the vehicle in question is in as perfect running order as possible is the first step anyone should take. An RV free from risk will be less of a risk to the insurer.
Just like making a stationary home safer with new door locks and lights can bring down the cost of traditional homeowners insurance, so can installing an anti-theft device on a recreational vehicle. Experts highly recommend taking a safety course to enhance knowledge of safe RV operation. It can also help to become a member of an association for recreational vehicle owners.
The Downsides of Recreational Vehicle Homeowners Insurance
Again, just as having a stationary home in a high-risk area can increase your premiums, so can parking your vehicle in such areas. Premiums can also increase if the driver of the RV is inexperienced. And of course, because the RV is a vehicle, any owner with a long list of accidents leading to a poor driving record will have to pay more to be covered under recreational vehicle homeowners insurance.