Residential park home insurance
A park home needs a special kind of home insurance policy; standard household cover isn’t focused on the special features of your new home or new lifestyle. So what should you look for?
One thing most first-time park home owners have difficulty understanding is that, for insurance purposes, the replacement value of your home is much lower than the price you are paying for it. This is because the site owner has invested massively in the infrastructure of the park. They therefore charge a premium for the plot. But you just need to insure your home for the replacement cost.
In terms of contents, you may be down-sizing and will have thinned out your possessions. So the amount of cover you need for these may be lower than you previously had. Give this some thought before you call for a quote. Most park home policies have cover for items in a shed or garage, for frozen food, money, some have a 24-hour emergency help line and many offer cover for accidental damage. Some will have a long list of exclusions.
So how do you compare this bewildering range of insurance covers and exclusions in a policy? The good news is that very soon this will become much simpler. Despite Brexit, the EU is leaving us with a new universal insurance document. An IPID (Insurance Product Information Document) will be required for every insurance product and you will be given one before you make your final decision. It will lay out all of the covers and exclusions. So you will be able to get IPIDs for different park home policies and compare them, choosing the one that suits you best.
Parkwise has a policy specially designed for park homes. The company provides quotations free of charge on its Freephone number 0800 3282084 (9am-6pm Mondays and Fridays, 9am-7:30pm Tuesday, Wednesday and Thursday and 10am to noon on Saturday).