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How To Buy Modular Or Manufactured Home Insurance
Article 5 of 6 in How to Find the Right Type of Home Insurance
Mobile and manufactured home insurance is becoming increasingly popular. According to the census bureau, there are over 7 million people in the United State living in trailers or manufactured homes, and homeowners insurance companies are responding accordingly. As policies adjust to accommodate this change in the housing market, you should be aware of what your mobile or manufactured home insurance does and does not cover.
When to Buy Manufactured Home Insurance
There are two primary types of what are generally considered mobile homes when it comes to insurance policies:
- Modular homes: These are pre-fabricated homes that are transported in pieces and constructed (or put together) by contractors at the site. These homes are usually assembled to a permanent foundation.
- Mobile homes: These are homes that are constructed entirely in a factory and are fixed on a permanent steel chassis. They are towed to the site, and are not attached to a permanent foundation.
TIP: If you own a modular home, you should purchase a standard homeowners insurance policy. If you own a mobile or manufactured home, you should purchase mobile or manufactured home insurance.
What Does Insurance for Manufactured Homes Cover?
Just like home insurance coverage, mobile or manufactured home insurance protects your mobile home and your personal property from loss or damage caused by covered perils. A typical insurance policy for a manufactured home covers the following perils:
- Storms (wind, rain, snow, tornadoes, etc.)
Some insurance companies offer you more comprehensive coverage which would cover you for the above perils as well as for the perils listed below:
- Falling Objects
- Off Right-of-Way Collision
- Water Damage from Bursting Pipes
- Damage by Wild or Stray Animals
- Collapse from the weight of ice and snow
TIP: Know your location! If the area is subject to flooding or landslides, make sure you obtain additional coverage for this risk! Ask if your policy provides comprehensive coverage.
Your insurance policy will also provide you with personal liability coverage to protect you from lawsuits or judgments should you be found the cause of someone else's injuries. Make sure you understand what your insurance policy says about personal liability and what the dollar limit on your coverage is. Purchase more if necessary.
Additional Features to Mobile Home Insurance
Some of the more comprehensive mobile home insurance policies include additional coverage such as:
- Debris Removal
- Emergency Removal Service
- Credit Card and Check Forgery
- Emergency Repairs After a Loss
- Fire Department Service
- Food Spoilage Coverage
Some insurers offer these only as optional coverage. Make sure you read and review your policy with your agent thoroughly in order to understand what your policy actually covers. If you do not see some of the perils listed above, ask your agent or insurance company if coverage be added by an insurance rider.
Optional Mobile Home Insurance Coverage
Whether your home is a manufactured home or a mobile home, the additional features listed below will provide the best coverage in the event of loss or damage. Each requires an additional premium to be added to the underlying policy. If you are concerned about a particular type of loss, discuss this with your agent:
- Additional Living Expenses- If you have to move out of your home due to damage, this coverage will pay for you to live some place else until your home is repaired or replaced.
- Trip Coverage When Moving Your Home- Of course, if your home has to be moved, this will provide the added cover needed.
- Personal Liability Coverage on Additional Residents- If you have residents other than family that live with you in the home, this would extend liability coverage to them.
- Scheduled Personal Property Coverage- This would allow those prized possession to be covered based on their actual value and not be subject to the policy limits. This would include jewelry, tools, diamonds, furs, guns, stamps, golf clubs, etc.
- Earthquake Coverage- Gives coverage for earthquake damage.
- lReplacement Cost Coverage for your Mobile Home, Other Structures and Personal Belongings- This would allow coverage at today's replacement cost of the item without the depreciation for age or wear and tear.
TIP: Add these options to your manufactured home insurance policy if your circumstances require! Look over what you own, what you'd like to protect, and what you can afford before making a decision about additional coverage.
How to Get the Best Mobile Home Insurance
In order to get the best policy, you need to take time to shop for and compare homeowner's insurance quotes. As you are looking for coverage, keep the following points in mind:
- The amount of coverage you choose depends on your mobile or manufactured home's value. During your application, the agent will ask you some questions about the number of bedrooms, the overall square footage of your home and any amenities included. This will allow the agent to calculate a replacement cost value for your mobile home. Make sure you cover the home for the full replacement cost.
- Make sure your deductibles are within reason. The higher your deductible, the lower your premium will be on your mobile home insurance policy. However, keep in mind, you have to pay the deductible amount before any claim is paid. Make sure it is something that you can afford.
- If you already have car or motorcycle insurance, check with the same insurance company to see if they offer a multiple policy discount for buying your mobile home insurance with them.
Making sure that your mobile home or manufactured home is properly covered is the first step in living worry free in your home. Get the right amount of coverage to protect your belongings and your manufactured home by comparing quotes prior to purchasing a policy. Get started with a free quote today by clicking here to visit the Free Advice quote center today.