Similar to site-built housing, manufactured homes are subject to damage caused by a wide range of insurable perils, including storms, hail, fire, earthquakes, and flooding. But when it comes to manufactured homeowners insurance, there’s no such thing as a one-size-fits-all solution.
Manufactured homes are different from conventional site-built homes and manufactured homeowners should look for insurance coverage that has been specifically designed for their type of home.
If you’re in the market for manufactured homeowners insurance, the following tips can help you get the right policy, at the right premium.
Assess the Level of Coverage You Need for Your Manufactured Home
Depending on each manufactured homeowner insurance company and insurance plan, a policy might include certain standard coverages, optional coverages, and several exclusions. The best way to select the right homeowners insurance policy for your manufactured home is to consider the exposures common to your area as well as the limits and sublimits set forth by each insurer.
As an example, our standard policies include a personal property limit that ranges between 40% and 50% of the home’s value, a limit for additional structures of up to 20% of the dwelling, and a personal liability limit that starts at $50,000. In general, the personal liability limit can be increased to $300,000. Additionally, if your location is subject to perils that aren’t typically covered by standard manufactured homeowners insurance, such as earthquake or flood, we have insurance carriers that will include coverage for those particular causes of loss.
Shop Around for the Best Deal
Manufactured homeowners insurance rates can vary greatly among insurers. Thus, shopping around and comparing different insurance offers can help you find the best deal and get comprehensive coverage for your manufactured home, other structures, personal property and liability, and additional living expenses.
One way to make sure that you aren’t sacrificing coverage for a lower premium is to purchase a manufactured homeowners insurance policy directly from a reliable and reputable insurance agency. The best insurance agencies always provide the right type and level of coverage, according to the specific needs of each homeowner, at the lowest possible premium. However, it’s important to know that manufactured homeowners insurance premiums usually depend on a variety of factors, including your manufactured home’s value, its location, size and age, your deductible amount, and the level of coverage you select. After figuring out the type and amount of insurance you need, it’s important to make sure that the policies you compare have identical levels of coverage.
Get Manufactured Home Insurance for an Older Manufactured Home
Having adequate manufactured homeowners insurance is extremely important, irrespective of how old your manufactured home is. That’s because insurance will cover the cost to repair or replace parts of or your entire home if it gets damaged during a covered event.
Unfortunately, if you own an older manufactured home that was built before 1976, getting insurance coverage can be a little bit more difficult. Since these homes don’t meet the standards established by the HUD Code, they’re often considered riskier to insure. However, specialized manufactured home insurance agencies typically provide different coverage options for insuring older manufactured homes.
Thus, instead of comparing policies and quotes from different insurance companies, approaching a specialized manufactured home insurance agency allows you to access a wider selection of coverage options and rates from multiple insurance carriers. In addition to the time-saving factor, as you only have to provide your information one time, approaching a specialized insurance agency increases your chances of getting the right coverage option at the best rate possible for your manufactured home.
Get Manufactured Homeowners Insurance Even if You Don’t Own the Land
Installing a manufactured home on privately owned land or in a land-lease community is common practice nowadays. The good news is land ownership doesn’t have any impact on the insurability of a manufactured home, regardless of whether you or another person or organization is the legal owner of the land. Another important aspect you should be aware of is that any consumer with a manufactured home loan must purchase homeowners coverage as a condition of their loan.
Considering the benefits of manufactured homeowners insurance, carrying adequate and continuous coverage is key toward a stress-free life. If you’re looking for a comprehensive manufactured homeowners insurance policy that provides financial protection against a wide range of perils, our insurance specialists at Triad Financial Services can help you make an informed decision that fits both your specific needs and budget. To purchase the right insurance plan for your manufactured home, please call our friendly staff today at 1-800-522-2013, x 1208 to request a no obligation manufactured homeowners insurance estimate.