Top Tips for Choosing Manufactured Homeowners Insurance
October 12, 2017
Like site-built homes, manufactured homes can be damaged by many risks. These include 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 not the same as regular site-built homes. Manufactured homeowners should find insurance that is made for their type of home.
If you need manufactured homeowners insurance, these tips can help you find the right policy at a good price.
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 choose the right homeowners insurance for your manufactured home is to look at the risks in your area. You should also check the limits and sublimits offered by each insurance company.
Our standard policies have a personal property limit of 40% to 50% of the home’s value. They also include a limit for additional structures of up to 20% of the home. The personal liability limit 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. Shopping around and comparing different insurance offers can help you find the best deal. You can get good coverage for your manufactured home. This includes coverage for other structures, personal property, liability, and extra living expenses.
To keep your coverage and save money, get a manufactured homeowners insurance policy. Choose a trusted agency for this. The best insurance agencies offer the right coverage for each homeowner's needs. They do this at the lowest possible premium.
Manufactured homeowners insurance premiums depend on several factors. These include your home’s value, location, size, and age. They also depend on your deductible amount and the level of coverage you choose. After you know the type and amount of insurance you need, make sure the policies you compare have the same 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. Insurance will pay to fix or replace parts of your home if it gets damaged in a covered event.
If you own an older manufactured home built before 1976, getting insurance can be harder. 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.
You don't have to compare policies and quotes from different insurance companies. You can visit a specialized agency for manufactured home insurance. This lets you access more coverage options and rates from various insurance carriers.
By using a specialized insurance agency, you save time. You only need to provide your information once. This approach also boosts your chances of finding the right coverage at the best rate 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 that owning land does not affect whether a manufactured home can be insured. This is true no matter if you or someone else owns the land.
Another important point is that anyone with a manufactured home loan needs to buy homeowners insurance. This insurance is required for their loan.
Considering the benefits of manufactured homeowners insurance, carrying adequate and continuous coverage is key toward a stress-free life.
If you want a complete manufactured homeowners insurance policy, we can help. Our specialists at Triad Financial Services will guide you. We will help you find the right coverage for your needs and budget.
To get the right insurance for your manufactured home, call our friendly staff at 1-800-522-2013, x 1208. They can give you a free estimate for manufactured homeowners insurance.