A standard homeowners insurance policy is a form of insurance that provides protection against potential financial losses resulting from damage to the home itself, other structures on the property (e.g. garages, decks, sheds, etc.), and personal possessions. Homeowners insurance also covers additional living expenses and provides liability coverage against bodily injuries or damage to other people’s property caused by the policyholder or family members.
Typically, homeowners insurance offers coverage against a variety of insurable perils, including fire, hail, windstorm, lightning, explosion, building collapse, theft, and vandalism. While specific hazards are routinely excluded under standard policies, manufactured home owners can opt for additional coverage options in order to have adequate protection in place.
Now, we’ll use the rest of this blog post to answer the most common questions that we get from manufactured homeowners
Below are several industry-specific terms a manufactured homeowner will come across when looking for homeowners insurance.
When home buyers finance their manufactured homes with a chattel loan or a conventional mortgage, lenders can require a certain level of insurance coverage. If a homeowner fails to maintain the level of coverage stipulated, the lender can force-place homeowners insurance on the property and charge the borrower for it.
If the lender doesn’t impose homeowner's insurance or the home buyer purchases a manufactured home without the help of a loan, he or she should still choose a comprehensive policy in order to have adequate protection in both the property and liability areas.
Before opting for a certain level of coverage, it’s important to know that your insurer will only pay up to the limits specified on the policy. This means that you’ll be liable for anything above that.
There are three things a manufactured homeowner can do to get the best deal.
Although homeowners insurance isn’t mandatory, many lenders require that borrowers maintain a certain level of coverage over the life of the loan. But even after the homeowner pays off the loan, maintaining homeowners insurance is important in order to make sure that he or she is adequately protected.
As the protection offered by homeowners insurance serves as a safety net if an insured event occurs, it’s critical to know that the policy you intend to purchase provides the level of coverage you need for your manufactured home.
One way to get a manufactured home insurance policy that makes sense for you is to contact one of our experienced insurance specialists at 1-800-522-2013, x1209.