Easily customized, flexible, and affordable — the manufactured home is seeing a huge resurgence as homeowners look to create their dream homes. But one thing homeowners should be aware of is that insurance is different for manufactured and mobile homes. It’s important to know what your insurance options are, whether you’re buying a brand new mobile home or purchasing one from a prior owner.
Your Insurance Policy Depends on Your Site
Some homes aren’t attached to real estate; your mobile home may be placed on leased property. Other homes are fixed — a manufactured home can have a foundation placed just like a stick-built home. The type of insurance policy you have is going to depend on the site that your mobile/manufactured home is on. Either way, the insurance should cover things such as theft, loss of belongings, loss of use, and equipment breakdown.
Some Coverages May Not Be Included
When it comes to homeowners insurance, there are a few things that might not be included. Notably, earthquake insurance or flood insurance might not be included if you’re in an area where earthquakes or floods often happen. Instead, there will be a separate type of insurance add-on. It’s important for you to take an in-depth look at what is covered and what isn’t. If you don’t have earthquake coverage and an earthquake occurs, your insurance policy may be of limited usefulness.
Not Every Home Insurance Company Offers Manufactured/Mobile Insurance
Because manufactured/mobile home insurance is different, not every home insurance company offers it. It can be best to look for a company that specializes in this type of policy. It’s critical that you acquire insurance when you purchase a home, as otherwise you won’t be covered for an unexpected disaster — which can occur at any time. You never want to have a lapse in your mobile home insurance.
The Cost of Mobile/Manufactured Home Insurance May Vary
Just like other types of homeowners insurance, mobile/manufactured home insurance will vary depending on the amount of coverage you want, the value of your property, and the risks associated. Coastal areas, for example, may have higher premiums because there are higher rates of damage. Some areas may also have higher instances of property theft or property damage, and consequently higher rates. But higher rates are associated with higher risk — if rates are higher, insurance is even more important.
Weather-related events, fires, vandalism, and equipment breakage; these things can happen at any time. The only way to protect your manufactured or mobile home is to make sure that you are properly insured. At Homes Direct, we help you with everything when you purchase your manufactured home. Contact us today to get started.