Manufactured home insurance is a type of insurance policy specifically designed to provide coverage for manufactured or mobile homes. These homes are typically prefabricated structures built off-site and transported to a permanent location.
Manufactured home insurance protects against various risks, such as damage to the home itself, theft of belongings, liability for injuries that occur on the property, and sometimes even coverage for detached structures like sheds or garages.
This insurance is similar to traditional homeowners insurance but is tailored to the unique needs and risks associated with manufactured homes.
Essentially, it offers financial protection in the event of unforeseen circumstances.
How It Works
Manufactured home insurance functions much like traditional property insurance. Homeowners purchase a policy from an insurance company and pay premiums based on factors like the home’s value and location.
The policy provides coverage for damage to the home, theft, liability, and additional living expenses if the home becomes uninhabitable.
However, when a covered loss occurs, homeowners file a claim, and the insurance company evaluates it to determine coverage.
If approved, the insurer provides financial compensation to repair or replace the damaged property, minus any deductible chosen by the homeowner. Also, the policy lasts for a set term and can be renewed annually.
What Does Manufactured Home Insurance Cover?
If you own a trailer, modular home, single or double-wide mobile or manufactured home, or sectional home, you can insure it to shield yourself from potential financial burdens in case of an accident.
However, while considering insurance for your mobile home, it’s essential to understand what this type of insurance covers. Key coverage areas include:
- Medical payment.
- Falling objects.
- Fire.
- Explosions.
- Accidental discharge.
- Lightning.
- Theft.
- Smoke.
- Windstorm.
- Vehicles.
- Volcanic eruption.
- Riot.
- Weight of ice.
- Sudden and accidental damage.
- Vandalism.
- Other structures coverage.
- Personal liability coverage.
Although the coverage options of insurance companies vary, the above are some general incidents that this type of insurance covers.
What Does It Not Cover?
Before proceeding to purchase a policy, while it is important to look out for the coverage options, it is also important to look out for exclusions.
This is so you’ll know if the policy is fine for you or if you’d like to explore other options. Here are some of the manufactured home insurance coverage exclusions below:
- Neglect.
- Earthquake.
- Foundational problems.
- War.
- Pests.
- Sewer or drain backup.
- Your pets.
- Floods.
- Wear and tear.
- Sinkholes.
- Discharge of pollutants.
- Mudslides.
- Mechanical breakdown.
- Power outage.
- Ordinance.
- Intentional loss.
If you suffer from any of these situations, keep in mind that your manufactured home insurance policy will not cover them. So, you might as well try finding other types of insurance that cover what you’d like to get coverage for.
How Much Does Manufactured Home Insurance Cost?
Before proceeding to the total average cost of a manufactured home insurance policy, it is worthwhile to know that costs vary by company, location, coverage, policy options, and some other factors that will be mentioned below.
But overall, on average, you’d get a policy for about $300 per year. And the factors that determine the price are:
- The cost of renovating your home (manufactured).
- Model year of your manufactured home.
- Smoke alarms, burglaries, and fires.
- How long have you been a customer of the insurance company?
Lastly, if you are in a mobile home park, the park class also determines the price of the policy.
Tips To Get Manufactured Home Insurance
Obtaining manufactured home insurance is relatively straightforward. However, before making a decision, it’s wise to conduct thorough research online, explore various options, and compare policies and coverage.
This ensures you select the most suitable policy for your needs. For those aiming for the best coverage, here are some useful tips to help secure the optimal insurance policy for your mobile home.
- Explore several insurance companies online and look through reviews.
- Examine the mobility of your mobile home.
- Purchase enough coverage to replace your home.
- Consider additional coverage.
- Increase your coverage.
Using the above tips, finding the perfect insurance company for your home shouldn’t be difficult anymore.
Best Manufactured Home Insurance Companies
Undoubtedly, numerous insurance companies are available to serve as your insurer. However, not all of them provide the best services, offer the most affordable premiums, or excel in customer service.
Finding a suitable one among the options can be challenging. To simplify your search, we’ve gathered a list of some of the top manufactured home insurance companies that you can consider for insuring your mobile home. They include:
- American Family.
- Liberty Mutual.
- 21st Century Insurance.
- Farmers.
- State Farm.
- Progressive.
- Allstate.
- Geico.
- American Modern.
- Safeco.
- USAA.
However, keep in mind that all are accessible to all except USAA, and this is because only veterans, military members, and their families are eligible for their services. But in all, make sure you compare the coverage options of these providers before choosing.
