By Durand. Manufacturer Home Insurance. Published at Sunday, April 15th, 2018 - 08:00:15 AM.
Manufactured homes, also known as mobile homes, are factory-produced homes that can be transported anywhere and installed at a selected site with or without a permanent foundation. Manufactured homes have revolutionized the American housing market by providing affordability and flexibility to potential buyers. During the past few years, nearly 1 out of 3 new homes sold has been a manufactured home. With increasing home costs, many buyers prefer manufactured homes, which meet basic housing needs at a lower price. Instead of constructing a house in 3 to 5 months from scratch, you can get a ready home within 5 to 10 days. Today, manufactured homes are spacious, well-designed and affordable. The main advantage is that these homes are thoroughly inspected to meet the construction standards set by the U.S. Department of Housing and Urban Development for the design, energy efficiency, durability, strength, and fire resistance protocols.
Before you buy a house, consider computing the cost of your manufactured home insurance - Sometimes there is a great possibility that you would pay less premium cost with the proximity of your house to a fire department or if it is on site with a nearby fire hydrant because this will reduce the risk of your house completely burning to the ground. Do not be afraid to ask questions - It is always to your advantage to ask what you do not understand. If there are things that are not quite clear to you especially the ones written in the policy, it is your right to ask. You may have overlooked some of the things that you need to cover and sometimes you will really need the help of your insurance agent to ensure that you have covered everything. Many companies specialize in Manufactured Home Insurance, check with several companies before you buy in order to get the best possible price.
You can save more on your premiums (by as high as 25 percent) if you are able to raise the usual $500 deductibles that are being recommended by most insurance companies. Getting lost already? Getting confused with what deductibles mean? In the terms of an insurance policy, it is defined as the cost by which you shell out towards a loss before your claim is reimbursed by your insurance company. Just in case you are not aware, you should know that there is a separate deductible for different types of damage that your house may incur. This is true especially for those that live in disaster-prone localities. Whether you live in an area that is often visited by windstorm, vulnerable to hail storm, or situated along a fault line then you must have separate deductibles for the specific possible-damage.
Another difficulty is finding the right insurance company that even offers mobile home insurance. Many companies actually do not offer insurance for manufactured homes because as mentioned earlier there are many risks and greater losses associated with it compared to other types of homes. It is these risks and losses that are negatively translated to higher expenses for the insurance companies. Resulting in the form of higher premiums for homeowners. Since this is the case it often results in fewer insurance companies providing this type of coverage and when there is less competition, the prices are also higher. Competition is always a good thing because it helps the consumer save money.
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