By Durand. Manufacturer Home Insurance. Published at Monday, April 16th, 2018 - 23:26:50 PM.
The amount and degree of coverage provided by a manufactured home insurance policy can vary dramatically between insurance providers. It is very important to compare policies before buying, what might look like a bargain at first glance could end up costing you thousands of dollars in the event of a claim. That is particularly true when physical damage coverage is concerned. Some policies, called peril policies, provide basic coverage for only specific causes of loss. Policies that automatically cover most direct, sudden and accidental perils are often called comprehensive policies. These cost more than peril policies and list the few causes of loss that they do not cover in the policy.
Perhaps another challenge that one will encounter is the lowering or stripping of benefits in a manufactured home insurance policy. Most companies would not be willing to consider including coverage for loss that is due to water damage. Again older mobile homes are at a greater risk of damage or loss due to events involving water. So you may want to check out the plumbing system to determine whether it needs to be replaced. You may also want to take note of the site where you will be moving to. If it is a flood-prone area then you better think twice because it could easily cost you in many different ways.
While you pick out your manufactured home, whether new or used, and set it up on a piece of land or in a mobile home park, you will also have to consider insurance. One would think that there is not much difference between mobile home insurance and house insurance, but there is. Manufactured home insurance is structured around the particular needs of mobile home owners, which are different from those who own a stick-built house. For one thing, manufactured home insurance costs more than house insurance, because their structure makes them vulnerable to wear and tear, and more weather damage and natural depreciation.
Manufactured home insurance is similar to regular home insurance. In general, manufactured home insurance policies provide two kinds of coverage. The first is coverage for your home and personal property such as clothes, appliances other personal possessions against perils such as fire, lightning, wind or hail damage. The second is liability coverage against lawsuits that may be filed by people who are accidentally hurt by your actions or activities.
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