Insurance For Manufactured Homes
Homeowners Insurance for manufactured homes provides protection from unforeseen disasters that can occur during times of trouble. Many families invest in mobile homes and live in them year-round. However, they are not always covered by homeowner’s insurance during periods of vacationing at home. A variety of other circumstances may affect a homeowner’s ability to safely inhabit his manufactured home.
Homeowners Insurance for manufactured homes offers the protection homeowners need when their real estate investment is at risk. Many people don’t realize how much personal property can be lost in a flood or fire. Floods and fires cause massive damage to homes, even when there is no significant water damage. Personal property can include appliances, electronics, furniture, clothing and other items that might be irreplaceable.
Many insurance companies offer replacement cost coverage for items lost in a flood or fire caused by an insured property. These policies pay a percentage, or a fixed rate, for an item or items lost due to an insured loss. When purchasing Homeowners Insurance for manufactured homes, it’s important to understand what this replacement cost policy means. Replacement cost means the amount paid after a policyholder has lost an item. Most insurance companies require that a replacement cost policy be purchased for older homes.
Mobile homes are generally smaller than manufactured homes. However, they can be more expensive to insure. This is because insurance policies for manufactured homes generally offer a higher replacement cost to cover land. Additionally, most companies offer higher deductibles for mobile homes. Some insurance companies offer discounts to clients who own multiple mobile homes or who live in multi-unit dwellings.
There are different types of home insurance policy coverage for historic homes. Manufactured homes are generally designed to withstand a greater amount of damage. However, individuals interested in purchasing a home insurance policy for historic homes should check the product coverage to make sure it covers the total cost to rebuild or repair the historical home. Some homeowners choose to purchase additional coverage to provide financial protection against damage or loss due to theft, storm, fire or other catastrophic events.
Most insurers provide coverage for historic homes sold in recent years. The increased value and demand for these properties have increased the number of insurers providing historic homes coverage. Homeowners who want extra protection should consider this option. Additionally, insurers may offer a discount on premiums if the property is fully insured prior to transfer.
Another type of homeowner’s insurance for manufactured home is personal property liability coverage. Personal property coverage provides protection for things like jewelry, furniture, clothing, appliances and computers. Individuals need to carefully select the personal property clause in a homeowners insurance policy. Some policies provide coverage for damaged or destroyed personal property only if it is an additional on a homeowner’s loan or mortgage. Others provide protection for personal property that is damaged or stolen from the property. Still others may protect the personal property of the homeowner if damage is extensive enough that the residence is uninhabitable.
Many consumers are unaware that they can obtain a homeowner’s insurance policy for manufactured homes at a discount. Manufactured homes are not covered under the standard homeowners insurance policy due to their elevated risk of fire, flooding, explosion or other catastrophic event. Homeowners can reduce the premiums on their manufactured home insurance by purchasing a personal liability policy to cover the personal liability incurred in the event of a fire, explosion or other damage. Alternatively, homeowners can take advantage of the optional replacement insurance coverage provided by many insurers. Replacement coverage provides homeowners with the ability to replace a damaged or destroyed manufactured home without additional expense.