The Limitations of Modular Home Insurance
Modular homes are quite a bit different than traditional manufactured homes. Although most of the components used in modular homes are made offsite, most modular homes are housed in a more physically identical physical structure to a standard permanent home. However, the individual components are assembled much more quickly onsite, frequently completing the entire house much quicker than those constructed entirely on-site.
The majority of on-site assembly plants use large trucks and dollies to transfer large building components from the fabrication plant directly to the assembly plants. These trucks are generally trailer trucks that can be lifted with a crane, but are not limited to only this method. Assembling modular homes does not stop at the truck or dolly; there are numerous other methods used to move manufactured homes from the fabrication facility to the assembly plants. For these final assembly points, however, on-site staff will need to utilize a series of equipment specifically designed for this purpose.
Because modular homes usually take much less time to build than standard homes, they require a substantially different approach to coverage. Just as with standard homes, in order to provide complete protection for your investment you’ll want to purchase insurance that covers both the construction of the modular home and the equipment utilized to complete it. This way you can be sure that you’re adequately protected should anything happen while your home is still under construction. A comprehensive modular home insurance policy will also provide you with complete coverage should your home become damaged due to fire or other natural disasters.
The very nature of manufacturing means that most modular homes will not bear the wear and tear of typical construction. Modular homes typically comprise one unit rather than a series of units, as is the case with traditional homes. Consequently, when damage does occur the damage usually does not spread to adjacent units in the modular home and so it will be easier to repair one part of the modular home at a time. However, just because modular homes are easy to repair doesn’t mean that you don’t want to be covered in the event of damage to your modular home. A comprehensive manufactured home insurance policy will provide you with the coverage you need no matter what the circumstances.
Just like any other type of homeowners insurance policy, the protection provided by manufactured coverage will be limited to the actual value of your modular home. In other words, you won’t receive coverage for damages to fences, windows, appliances, landscaping and other items on your property. These items are considered to be exteriors and therefore the coverage will not extend to them. That leaves your roof, doors and windows open to the damage incurred during an accident.
Just like with a traditional homeowner’s policies, the limit of coverage offered by manufactured homeowner policies will depend upon the actual worth of your dwelling. Usually this limit will be one-third or less of the actual value of the dwelling itself. This is why it is important to carefully examine your personal property coverage and the details of any insurance documents before you sign them. For example, if you have flood damage in one room of your modular house that was brought in as part of the construction process, that damage will not be covered under your personal property coverage. This is because flood damage is generally categorized as an outside in event and is not something that occurs within your dwelling.
As you can see, the limits of coverage offered by a modular insurance policy will be limited to the building itself and not to the belongings inside. Modular insurance policies can be tailored to better fit your needs by including specific types of coverage such as equipment, furniture and personal property. These extra provisions are often what make these types of policies very attractive to consumers. When choosing a provider for your modular home insurance, ask about additional coverage limits. Because these can vary depending on the size of your dwelling and the type of building you choose, they are definitely something to consider before you sign an agreement.
Last but not least, when you are working with a qualified licensed agent, you will have access to some of the best deals on home insurance. Because these policies are manufactured to meet specific industry standards and regulations, you will be able to take advantage of many programs and discounts available. Remember to shop around and compare quotes. When you do so, you can find the best coverage for the lowest price and save yourself tens of thousands of dollars over the life of a policy.