What Kinds of Insurance Options Do You Have For Your Modular Home?
What is Modular Home Insurance? As mentioned, modular houses are treated much like other houses when it comes to insuring with a normal homeowners insurance policy. And since most modular homes are still built like traditional houses, they do not have the added premiums that other mobile homes tend to be charged because of their higher risk factor.
Modular homes usually do not come with any additional coverage such as personal property. But they can be insured for the land on which the dwelling is built. If damage occurs to the land, and the homeowner is to blame for that, then the policy will pay for any personal property that was lost. It will also cover the dwelling itself.
Most insurance companies are aware of the fact that most modular buildings are not as structurally sound as manufactured homes. Manufactured homes have been built to current building standards. They have had many years of experience in creating and maintaining a high quality building. The manufacturers are fully aware of the safety concerns that are associated with manufacturing defects and design deficiencies.
Manufactured homes have an additional coverage called “permanent foundation” insurance. With this type of coverage, if a part of the modular home is destroyed or damaged, the insurance company will replace it at no cost to you. This coverage usually applies only to mobile homes that are not on a permanent foundation. Mobile homes that are on permanent foundations are not covered. But you should check with your insurance agent to determine what types of coverage apply to your specific situation.
Most insurance policies do not specify use coverage limits for modular dwellings. However, it is recommended that you keep this in mind. Modular dwellings can be subject to theft, fire and weather damage. Each of these situations has different potential causes. You want to know which damages your policy covers so that you don’t overpay.
Because they are not permanent structures, you will not be able to place a lien on the modular home. Unlike manufactured homes that are attached to a permanent foundation, mobile homes that are constructed on a foundation are often attached to a lien. If there is a damage to the mobile home, the insurance carrier cannot simply seize the property and sell it to cover the repair costs. The insurance carrier needs to make sure that the damage actually occurred and that it was not caused by negligence or another cause.
One thing that you may want to consider about your modular home homeowners insurance is the coverage limits for additional living expenses. Some insurance companies will only cover the basics like fire and theft. Other coverage limits will help you to cover things such as medical expenses or even a loss of rental value if your mobile home is completely destroyed. These additional living expense coverage options are a good idea to look into when you are shopping around for your coverage.
One important thing to remember about insurance for a mobile home is that the actual cash value or replacement cost coverage will not generally cover all of the damages that your home is damaged through. If you have any expensive items in your home, the insurance coverage may end up paying for that only. However, if the majority of your home’s damages were covered by the actual cash value coverage, the replacement cost coverage would be the best option for you.
It is important to note that there are several different types of insurance policies for modular homes. One of these is the independent insurance agents which are quite popular. These independent agents can get the very best rates for you, especially if you have a good credit history. They do not work for just one company; they generally work with several different companies, too. This means that they are more likely to find the most comprehensive coverage for your home.
Another type of insurance policy for modular homes is called the general liability insurance coverage. This particular type of policy does not actually pay out to you for things like building damages, but it does cover liability insurance on things like injuries that happen on your property. You do have some leeway in choosing the amount of liability insurance coverage you need with this particular type of policy. You should generally get a lot more than the policy requires because the more coverage you have, the better chance that something bad happens to someone while on your property. This is why many people prefer to use the general liability insurance coverage instead of going with one of the more specific types of coverage.
The last type of policy that you will want to get is called the dwelling insurance coverage. With the dwelling insurance coverage, you are protecting your dwelling, which is the structure of the house itself. The personal property inside of your house is not covered under this type of policy. This means that anything that is damaged in your house is actually your responsibility to get replaced. In the event that something gets damaged due to vandalism or natural causes, you will get a credit on your dwelling insurance to be able to replace it.