Here’s the Tea on Manufactured Home Insurance
Taking the first step into homeownership can be scary!
We’ve done all the research to help you make an informed decision for you and your family!
One of the questions that keep you tossing and turning at night is “Do I need an insurance policy on my manufactured home?”
The short answer? No, you don’t HAVE to.
Can it potentially save you in the long run? Absolutely.
Keep reading to learn more about manufactured home insurance and what could be covered.
First, let’s define “manufactured home.”
A manufactured home refers to a factory-built or assembled home that is constructed on a frame or chassis, then driven to its final destination.
Manufactured homes are also built to HUD (Department of Housing and Urban Development) codes, which are very different from modular homes, which you can read about here.
As you research insurance companies, don’t just make sure they cover manufactured homes, make sure their customers are happy with their services too!
What Does it Cover?
If you decide to have an insurance policy for your manufactured home, you need to know all the terms of your specific policy and what exactly is covered.
Many insurance companies break down their coverage into types of coverage, allowing you to pick and choose what you need.
Most commonly you’ll see the following types of coverage offered:
This type of coverage is perfect for those unfortunate events caused by things out of your control. Should your home fall subject to a fire, your dwelling coverage would kick in to assist in covering repairs.
Personal property coverage refers to things in your home that are damaged or stolen. If your home gets broken into, your stolen laptop, tv, or gaming console would be covered.
You may choose to add a garage or deck, but find that those structures aren’t covered in your standard dwelling coverage. Lucky for you, with some insurance policies you can include your garage, tool shed, or backyard deck.
Do I Need Insurance?
As we mentioned before, it’s not a requirement for you to have insurance on your manufactured home.
However, some home parks and communities require a homeowner to hold manufactured home insurance.
Once you have all your ducks in a row, look into reputable companies that have manufactured home insurance.
Don’t be afraid to ask silly questions, and be sure to get quotes so you can compare prices in your personal budget.