hoj. Home Insurance. January 07th , 2018.
Purchasing a Manufactured Home Insurance demands a different approach from the conventional home insurance that people usually encounter. The main reason for this is that the two properties differ in a lot of ways. Before making any plans on purchasing insurance for your new or existing home, it is wise to understand its nature. This will better enable you to choose the best plan. Here are some areas that you need to understand:
The Nature of a Manufactured Home
The first thing you need to know about Manufactured Home Insurance is that insurance companies look at mobile or factory built homes differently. According to FEMA, a mobile home must meet the same requirements as a conventional home and must also be elevated or attached to a permanent foundation. Recreational vehicles are not considered as manufactured homes.
Reasons why you need a Special Insurance Policy
You need a special policy to ensure that you are getting the best coverage for your home. Generally, insurance for mobile homes is a little more expensive. This happens because of the risk factor involved. Manufactured homes are not as sturdy as conventional homes and they are easier to be moved by natural disasters. Aside from that manufactured homes are unique and their structure is a little more complex, requiring more maintenance than conventional homes.
What to look for in your Insurance Policy
When you start scouting for insurance, make sure that it covers the repair and maintenance of your home and pays for your personal belongings when your home is damaged by acts of nature, fire or vandalism. It should provide accidental and medical coverage to the members of your family. The policy should also offer a personal liability protection in case someone who is not a part of your immediate family gets injured in your home. Don't forget to look for insurance companies that offer discounts based on your home's condition. Having security and safety devices like smoke detectors and burglar alarms will give you a discount since it provides better security. Another thing to look for is flood and earthquake coverage since some insurance companies do not include these in their policy. Homeowners often over look this type of coverage but it is better to be prepared for the worst, just in case it does occur.
How to start
The easiest way to start searching for the best manufactured home insurance policy is to search the web for your initial assessment. Insurance websites usually offer detailed information on their coverage and are more than willing to answer an email inquiry for specific questions. It's also better to look for a company that specializes in these types of insurance policies. Once you do that you will receive better coverage and lower costs. Some providers may not have any special rates for your home. Contacting an insurance quoting company is a great way to find the best deal for your new or existing mobile homeowners policy. The cost is usually free and you will definitely get a better deal.
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