Manufactured homes insurance is similar to traditional homeowners insurance in many ways. However, because of the unique nature of manufactured home construction and mobility, there are some major differences.
Here's what to know about insurance for manufactured homes:
Both mobile and manufactured homes are built in factories and set up on-site.
For insurance purposes, the main difference is the date the home was built: a manufactured home built before 1976 is a mobile home, and anything thereafter is a manufactured home.
Manufactured home insurance includes dwelling coverage, other structures coverage, personal property coverage and liability coverage - just like traditional homeowners policies.
Like most insurance policies, flood and earthquake damage is not included in manufactured or mobile home insurance. Pest infestation, natural wear and tear and business-related damages are not covered either.
Manufactured and mobile homeowners insurance costs range between $750 and $1,300 annually. Many factors can impact your rate, including location, your home's replacement cost, your deductible and age of your home.
Manufactured and mobile homes are susceptible to wind and fire damage, which can make them more expensive to insure. Some other common risk factors include theft and pipe damage.
Many insurance companies offer incentives to lower the cost. For example, installing a home security system or features can give you a discount.
To find the best possible coverage, consult an insurance company.
Robin has been a licensed Illinois Real Estate Broker since 2002 and has a genuine passion for real estate. She Joined the Keller Williams family in 2010, where she has been an active member of the Agent Leadership Council. She was one of the founding members of a Chicago area Keller Williams brokerage. Since opening, Robin has again been a valued member of the Leadership Team as well as assisting other agents reach their goals through training, coaching, and mentorship.
