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.
Cheryl Caldwell has been a licensed Realtor in the Greater Newburyport area since 2006 and has been a consistent multi-million dollar producer. Her prior 15-year experience as a commercial and residential real estate paralegal in Boston and then Newburyport has proven a valuable asset as she assists her clients, both buyers, and sellers, in navigating through the paths to buying or selling real estate. She prides herself on her hands-on approach to each and every client, property, and challenge that comes her way. Working extensively with builders and developers on new construction as well as renovated homes has provided her with a skill set that benefits her clients every day.
