When it comes to insuring your manufactured / mobile home, the rules are different than a standard homeowner’s policy. Most people think when it comes to insuring one’s home that it’s all pretty much the same – call your local agent, give your address and some basic information about the structure (such as number of bedrooms and bathrooms, square footage, purchase price or estimated structure value). Your agent then inputs the information into a rating system and comes back to you with some insurance rates and you choose your policy. However, when it comes to manufactured / mobile home insurance, the underwriting rules and eligibility guidelines are very different. Below are some tips and useful information you should be aware of to make insuring your manufactured / mobile home as easy and comprehensive as possible.
- Not all property insurance companies offer insurance for manufactured / mobile homes. In fact, most do not. Independent agents are your best bet to check with first because many of the national companies we often think of do not even have a policy they can offer you. These companies may have been able to insure your manufactured / mobile home in the past, but most probably do not now. Even if you already have other lines of insurance with them, such as car or life insurance, they still may not be able to help you.
- The pricing is different. Typically, as a manufactured / mobile homeowner, you are going to pay more for a policy than you may initially expect. A friend or family member that lives in a single-family residence structure that is 2500 square feet may pay a smaller premium than you. The main reason is, the “risk” the insurance company bases the premium on is different and the type and frequency of claims associated with policies covering manufactured / mobile homes are unique to themselves. Be prepared to pay a little extra.
- Location matters. Your premium may be significantly different based on where your home is located. Manufactured / mobile homes located in parks or communities typically have a lower premium than those that are located on private property. In addition, the acreage or size of your lot can affect the rate. Some companies will not offer coverage at all if that exceeds three to five acres.
- The age of your manufactured / mobile home matters. Some companies that offer this type of coverage will “cap” at a maximum age they are willing to insure. This varies from state to state and company to company but some will not offer a policy to manufactured / mobile home if it exceeds 30 years in age. The newer your structure, the lower the rate, is a good rule of thumb. This is especially good information to have when you are considering purchasing a manufactured / mobile home.
- How you “anchor” or “tie down” your manufactured / mobile home makes a difference as well. Manufactured / mobile homes that are permanently attached to a foundation or slab or tied down to the ground gives you more availability and affordability when it comes to purchasing insurance. Handrails on steps up to the entrance also make a difference when it comes to eligibility and discounts on premiums.
- The value of the structure is often times calculated differently when it comes to structure coverage with a manufactured / mobile home versus a standard single-family residence type home. The coverage of your manufactured / mobile home will often times be calculated on your overall purchase price and whether it is a single-wide or double-wide versus a cost per square foot approach most of us think of when it comes to replacement cost estimates on a home / townhome / condo.
AssuredPartners specializes in personal lines insurance and are well versed in the nuances of insuring manufactured / mobile homes. To learn more about our personal insurance products, visit AssuredPartners Personal Insurance.
