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Tips For Insuring Your Manufactured Home

Tips+For+Insuring+Your+Manufactured+Home
Americans purchase thousands of manufactured homes each year. These homes are assembled in a factory and then placed on the homeowner’s leased or owned property. Purchasing a “manufactured” home is far more affordable than a traditional site-built house, making homeownership more realistic for many middle and lower-income families. If you are in the market for a manufactured home, you may be wondering about the insurance plans available.
 
Thankfully, manufactured home insurance is basically the same as conventional home insurance. However, manufactured homes may be more at risk for certain factors, which you will need to protect against. These include:
 
– Fire
– Insulation
– Wind
– Collision
 
It may also be beneficial to choose an insurance provider that specializes in manufactured homes. It’s important to get the right coverage, and these insurers will inform you of any special needs or insurance plans that your home may require. Your geographic location, for example, may greatly determine the insurance policy you need. Tornado-prone areas and locations with higher incidents of wildfires, many severe storms, or higher crime rates typically also have higher insurance rates.
 
Your insurance policy will also depend on the personal possessions that you are planning to protect. Think about preparing for a total loss – how much would you expect to receive in value? It is important to note, however, the problem with over-insuring your home as well. If you choose a plan with a replacement value that is greater than your home is worth, some companies will give you the amount listed on your policy. However, others will only give you the amount it will cost to replace your home and possessions.
 
If you are interested in purchasing a manufactured home, speak with the insurance companies in your area or give us a call at UMH Properties, Inc. for more assistance.