Consider the home insurance options if you're considering buying a manufactured home. You will want to choose a policy with specialized coverage based on the type of home you are buying and your personal possessions.
Allstate Manufactured Home Insurance Review
Allstate provides mobile home insurance in 19 states. You can add unique endorsements to your policy such as matching siding or additional living expenses while rebuilding. Optionally, you can purchase replacement cost coverage for items that have been damaged or are lost.
A typical home insurance policy will cover your manufactured home and its personal property for damage caused by a covered peril, like a fire or hailstorm. You can also get special endorsements that protect against things that aren't covered by a standard policy, such as liability protection.
GEICO Mobile Home Insurance Reviews
GEICO offers manufactured home insurance in two different types: replacement value or actual cash value. Replacement value policies are more expensive than an ACV policy, but they provide better financial protection in the event of a loss.
According to your state's laws, you may also be able to purchase an extended-replacement value policy which pays the entire amount of your premium for your home insurance in order repair or replace after a covered damage. The policy premium is determined by the replacement cost of your home. This is generally higher than your depreciated property value.
Foremost boasts a large agent network and offers competitive prices on new and existing manufactured home. You can get quotes by phone or online, but you will have to wait for a few days before receiving one.
Many insurers offer discounts for things like smoke detectors, storm shutters and having a garage or shed on your property. You can also choose to have a lower or no deductible.
The best way to find a policy that fits your needs is to ask an agent to shop around for you. Some companies have exclusive mobile home discounts that they can't offer to other homeowners, while others may be more willing to work with a customer who is trying to save on their insurance.
Progressive has a wide range of options for mobile home insurance, including replacement cost and additional living expenses. The company also offers several endorsements including livestock and hobby farming coverage.
Farmers mobile home insurance offers a number of additional options. One is an agreed-value claim settlement. You can also add the replacement cost option, which pays to replace items in your home instead of their depreciated values.
Mobile homes are an investment and should be protected. This is why most mortgage lenders require homeowners insurance. For those who lack the time to construct their own home, a manufactured house is an excellent option.