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.
Stephanie Englund Siegel is a successful Realtor with Compass. She was born and raised in the Northwest suburbs of Chicago. Living in the city for over almost 20 years has given Stephanie the in depth knowledge of many neighborhoods. Stephanie feels that Chicago's culturally diverse residents are what contribute to the richness and quality of life in its neighborhoods. Before joining the Compass Family, she worked as a paralegal for a real estate attorney which gave her the knowledge about every step in a transaction. From the very beginning of the process all the way to the end, Stephanie is dedicated to her clients and the success of the transaction so both parties get a win-win. Stephanie serves real estate needs in the following neighborhoods: Lincoln Park, Gold Coast, Streeterville, Loop, West Loop, South Loop, Lakeview, River north, Lincoln Square, Wrigleyville, Ravenswood, Greater Chicago area and surrounding suburbs.
