The Minnesota Home Partnership says that manufactured homes are an important source of affordable housing in the state. Minnesotans who are retired, have a modest income or want a second home in a vacation spot are attracted to the idea of these homes due to their lower entry point. If you buy a mobile or manufactured home, it is important to have Minnesota mobile home insurance to protect your investment.
A TrustedChoice.com network independent insurance agent will help you compare Minnesota manufactured home insurance quotes to find the right plan at the right price. These agents can help to assess your needs and compare rates and options from several different insurance companies.
- Average manufactured home building costs, 2006: $40
- Average traditional home building costs, 2006: $100
The reason many homebuyers choose to buy a mobile or manufactured house is that they cost less to construct. These homes also have more flexibility in terms of where they can be built. For example, if you are like many Minnesotans and you have a plot of land where you like to hunt and fish, you can construct a modest mobile home on your parcel for far less than a “stick-built” home.
Is a Modular Home the Same as a Manufactured Home?
A mobile home and a manufactured home are essentially the same things. The term manufactured home came into being in 1976 when HUD developed new safety standards for mobile home design. Mobile and manufactured homes are totally pre-built in a factory and then transported to a home site. Once at the home site, the builder can anchor or strap the home in place, add a deck and garden areas and so on.
A modular home is constructed from factory-built components. These components are transported to the home-site, and then the home is constructed. This makes them similar to traditional homes, and insurers generally regard them as less risky to cover.
How Much Does Minnesota Mobile Home Insurance Cost?
- Estimated cost of mobile home insurance: $1200 annually per $100,000 in value
- Estimated cost of new mobile home insurance vs. home insurance: 50% of the cost as for a similarly sized house
New manufactured homes that are built to modern building codes will generally be less expensive, relative to their value, to insure than older models. The location of your home site, type of home, manufacture date, and many other factors will go into a final calculation of your premium. It is best to consult a good MN insurance agent to compare quotes if you already have a mobile home or plan to buy one in the future.
Minnesota Mobile Home Insurance Discounts
Likewise, you may be able to earn discounts on your coverage in similar ways you can earn discounts on a typical home policy.
- If your house is fairly new and well anchored in a secure mobile home park with many of the amenities of a good neighborhood, your rates may be lower than if your older mobile home is located in an isolated area and vacant much of the time.
- Your local Trusted Choice network agent can give you good advice to help keep your home more secure and lower your premiums.
What Does Mobile Home Insurance Cover?
A typical manufactured home insurance policy may cover some of the same things that any home policy covers. This coverage may include the following, and you may also be able to add extra coverage. Speak with your agent about the specifics of any particular policy you plan to buy.
- Homeowners liability
- Property damage
- Medical payments
- Personal property
Compare Minnesota Manufactured Home Insurance Quotes
A local agent in the Trusted Choice network will help you compare products from multiple insurance companies that offer coverage in the state. These trained and experienced professionals will also help you take steps to get the best deal, figure out how much coverage you need, and assist you when you need to make a policy claim in the future.
Finding the right coverage at the best price for a pre-built house might be a complex task for an average owner. You should also know that you are not obligated to purchase coverage from the seller or any particular insurer. Contact a local Trusted Choice independent agent to find out more about Minnesota mobile home insurance today.