Although they are not as expensive to buy as site-built homes, mobile and manufactured homes may not be less to insure. Modular home insurance will typically be in the same range as a policy for a traditional site-built home. If you are shopping for insurance, you may have some questions, like “What goes into determining the cost of mobile home insurance?” and, “Are there ways to find lower manufactured home insurance rates?”
You can get some answers today by contacting a local, independent agent in the Trusted Choice® network. A member agent who lives in your area and knows the local mobile home insurance costs and requirements can gather several different quotes for you. Contact a member agent today to find coverage that fits your budget and needs.
Here are some statistics for you to consider about the damage costs to mobile and manufactured homes from 2005-2009:
Your manufactured home is your greatest asset and must be protected against loss. If you choose the least expensive policy, you may not have adequate coverage to rebuild after a catastrophic loss.
In general, you can expect to pay on between $250 and $1,300 per year for manufactured home insurance. Your actual mobile or manufactured home insurance rates will depend upon a number of factors, including:
A local independent agent can provide additional information about typical manufactured home insurance rates in your area.
When you are evaluating mobile home insurance costs for various policies, you may find that you have a choice of actual cash value coverage or replacement cost coverage in the event of a loss. The choice you make will affect your mobile home insurance premium; it will also dictate the amount of compensation you will be able to get if you need to file a mobile home insurance claim. You can think of them this way:
Actual cash value coverage will pay the value of the manufactured home at the time of the loss, which includes depreciation. For example, if you have a five-year-old manufactured home that is valued $35,000 at the time it suffers a complete loss in a fire, you will receive $35,000 to replace your home – even if you paid $50,000 for it five years ago.
Replacement cost coverage will pay the value of a new mobile home made with similar materials. So, if you bought your manufactured home for $50,000 five years ago, and the new, similar model will cost $60,000, your replacement cost policy will likely buy that new model for you. Remember you’ll need to pay your deductible before the insurance company will pay benefits. Replacement cost coverage for your mobile home tends to cost more than actual cash value coverage does because the insurance company commits to paying out more for losses.
Manufactured home insurance rates vary widely. To get the best possible manufactured home insurance rates and a policy that meets your needs, contact a local independent agent in the Trusted Choice network. These agents know the area, the costs of manufactured home insurance, and the best companies to work with.
Your agent can research several different insurance companies to get the best quotes based on your specific situation. All the legwork is done for you, and you can rest assured that the quotes you get will be the best available for you.