Manufactured Home Insurance
Like a homeowner’s policy for site built dwellings, coverage is offered for the main dwelling under “Coverage A.” How attachments to the main dwelling are addressed will depend on the individual carrier. One carrier may require attachments such as carports, screen or sun rooms to be scheduled with specific values or limits, while another insurance carrier may include them in coverage A.
Coverage B – Other Structures is for structures unattached to the main dwelling such as storage shed.
Coverage C – Content or personal property is typically offered as a percentage of A. For example; if Coverage A the main dwelling is $50,000 and the percentage for Coverage C include is 50%, your personal property limit would be $25,000.
Also like the homeowner’s policy, content coverage may be offered on a replacement cost basis or actual cash value. Replacement cost is what you would pay for an item today whereas actual cash value is what you would pay for an item today less depreciation due to age or wear and tear.
Coverage D – Loss of Use is for increased expenses you incur if your home is uninhabitable after a covered loss. For example; after a fire you are forced to stay in a motel until repairs are made, all the while your lender is still requiring your mortgage to be paid. Again… coverage is typically a percentage of the main dwelling, 20% is common.
Coverage E – Personal Liability and Coverage F – Media Payment others are also offered
Typically rates for homes located in a part are more favorable than private property.
Also similar to the homeowner’s for site built dwellings; optional coverage may be offered; such as golf cart coverage or scheduled personal property.
To learn more about our Manufactured Home Insurance Carrier’s and the coverage they offer…contact us today!