If you have a manufactured or modular home, you may be wondering what type of insurance policy you should get. After all, a modular home isn’t a site-built home, but it is still a home that was put together on site. So will there be any difference in your insurance coverage? Read on to find out.
What Are Manufactured and Modular Homes?
Manufactured and modular homes are distinct from site-built homes. Site-built homes are constructed, from top to bottom, on the site itself. Modular and manufactured homes are dropped on the site, generally on a foundation, and then secured together.
Modular homes are not mobile homes. Mobile homes are constructed of trailers that can be driven around and moved. A modular home is made out of many different parts, which can be different sizes and shapes.
Site-built homes and modular homes have different risk ratings, so distinguishing the two is important. In general, site-built homes will be less prone to take damage, as they are made of heavier materials and their structure is usually stronger overall.
However, a manufactured, modular home is not going to take as much damage as a mobile home, as these homes are generally made out of higher quality materials and with a stronger exterior structure.
What Type of Insurance Do You Need?
Mobile homes can be significantly damaged during harsh weather, and they can break apart over time, so they need to have a completely different kind of insurance. Modular homes, on the other hand, are often treated just like any other home. Modular homes are more durable and have all of the building improvements that you would expect from a regular, site-built home.
But not all insurance policies are made equal. You not only need to know the value of your modular home (and how much it would cost to replace all your stuff) but also make sure that the agent completing your quote is aware that your home is not a site-built home. A modular home may have issues with its foundation or structure that a regular home would not.
Usually, a modular home will be less costly to insure than a site-built home. But the cost of insurance ties almost directly into the cost of replacing the property. Because most modular homes can be repaired and replaced fairly easily compared to a site-built home, insurance for a modular home could very well be far less than normal.
How Should You Get Insurance?
Not all insurance companies will sell insurance to modular homes, so you should make sure to connect with an insurance agency and ask them about their stance on modular homes early on.
The process of finding insurance is about getting a variety of quotes from nearby companies so that you can compare their service offerings and pick the one that best suits your needs. You should compare not only the actual price of the service but also the coverage that they will offer. And like homeowners insurance, your request for modular home insurance should also include a complete inventory of all of your valuable possessions.
If you have a modular home, most companies are going to be able to insure you under regular homeowners coverage. But keep in mind that your rates will generally be lower than the rates for a site-built home, as site-built homes are usually more expensive to either repair or replace.
Do you want to get coverage today? Whether you’re looking for homeowners insurance, modular home insurance, or even auto insurance, you can get started right now. Contact the Lanham Agency today to get a quote.