There is no doubt that if we are going to buy something and fork over our hard-earned money we want it to be the best. When it comes to Manufactured Home Insurance, and insurance in general, defining the best can be a little tricky as insurance should be designed to fit your needs. Understanding some of the ins and outs of manufactured homes and the insurance market can help you pinpoint how to get the best manufactured home insurance for you.
Fewer Options
There are fewer carriers that insure manufactured home insurance than regular insurance. In the Homeowner insurance market, there are a LOT of options. State Farm, Allstate, Safeco/Liberty Mutual, Travelers, Farmers, USAA, and many, many, many more. But in the manufactured home market there are A LOT fewer. The why’s are a question for another day, but there are fewer. Your biggest players are Foremost, American Modern, Aegis, Standard Casualty, Tower Hill, and Markel. Even when some of the more notable homeowners insurance brands say they offer insurance for manufactured home insurance, they usually place the coverage through one of these companies. Fewer company options means that switching carriers for better coverage or better rates can be difficult for many manufactured home owners.
Replacement Cost Coverage
On a regular “stick-built” home replacement cost coverage is easily obtainable even when the home is old. This is not the case for manufactured homeowners. Most of the carriers will not offer replacement cost coverage on your home after 30 years. This can cause some BIG surprises when there is a loss, and you try to file a claim. Imagine finding out that you are only going to get half of what it will cost to replace your roof after you have had a loss, or finding out you won’t have enough to replace your manufactured home after a claim. This happens and a lot of times it’s because you didn’t have replacement cost coverage. The problem is on older homes you can’t even get it. So what do you do? Make sure that if you aren’t eligible for replacement cost the carrier will provide a stated value policy (meaning you know exactly what you are going to get if the home is a total loss, AND make sure that you get a full repair cost endorsement or something similar. These are available and worth every penny. The downside is that the older the home, the fewer carriers will offer this coverage.
The Little Things
Finally, the little add-ons can make a big difference. Most manufactured home insurance carriers will cover you for the big things like Fire, Lighting, Wind, Hail, and liability, but there are other things that you should consider like how your personal property will be covered, water backup of sewers and drains, and other addons that make your policy respond like you will need it to.
Understand Exclusions
Every insurance policy has exclusions. There are things that will never be covered by the policy and might require adding the coverage by endorsement, purchasing a different policy or just accepting the risk. These things include floods, earthquakes, wars, and others. Understanding these things can ensure that you have a full understanding of how your policy will respond when you have a claim.
Just like with any product the way to get the best manufactured home insurance is to understand what you are buying. The best way to do this is to work with an insurance specialist that understands Manufactured Home Insurance and can craft a policy that fits your needs. Gila Insurance Group LLC represents multiple insurance companies that specialize in manufactured homes. By completing our online form we will shop these carriers to ensure you can find a rate that fits your budget and provides the coverage you need. You can start your quote and get the best manufactured home insurance you can with Gila Insurance Group by clicking here.