Finding Homeowner’s Insurance for Manufactured Homes

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Manufactured homes are designed with the same perks as single family homes and condos; the kitchens display granite counter tops, stainless steel appliances, custom built fireplaces, and other high-end finishes. Many models cost as much as a site-built home and once permanently installed are classified as real property so when you’re shopping for insurance for manufactured homes in the marketplace you have several things to consider.

We’ll cover how to choose the right insurance company for your manufactured home and the coverage you should consider in a policy.

Choosing the Right Insurance Company

The popularity of manufactured homes has increased the availability of homeowner’s insurance and most of the major carriers have products to accommodate this market.

Foremost Insurance

One of the most popular insurance companies for a manufactured home is Foremost Insurance. They have been covering mobile and manufactured homes for more than 50 years and are a leader in the industry. I recently got a quote from Foremost for my own 1978 single wide home and the rates seemed reasonable. We are wanting to install a wood stove and our current insurer is going to drop our policy so I used Foremost’s website to obtain a quote with a wood stove. I also opted to insure our detached garage and building which was not an option with our current policy. Here’s the quote they emailed me a few days later:

 

An annual cost of $603 is substantially higher than our current insurance policy of only $230 per year but it covers a lot more with a lower deductible and allows us to have a wood stove.

Please note: I am not being paid by Foremost and have no relationship with them. This is simply my experience in obtaining a quote. 

Other Companies that Offer Manufactured Home Insurance

I tried to get quotes from a few other insurance companies as well but all the others stated they could not offer me a policy. I suspect it was due to the wood stove. Here’s a list of companies that offer manufactured home insurance. Just click the link to be taken to their website.

• Geico
• Progressive
• All State
• State Farm
• AMIG
• Farmers
• American Family Insurance
• USAA
• MetLife
• HomeFirst

 

Things to Consider When Choosing an Insurance Company

When you are looking for the right company, here’s a checklist of things to consider.

• How long has the company been providing manufactured home insurance? Even though a company boasts of a long history in the insurance industry, this is a niche market and requires experience.

• Go to http://www.ambest.com/ to locate your company’s insurance rating. Good ratings range from A++ to B+.  Insurance companies below B+ according to the A. M. Best Company’s guidelines are not as secure as those with higher ratings. Don’t let an inexpensive premium be your guideline for selecting your insurance provider.

• You should have several levels of insurance to choose from. Insurance companies usually have products with minimal coverage to those that are fully loaded.

 

Coverage

Your home is probably your most valuable asset. Protecting it and your personal property is a primary concern for most homeowners. Manufactured homeowner protection can range from a basic policy, which protects your property against natural disasters, explosions, and other unpredictable occurrences, to a comprehensive one, which includes the replacement cost of your home.

The best coverage is what makes sense to you.

• When speaking with an agent make sure that several levels of coverage are quoted.
• Take an inventory of your valuables inside your home and the cost to replace them.
• Keep in mind that most companies cover your land and other buildings that are attached such as storage sheds and detached garages.

The location of your manufactured home will also help determine your level of coverage. Weather is, of course, a huge factor, and the severity of certain conditions will help to drive specific types of coverage. Protect your home against windstorms, falling trees and objects, hail storms, and a host of occurrences that manufactured homes are usually more susceptible to. These occurrences are most often minor, but the cost to repair can put a serious dent in your budget.

Related:  How to File an Insurance Claim for Your Manufactured Home.

Average Home Insurance Rates by State

Below is a chart depicting the average insurance rates per state by StaticBrain.

1	Florida	$2,280
2	Oklahoma	$1,572
3	Louisiana	$1,483
4	Arkansas	$1,014
5	Kansas	$1,004
6	Texas	$986
7	Missouri	$949
8	Alabama	$933
9	Minnesota	$926
10	Mississippi	$907
11	Nebraska	$887
12	West Virginia	$875
13	Kentucky	$874
14	Georgia	$833
15	Tennessee	$801
16	Connecticut	$799
17	California	$795
18	Colorado	$795
19	Indiana	$781
20	Illinois	$760
21	South Carolina	$679
22	Maryland	$645
23	Wisconsin	$644
24	Montana	$640
25	New Jersey	$638
26	North Carolina	$631
27	Delaware	$629
28	Iowa	$624
29	New York	$622
30	Pennsylvania	$621
31	Ohio	$621
32	Nevada	$584
33	New Mexico	$582
34	New Hampshire	$581
35	Virginia	$570
36	Washington	$569
37	Arizona	$559
38	Vermont	$556
39	Oregon	$484
40	Utah	$441
41	Idaho	$405
42	Wyoming	N/A
43	North Dakota	N/A
44	South Dakota	N/A
45	Michigan	N/A
46	Massachusettes	N/A
47	Rhode Island	N/A
48	Maine	N/A
49	Alaska	N/A
50	Hawaii	N/A

Flood Insurance

Keep in mind that flood insurance is separate from homeowners insurance. Visit Floodsmart.gov to learn more about obtaining the right flood insurance for your home. 

How Much does it Cost?

The answer to this question is highly dependent on the level of coverage that you are comfortable with. It also depends on the value of your home and other buildings located on the property. Usually, rates are quoted from the low end of $250 to a high end of $1,300 per year. If you are underinsured, consider that a catastrophic lost may not be covered.

Sometimes insurance for manufactured homes is just as expensive as traditional homes. The incidents of claims filed are higher, because of greater exposure to natural disasters. Even though the overall financial investment for manufactured homes is usually less expensive, insurance for manufactured homes can be just as costly as with other structures.

Do I Really Need Homeowners Insurance?

While most wouldn’t even ask this question, some homeowners choose to take a calculated risk, especially if they feel their cash reserve is sufficient to cover most losses. However, no matter your personal financial situation homeowner insurance is a safer bet.

Insurance coverage is often very comprehensive and will cover accidents in the home, which can cause property damage, to injuries incurred by a guest who slipped and fell on your porch. Also keep in mind that if your home is deemed uninhabitable because of a natural disaster, only an insurance policy can minimize the cost to replace your home.

Thanks for reading Mobile and Manufactured Home Living!