Shopping for insurance on your manufactured home can be frustrating and even confusing. Obviously, not all insurance coverage or companies are the same. As a homeowner, there are several basic types of coverage that are important to have and ask your agent about. Here is a list of six things you should be looking for in a Manufactured Home Insurance Policy.
- Comprehensive Policy – Ask if the policy offers a broad comprehensive coverage of losses that are direct, sudden, and accidental, and is not simply a “Named Peril” Comprehensive that covers only specific perils named on the policy.
- Agreed Value – This optional coverage provides an Agreed Value for your home in the event that you experience a total loss to your manufactured home. The Agreed Value provides that if your home is declared a total loss, you will receive the dollar amount on the declarations page for the home, less the policy deductible. No surprises or disappointments.
- Replacement Cost Policy – This Policy allows you to replace your home with like kind, quality, and value of the home your family had prior to the loss, not to exceed the dwelling limit listed on your deflorations page.
- Replacement Cost Payment Method for Partial Losses – This optional coverage covers losses under $2500 with no depreciation considered when settling a claim. Covered losses over $2500 are initially paid on actual cash value basis (replacement cost less depreciation) until the repairs are complete or a replacement has occurred. Once the damaged property is repaired or replaced, the invoices or receipts are sent to the insurer for reimbursement up to the recoverable depreciation amount.
- Flood and Earthquake – Most basic homeowner’s policies do not cover flood and earthquake damage and require a separate purchase for these coverages. However, Standard Casualty (www.stdins.com), Palm Harbor’s preferred insurance partner, includes flood and insurance coverage in their policy to keep their long-term, loyal clients satisfied and protected.
- Additional Living Expense – This optional coverage provides supplemental payments, up to the limit stated in the policy, for the actual, reasonable, and necessary increase in the insureds’ living expenses if they cannot live in their home due to damage by a covered loss.
Having the correct insurance coverage is essential in the event of a loss to your home and your personal property, so it is important that you work with a company experienced at insuring manufactured homes, mobile homes and modular homes. Be sure to include Standard Casualty (www.stdins.com) in your search for the best, most affordable coverage with the best service. For more information on building on your land, manufactured homes, mobile homes, move-in-ready homes, and modular homes, contact us at PalmHarbor.com, or join us on our social networks: Facebook, Twitter, and, YouTube.