If you’re thinking of buying a manufactured home, you may be wondering if it’s going to cost more to insure than a traditional house. After all, when you purchase any type of property, insuring it is one of the most important things you need to consider. The short answer is that yes, insuring a manufactured home can be more expensive than insuring a standard house. However, there are ways to get around this and save money on your insurance premiums. In this blog post, we’ll explore why manufactured homes tend to be more expensive to insure and what you can do to save money on your policy.
What is a manufactured home?
A manufactured home is a housing unit that is assembled in a factory and then transported to its permanent site. Manufactured homes are also known as mobile homes or factory-built homes. They are subject to different building codes than site-built homes, and they must be built to the federal HUD code.
How is the cost of manufactured home insurance calculated?
The cost of manufactured home insurance is calculated based on a number of factors, including the value of the home, the age of the home, the location of the home, and the type of construction.
Some factors that can affect your manufactured home insurance rates
There are several factors that can affect your manufactured home insurance rates. Some of these factors include the age and condition of your home, the type of materials used in construction, the location of your home, and the amount of coverage you need.
Age and condition: The age and condition of your manufactured home will affect your insurance rates. If your home is newer and in good condition, you will likely pay less for insurance than if it is older or in poor condition.
Type of materials used: The type of materials used in the construction of your manufactured home can also affect your insurance rates. Homes made with more durable materials such as steel or concrete may cost more to insure than those made with less durable materials such as wood or vinyl.
Location: The location of your manufactured home can also affect your insurance rates. Homes located in areas prone to natural disasters such as hurricanes or earthquakes will usually cost more to insure than homes located in safer areas.
Amount of coverage: The amount of coverage you need for your manufactured home will also affect your insurance rates. If you need more coverage for things like personal belongings or liability, you will usually pay more for insurance than if you only need basic coverage.
A case study: Comparing rates for a manufactured home vs. a traditional home
A manufactured home is a factory-built home that is transported to the site where it will be occupied. These homes are usually built in sections and then assembled on-site. Manufactured homes are a popular choice for many homebuyers because they are typically more affordable than traditional stick-built homes.
So, what does it cost to insure a manufactured home? We compared rates for both manufactured homes and traditional stick-built homes to see which option is more expensive to insure. We found that rates for manufactured homes are about 20% cheaper than rates for traditional homes.
How to get the best deal on manufactured home insurance
There are a few things you can do to get the best deal on manufactured home insurance. First, shop around and compare rates from different companies. Second, ask about discounts and see if you qualify for any. Third, make sure you understand what is and is not covered by your policy. And fourth, review your policy periodically to make sure it still meets your needs.
In conclusion, manufactured homes are generally more expensive to insure than traditional stick-built homes. However, there are several ways that you can save on your insurance premium such as shopping around for the best rates and taking advantage of any discounts available. Additionally, it is important to make sure that your home meets all of the necessary safety requirements in order to keep your premiums low. With a little bit of research and effort, you can find an affordable insurance policy for your manufactured home.