Safeguard Your Home And Occupants With Homeowner Insurance For Manufactured Homes
Generally, buying homeowner insurance for a mobile or manufactured home can be quite costly. This is mainly because there are certain unique risks that exist with manufactured or modular homes because they are built with relatively light weight materials and are also not built on a permanent foundation. Typically, modular homes are usually categorized as mobile or manufactured homes because they are factory built in pieces before being joined on site. However, getting homeowners insurance is just as important and one should therefore make an effort to ensure that he or she gets the best deal. Here are some important tips worth taking into consideration.
First and foremost, it is advisable to contact at least three different companies and compare their coverage. Keep in mind that homeowners insurance will most likely be a condition put across by your mortgage lender who may propose some companies that they work with. Take your time to compare coverage, customer reviews and price. Make sure you get the right type of coverage at the correct amount. When shopping, make sure you are on the lookout for value and not the lowest price offering.
The next thing you need to do is to escrow your insurance payments with your mortgage payments. This arrangement is preferred by most lenders since it allows them to confirm that you are paying your insurance premiums and their investment is protected. Most often, you will be required to pay for one year of insurance at closing. It is therefore advisable to bring such information regarding the policy you have chosen accompanied with money to cover the first annual premium to your last meeting or during closing.
Without any shred of doubt, the most important part of any homeowners insurance is the level of coverage that’s appropriate. It is worth mentioning though that most homeowners fall into the trap of getting more coverage than they need. This is especially true for first time homebuyers who are getting their first insurance. The homeowner’s insurance levels include HO-2, HO-3, HO-4, HO-5, HO-6, HO-7, and HO-8. For a modular home, the HO-7 is the most appropriate as it is a broad policy that protects against all perils except for those which are specifically excluded by the specific policy you have taken. Take your time and ask about the most appropriate policy, paying close attention to the exclusions.
You should then take your time to fully understand and appreciate the details of your policy before you sign the dotted line. There is no use spending time with the document after you have already signed since chances are that no further changes or alterations can be mad. In this regard, you should be conversant with a variety of homeowner’s insurance terms such as actual cash value, liability coverage, premium, personal property, replacement costs, riders, sub-limits and deductibles.
Finally, to get some insurance discounts, make sure you improve the safety of your modular home with dead bolts, smoke detectors and burglar alarms. In addition, you should also try to bundle multiple policies such as auto and home with one insurance company. Whenever possible, you should also make an attempt to remain claims free for as long as possible since this will reduce your rates.
Here are some of the more popular homeowner insurance for manufactured homes in the market. They include but are not limited to the following:
1) Trusted Choice Insurance
Mailing Address: 30801 Agoura Rd. Bldg 1, Agoura Hills, CA 91301
Other Programs: apart from home insurance, the company can also offer clients Condo insurance, Renters insurance, Manufactured home insurance, Flood Insurance , Landlord property insurance, RV insurance, Boat Insurance, Trailer insurance etc.
2) Foremost Insurance Group
Mailing Address: 5600 Beech Tree Lane, Caledonia MI 49316
Other Programs: a policy from Foremost will most likely cover direct, sudden and accidental physical losses such as water damage from bursting pipes. Explosion, fire, lightening, landslide, collapse from weight of snow and ice, attempted or actual burglary etc. one can also purchase the optional replacement cost coverage as well as the liability coverage which covers costs such as lost wages, property damage, medical bills and pain and suffering.
3) Farmers New World Life Insurance Company
Mailing Address: 3003 77th Ave SE, Mercer Island, WA 98040
Phone Numbers: 1-800-493-4917
Web URL: http://is.gd/b7xUJh
Other Programs: the company offers a variety of coverage options which can be used to customized to your policy. Some of the standard coverage includes property coverage and liability coverage while additional coverage options include agreed loss settlement and optional replacement cost.
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