Like any house, your manufactured home must be insured to protect you against loss. It is important when shopping for insurance for your manufactured home, that you understand exactly what type of insurance you need and where to get it.
Assess the value of your home and possessions. If you own the land that the manufactured home is on, you will also need to assess the value of the land, which you can do by looking at what similar plots of land sell for in your area. When making these considerations, figure out what it would cost you to buy a similar mobile home if you had to purchase one today. You can do this by comparing the current cost to buy the home. Look online at listings for homes that have sold recently, or look for figures on recent sales in your neighborhood or of comparable homes. Figure out what it would cost you to replace all your possessions. You can do this by adding up what it would cost you to re-buy each item you have. For example, if purchasing a new TV should cost you $300 and a new bed would cost you $500, add those figures together to reach $800. Do this with each item in your home. Add these numbers up, plus the value of the land the home is on if you own it, to determine how much insurance you need.
Shop around for insurance quotes. The majority of major insurance providers, including Allstate, Geico, State Farm, Farmers, and numerous other quality insurance carriers, offer insurance for manufactured homes. You can do research yourself online, comparing quotes for the amount of coverage you need from different providers. You can also speak to an insurance agent who may be able to help, but be aware that many insurance agents will charge a commission.
Compare premiums, coverage and companies. Your monthly premium is the amount of money you pay each month for the insurance policy. The premium is based upon the coverage amount you want and the insurance company's assessment of the risk of something happening to the home. You should compare premiums from several insurance companies, determining how much it will cost to get your desired amount of coverage at each different company. When you are making your comparison, you'll also want to look at what the policies contain. Look at how much coverage each policy offers. Look at the deductibles (the amount you will pay out of pocket in the event of a claim), and any information the policy contains on exclusions or limitations. You want to compare all of the components of the policy to determine which offers the best coverage at the most affordable price. You can also compare companies by checking the Better Business Bureau, the company's credit rating at Moody's, or the company's status with the State Department of Insurance. Make sure you choose a reputable company that offers affordable coverage.
Purchase a policy. Once you've decided which company is best, you'll need to fill out the application (either online or in person) and apply for the policy. In most cases, coverage approval is instant. You simply have to pay your first months premium and your manufactured home is insured.
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