Manufactured Home Insurance
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Manufactured Home Insurance in New Hampshire
What is manufactured home insurance?
As demand for affordable housing options continues to rise, manufactured housing has become an increasingly attractive option for many New Hampshire residents. If purchasing a mobile home or similar housing, it's important to protect the residence with manufactured home insurance.
Manufactured home insurance is homeowners insurance that's tailored for manufactured homes. Policies take into account the unique construction of these residences, and also their valuations.
Who in New Hampshire is a manufactured housing policy right for?
Manufactured housing policies tend to be the best insurance option for mobile homes and other manufactured residences. Any New Hampshire homeowners with these residences might want a policy.
When a manufactured home is financed, carrying insurance is often required by the loan's terms. Lenders often mandate certain coverages, in order to safeguard their financial interest in a manufactured home.
Do tenants renting manufactured homes need a manufactured home policy?
Manufactured home policies are mainly intended for the owners of mobile or other manufactured homes. Residents who rent a mobile home generally don't have to purchase a manufactured home policy (although their landlord likely should).
Tenants instead should consider renters insurance, which normally provides personal property coverage and liability coverage for tenants.
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Coverages to Consider
- Comprehensive Coverage
- Personal Property Coverage
- Personal Liability Coverage
- Other Structures Coverage
- Water and Sewer Backup Coverage
- Loss of Use Coverage
What coverages can residents get through manufactured home policies?
Though the precise coverages offered by manufactured home policies may vary, they often resemble those found in single-family homeowners policies. Some common manufactured home coverages include:
- Comprehensive Coverage: Might protect the manufactured home against damage.
- Personal Property Coverage: Might protect personal possessions within or around the home.
- Personal Liability Coverage: Might protect against accidents occurring in or near the manufactured home.
- Other Structures Coverage: Might protect secondary structures near the manufactured home (e.g. sheds, detached carports, etc.).
- Water and Sewer Backup Coverage: Might protect against damage resulting from plumbing issues.
- Loss of Use Coverage: Might cover alternative accommodations if the home becomes uninhabitable due to a disaster.
What does a loss settlement provision in a manufactured home policy mean?
Determining a manufactured home's value can be challenging, especially in the event of a total property loss, as there may not be readily available comparable properties. Consequently, insurance policies may include a loss settlement provision within their comprehensive coverage to address this issue.
A loss settlement provision usually specifies the amount the policy will pay if a manufactured home is deemed a total loss. The provision may eliminate any disagreement over valuation.
Is it necessary to insure older manufactured homes?
It's generally advised to insure manufactured homes regardless of their age. Insurance is normally recommended for as long as these homes serve as a residence, and often even if they aren't currently being lived in. The structural, personal property and liability coverages that insurance policies can provide are important protections.
Thus, it's generally recommended to carry insurance for older manufactured homes even if they're paid off. An insurance agent who specializes in manufactured home policies can help find a policy that'll insure an older unit well.
What is the cost of insuring a manufactured home?
Manufactured home premiums are influenced by various factors. Factors that can affect premiums include:
- Age of the manufactured home owner (particularly if they're 50+)
- Age of the insured manufactured home
- Location of the manufactured home (within or outside of a community)
- Number of manufactured home policies purchased (for landlords)
An independent insurance agent can help owners compare custom quotes to find out how much insuring their specific residence will cost.
How can New Hampshire residents get manufactured home insurance?
If you have a mobile or other manufactured home in New Hampshire, let us at Portsmouth Atlantic Insurance help you properly insure the residence. Our agents will work closely with you to find a manufactured home insurance policy that offers robust protection for your particular place.
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