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Manufactured home insurance is made up of more than simply the modular home itself. It means the yard, the patio, the garage and even the antique vase on the mantle. Far more than the walls and foundation, manufactured home insurance is important not only for the items your home holds but the people it protects.
In essence, modular home insurance is the same as traditional home insurance. Claim processes and coverage is the generally the same, and as with any home, modular home insurance should insure against home damage, and legal liability for injuries or property damage. Though the forms of coverage are similar with each company, the amount and standard of coverage changes from policy to policy and from company to company. Most modular home insurance policies offer these two broad forms of coverage, but not all policies are alike.
Keep in mind that while manufactured homes are often less expensive to build or purchase, they are frequently more costly to insure. Costs for insurance are based upon the amount of risk the home is exposed to. Many insurance companies postulate that the risk is greater with modular or manufactured homes. For example, although studies have shown that modular homes are less inclined toward fire, the potential damage in a fire is greater than with traditionally built homes.
Just as it is important to do your research into the builder of your prefabricated home, it pays to take time to look into the various options to insure it. Too many people, when they are shopping for insurance, call a few companies, receive quotes and go with the cheapest of those they searched. It is a homeowner's responsibility to decide what coverages they need and want, and to be sure that the policy they are paying for is sufficient. The cost of the policy is only part of it.
Bottom line is that modular home insurance isn't just safeguarding a house. It's protecting a lifestyle and the family who lives it.
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