What You Need to Know About Manufactured Home Insurance

There are more than 20 million manufactured and mobile homes in the U.S., and Florida ranks third among the states for the highest number of this type of home. Their cost effectiveness and versatility make manufactured homes a popular choice. If you own a manufactured home, or are considering buying one, here are some things you should know about buying insurance for a manufactured home.

Note: While the terms manufactured home and mobile home are often used interchangeably, homes built after June 15, 1976 are referred to as manufactured homes, and those built before that date are called mobile homes. Homes built after 1976 follow stricter building standards than those built before that date.

Does Florida require manufactured home insurance?

Florida law doesn’t require that you carry manufactured home insurance, but if you finance your manufactured home, your mortgage company will likely require that you do. If you live in a manufactured home community, you may also have to carry manufactured home insurance. Even if you’re not required to do so, consider the financial impact if your manufactured home and belongings were destroyed. Would you be able to replace them?

Manufactured home insurance is nearly identical to homeowners insurance, with certain differences that reflect the unique needs of manufactured homes. Manufactured home insurance in Florida may include coverage for:

Dwelling—the physical structure of your manufactured home.

Detached structures—such as sheds, carports, or fences.

Personal property—the contents of your manufactured home, clothes, furniture, electronics, and so on.

Liability—protects you if someone is injured on your property or if you cause property damage.

Loss of use—pays for certain living expenses if your manufactured home is uninhabitable because of a covered loss.

You may also be able to buy coverage for certain situations unique to manufactured homes, such as emergency removal services (if your manufactured home is damaged so that you have to remove it from the property).

Covered perils usually include fire, wind, vandalism, and water damage from burst or broken pipes. Just as with a Florida homeowners insurance policy, flooding is not covered by a standard manufactured home policy. You must buy a separate policy if you want to be covered for flood damage.

Lower your manufactured home premium

The main factors that influence the cost of Florida manufactured home insurance are the age, condition, and location of your manufactured home. Crime rates, proximity to fire stations, and risk of natural disaster are all factors. While some ways to lower your manufactured home insurance premium may be beyond your control, there are a few things you can do:

Keep your manufactured home in good repair. People who keep their homes well cared for are less likely to need to make a claim.

Maintain good credit and insurance scores. A higher score indicates a lower risk for the insurance company.

Don’t make minor claims. If you have a history of claims, even if they’re small, insurance companies expect you will be more likely to make claims in the future.

Consider a higher deductible. Higher deductibles—the amount you pay before your insurance kicks in—mean lower premiums. Just be sure you have the financial ability to pay the deductible if you have a loss.

Pay your premium in full. Some companies offer discounts for paying in full.

Shop around for the most cost-effective coverage. Just make sure policy coverage for each quote is the same.

Since every home and family situation is different, you’ll want to review your manufactured home insurance needs with a professional. Lakewood Financial Services is an independent insurance agency in Lakewood Ranch, FL. We work with several manufactured home insurance companies, and we can compare their rates to help you find the best manufactured home insurance for you. Please call 941-747-4600, or click here to contact us for a no-obligation quote.