What is manufactured home insurance? What are covered by the insurance policy?
A manufactured home is a substitute way to own a home in the United States. Most Americans choose this type of dwelling because of its numerous benefits. According to the Manufactured Housing Institute, manufactured homes make up more than 10 percent of the total housing in the US. So it is only appropriate for home owners to have their homes insured.
A manufactured home insurance is a contract between an insurance company, a home buyer and in some cases, home builder. In this contract protection against damages is incurred. It gives confidence to a home owner that he will not have huge losses when major destruction occurs to his home.
Scope of Manufactured Home Insurance
Manufactured home insurance is a protection against unwanted phenomena that may moderately or entirely damage the home. It is done in order to ensure that losses to the property will be paid off after a disaster of major accident happens. Fire, flood and any kind of storms are one of the natural causes of damages to the manufactured homes. They are the first place set of reasons why home owners apply for a home insurance. Burglary and vandalism are thought to be to e included in a manufactured home insurance. Some manufactured insurance policy also added liability coverage to persons who became injured within the property.
Manufactured Home Insurance Problems
Typically, manufactured home insurance covers the home and its entire structure. Repair costs are being shouldered by the insurance policy following a minor or major damage. Sometimes reconstruction of the damaged major area is incorporated into the policy. Personal property protection, which shields against damage of loss of personal items, is also included as part of the manufactured home insurance. Additionally, medical protection for those hurt inside the property is part of the things covered by the manufactured home insurance. It ensures to pay the medical needs of any person injured when inside the house.
Discounts for Manufactured Home Insurance
Just like other insurance policy, companies offering manufactured home insurance give discounts to home owner. Some of the most common discounts are original owner discount, multi- policy discount, and senior discount. The original discount gives a rough saving of up to five percent to home owners; while the multi- policy discount grants up to fifteen percent. Senior discount is why those who are 55 years old and older. This discount provides up to ten percent savings to a home owner.
Other discounts provided in the manufactured home insurance are home safety devices discount and fire- resistant discount. Both discounts have fifteen percent savings.
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Topic: Manufactured Home
Everything You Need to Know About Manufactured Home Insurance
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