Manufactured Home Insurance in Minnesota
According to the Minnesota Home Partnership, manufactured homes are a vital source of affordable housing in Minnesota, which also makes MN mobile home insurance an important subject to discuss.
Mobile homes are often called manufactured homes, but The Department of Housing and Urban Development (HUD) defines a manufactured home as one with a HUD-regulated design and built-in safety features. A manufactured home also has one story, is constructed in a factory, and then brought to the chosen location to be set up.
Many retirees in the state purchase these types of homes since they are less expensive, but they also need to figure in the cost of mobile home insurance Minnesota residents require to keep their investments safe. In fact, 33 states in the US report that about five percent of homes are either mobile or manufactured houses, and more than 17 million residents have chosen to live in them all over the US.
If you are considering buying a manufactured home in Minnesota, you need to speak to an independent insurance agent to get help comparing quotes for an MN mobile home insurance policy that fits your needs. Contact one as soon as possible to ensure that your home is safe from day one that you purchase it and move into your new home.
Why Are Manufactured or Modular Homes Classified Differently
You are probably wondering why if you buy a mobile home that you can’t just go out and purchase regular home owner’s insurance. That’s because manufactured homes are seen differently than regular houses since the mobile home is not constructed onto a normal foundation like regular homes are built.
Houses that are built on a site of a foundation usually are expected to increase in value but manufactured homes actually decrease in value. That is another reason why you need a different type of insurance to cover your home.
Some insurance companies that sell MN mobile home insurance consider a modular home to be a site built a house if it is constructed on a foundation after its sections were built in a factory, while other insurance companies consider them like a mobile home.
This is why you must speak with an insurance agent so that you will buy the correct type of MN mobile home insurance for your home. Your agent can guide you in the purchase of mobile home insurance Minnesota you can trust to be the correct type for your residence.
What Are the Risks with Manufactured Homes
Since they are different, a manufactured home has risks that are not associated with a regular house. For instance, both mobile and manufactured homes are inclined to a higher risk of theft, as well as more susceptible to weather damages, and since they are made of more lightweight materials, they are also more likely to experience higher damage in a fire.
Additionally, since they are built one place and transported to their construction site, they could have issues with structural integrity. In fact, a survey done in 2007 by the American Housing organization, reported more than 300,000 manufactured homes had drooping roofs, while 180,000 were found to have outside walls that leaned, and nearly 100,000 had crumbling foundations or had cracks in the foundation. The Center for Disease Control (CDC) also added that the people living in these kinds of homes are also at a greater risk for health problems.
All these issues make it vital for owners to talk to a qualified MN mobile home insurance to discuss proper insurance policies to buy for your protection.
Manufactured Home Insurance. When You Don’t Own the Land
For those residents that own the manufactured home, but don’t own the land it is on, the building itself must have the proper type of mobile home insurance Minnesota suggested by your insurance agent. The landowner too should have their own coverage of the land the home sits upon. The fact that your manufactured home is sitting on land you don’t own can also affect the cost of your mobile home insurance in Minnesota and that’s why you must discuss the different types and options with an independent insurance agent specializing in this kind of policy.
Actual Cash Value or Replacement Cost Coverage
An important thing to consider is whether or not you must buy actual cash value or replacement value insurance. When you purchase actual cash value insurance it considers your manufactured home’s value based on the amount of depreciation and gives you that amount of money for a covered loss.
However, replacement cost value provides you with the money needed to fix or rebuild the home dependent on what it costs at the time of the damage or covered loss. That’s why it’s vital to speak with an insurance agent, so you can decide which type is best for you depending on your financial situation and other factors.
How Much Does Mobile Home Insurance Cost
One important fact is that replacement cost types of mobile home insurance in Minnesota is usually more expensive than actual cash value types of modular home insurance. So, it is valuable to know your options when considering the purchase of your insurance.
You need various types of coverage too, such as property damage coverage to pay for damage or loss due to things like a fire, as well as liability insurance to cover things like when anyone is injured in your house to pay for their medical bills or if they decide to sue you, and contents insurance, which protects the things inside your home like furniture, and other personal property.
You can get a quote from your insurance agent to show you different options and prices for mobile home insurance in Minnesota you can trust to cover you and your family and keep your home safe and secure. It also depends on how much coverage you buy for your personal items and liability, and the deductibles you pick. Talk to your agent today to get the info you need for your own situation when you want to buy MN mobile home insurance.