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What does Manufactured Home Insurance Cover

Manufactured Home Insurance coverage is not too different than what you might find on a regular homeowner’s insurance policy. While not all companies are the same if you get an actual manufactured home insurance specialty company like American Modern, Foremost or American Reliable, you should get some of the following coverage and coverage options.

The Home

The home is going to coverage for what is known as special or comprehensive coverage. This means unless we exclude the coverage, we are going to include the coverage. Things like fire, lighting, exclusion, damage done by water, hail, etc. are all going to be covered. This that are not covered are things like flood. A broken pipe that floods your home is going to be different than if the rains fall, causing flooding.

The question is how much will the policy pay out if there is a total loss. You want replacement cost on total losses and partial losses. Not all companies are going to be able to provide this, and especially if the home is older. So ask your agent how its covered.

Other Structures

Other structures are things like sheds, detached garages, and other “structures” that are not going to be connected to the home. They should be covered in the same way as the home, but make sure you have enough coverage because coverage for other structures isn’t automatic and when its included is can also be for low limits.

Personal Property

Question if you had a loss for your manufactured or mobile home do you want to negotiate with an insurance company how much your TV was worth. OF COURSE NOT. So here’s the thing. Manufactured Home insurance policies coverage personal property, but usually cover them for the actual cash value. BUT they can also cover it for replacement cost. For $20 bucks a year this is a heck of a deal.

Liability

What if you get sued. That’s what liability does. It protects you, and can pay for your defense and the pay out if you are found to be negligent. Also available for manufactured homes.

Medical Payments

Something that goes right along with liability. It pays for medical costs of people that don’t live at the home in case they get injured. The hope is if we help cover the deductible or part of the deductible maybe they won’t sue.

There are other coverage options as well. We at Gila specialize in manufactured home insurance, but even if you don’t go with us, find an agent that understands the unique coverage options provided by a manufactured home insurance policy.

5 Ways to Save on Your Insurance

Loss of Use Insurance ArizonaNo one likes to pay more than absolutely necessary for insurance. It’s one of those necessary evils, until that is you have a claim. Then it’s heaven sent. So how do you save on your insurance premiums. We have had many a client try to negotiate with us, unfortunately insurance rates are filed with the state insurance department and not really subject to negotiation. So how can you actually save? Here are 5 ways that can help you today.

Deductible

The quickest and easiest way to save on your insurance is to change the deductible. A higher deductible for you means less risk for the insurance company, so your rate goes down. A lower deductible for you means more risk for the insurance so your rate goes up. This isn’t a silver bullet, but if you are looking to save just a few bucks a month changing your deductible might do the trick. That said be careful with this. A higher deductible has real consequences in the event of a claim.

Payment Method

The payment method you choose can actually have a very REAL affect on your rate, and is a great way to save on your insurance. Did you know paying the entire premium upfront can save you 7-10% depending on the company. Auto pay can save you some as well. The bottom-line if the company is confident you will pay your bills they are usually willing to cut you a break.

Bundling… or not

Another cool 5% discount in a lot of cases. And a way to save on your insurance, some times. That said, sometimes your best bet is to shop your home and auto separately. While agents that can only sell you 1 company would like you to think that bundling is a must sometimes you can save money by having one here, and one there. Another benefit of an independent agent

Telematics

Big word. This discount is for auto insurance. What it means is that you let the insurance look over your shoulder at your driving for a period of time (technologically speaking) to see what kind of driver you are. Some people don’t feel comfortable with this, but here’s how it works. You get a device or download an app. Usually, the companies track just a couple of factors, such as speed, sudden starts or stops, and time of day you drive (between 12AM and 5AM not usually good). The discounts related to good driving can be awesome. With some companies up to 20%, but if you turn out to be not a great driver your rate can go up… depending on the company so ask if there is a possibility that your rate can go up. There are companies that won’t increase your rate, just decrease it.

Watch your Credit

Credit isn’t a discount or really a surcharge, but it is an element of what is called the insurance score. Insurance companies have found a connection between your credit and the likelihood you file a claim. Not every state allows it, but in those states that do, the better credit score you have the lower the rate, and in some cases by A LOT.

There are many, many more kinds of discounts insurance companies allow for, so ask your agents what discounts have been applied, and what discounts you qualify for. That said ask about these ones because these few can help you start saving money today.

Rental Property Insurance Checklist

THE MUST-HAVE CONVERSATIONS WITH YOUR INSURANCE AGENT!

INVESTMENT PROPERTY

Proper Investment Valuation: __________
The Coverage Form – DP3- What’s Covered: __________
Loss Settlement Option for Home: __________
Deductible: __________
Water Backup of Sewer or Drains Coverage: __________
Earthquake: __________
Flood: __________
Building Code Upgrade Coverage (Ordinance and Law): __________

OTHER STRUCTURES

Value of Other Structures (Garages, Fences, and other structures): __________

PROPERTY

Value of landlord contents (Appliances, Furnishing) __________
Loss Settlement Option for Property __________

LOSS OF USE/LOSS OF RENTAL INCOME COVERAGE

 __________

LIABILITY

Liability Insurance sufficient to cover your assets: __________
Premise Liability: __________
Personal Injury Coverage: __________
Medical Payments: __________
Umbrella: __________
Loss Assessment: __________

ANNUAL PREMIUM

 __________

Gila Insurance Group LLC specializes in insuring Rental Properties, Fix & Flips, Manufactured Homes, and Vacation Rentals, if this is what you do, give us a shot and get a quote today!