When you buy a new manufactured home, you’ll want to protect your investment so that you can enjoy it for years to come. In Florida especially, many new homeowners want to get their houses insured as fast as possible to be protected during hurricane season. But how much does manufactured home insurance cost? What can you expect when trying to insure your manufactured home? Our guide explains manufactured home insurance and why you should get it for your new home!
Manufactured Home Insurance FAQ
We’ve helped many families and individuals navigate the manufactured home buying process, and we get a lot of specific questions about insurance. For your convenience, we’ve compiled the most commonly asked questions and their answers here!
Do I Need Insurance on My Manufactured Home?
In Florida, manufactured home insurance is not a legal requirement. However, if you’re financing your manufactured home or choose to live in a manufactured home community, it may be required of you by either your lender or the community HOA. Before signing on a mortgage or moving into a community, ask if this is a requirement they have for your home.
Even if you’re not required to get insurance, we strongly recommend that you do. Florida has hurricanes, flooding, and strong winds—all of which can cause damage to your new home. To best protect your home and peace of mind, manufactured home insurance will help you avoid costly out-of-pocket repairs if the worst were to occur.
What Does Manufactured Home Insurance Cover?
Your manufactured home insurance should cover events like fires, wind, natural disasters, and other damages. Some insurers may require separate policies for specific events, like flood insurance or sinkhole insurance (both popular policies for Florida homes). Many also include personal belonging coverage and liability insurance. Make sure you have your insurance agent fully explain what is and what isn’t covered before deciding on which insurance policy to go with.
How Much Does Manufactured Home Insurance Cost?
While costs will vary depending on different factors, the average manufactured homeowner in Florida is spending $112 a month, or $1,350 a year, on insurance—which is a quite reasonable cost considering the coverage included in the price. Your unique situation and the house’s condition/location will determine your individual cost.
Factors That Can Effect Insurance Cost
Your insurer will take into account several factors to determine your rate. Some of these factors may include:
- Age of the manufactured home
- Proximity to the coast or other bodies of water
- Frequency of sinkholes, storm surges, or other natural disasters in the area
- The presence of protective features in the home (e.g., smoke detectors, fire-resistant building materials, etc.)
- The county you live
- Whether you own or rent the property
There are ways you can lower your insurance costs. For example, luxury manufactured home upgrades, such as improved windows, modernizing the 4-points of inspection, or the structure itself, can reduce insurance rates if they help support the home and reduce the risk of damage.
How Does Manufactured Home Insurance Differ from Site-Built Home Insurance?
As far as coverage goes, manufactured home insurance and site-built home insurance are nearly identical. They cover the same things and often have the same add-on policies. The only big difference between them is that manufactured home insurance can be harder to find, especially if you have an older home or live closer to the coast.
While many manufactured and modular homes are held to the same or even higher standards of construction, some insurance companies do not write policies on them. Luckily, manufactured home sellers, like Prestige Home Centers, often offer their own insurance on the homes or can guide you in the process of finding a policy.
Does Prestige Offer Insurance?
At Prestige Home Centers, we have served homebuyers all over Florida for over 30 years, so we’ve seen what Florida weather can be like. To help best protect our customers, we offer insurance to everyone who purchases a manufactured home through us!
We partner with Mountain Insurance Services to find the best policy for your home—you may even be eligible for a discount through us if you buy a new home or have a non-smoker home. For your convenience, you can even bundle your policies to include boat and automobile insurance and an extended service warranty.
Prestige Makes Manufactured Home Insurance Easy
There’s a lot you have to consider when buying and moving into a new home. Luckily, insurance doesn’t have to add to the stress! Our team will help you secure financing and insurance on your new home. Trust the experts in manufactured home buying and go with Prestige for your next home!