Many homebuyers in the country complain that securing an insurance for a mobile or manufactured home is a very difficult task. The truth is that those who have a good credit score can easily get a loan and insurance for mobile homes from banks or other lending institutions.
On the other hand, if you have a poor credit score, getting manufactured home loan or insurance can be tricky but is not impossible. In addition, there are many financing options available to you for insuring new manufactured homes. However, many homeowners in the country often wonder if they need to buy manufactured home insurance.
You might have probably worked very hard to save money for buying your new home. However, you will have to admit the fact that even the safest regions of the country can experience disasters like storms and fire. These hazards can cause severe damages to your home, which can results in serious financial setbacks. This is one of the main reasons for you to purchase a manufactured home insurance policy.
If your home has insurance, then it will be the responsibility of the insurance provider to cover the cost of the damages. However, it is important to note that the specifics of each manufactured home insurance may vary from one provider to the other, but a typical manufactured home insurance policy generally contains the following.
Protection for Physical Structures
Protection for physical structures usually offers insurance coverage to your manufactured home and to the structures that are located on the same piece of land, like detached garages and sheds. This insurance will help cover for damages in the event of fire, lightning, or wind damages.
Protection for Personal Property
It offers insurance coverage to all your valuable belongings no matter whether they are placed in the home or in any of the adjacent structures. This type of coverage also applies when you lose valuable things while you are away from the home.
Personal Liability Insurance
If there happens to be any unintentional physical damage to your property or harm to someone who doesn’t live inside the manufactured home, this insurance coverage will help you by paying for the medical expenses and court costs (if the injured party sue you).