The personal insurance policies for manufactured homes will vary greatly because there are various styles of manufactured homes. Some manufactured homes are built with modular units that are already constructed in pieces and are put together on the lot to create a home on the property. People are able to obtain personal insurance homeowner’s policies for these styles of manufactured housing with no problems at all.
Some people do not own the manufactured home they live in and for this dweller renter’s insurance was invented. There are many condominiums’s that have been converted to rental properties and are fully insured by the owner with a commercial rental property insurance policy. This type of coverage protects the buildings and some provide medical coverage to people injured on the property.
Other personal insurance policies were created to cover manufactured homes that were wheeled in under the power of another vehicle. The mobile styled homes are later positioned and anchored on a lot and the wheels are removed to create a living structure that is suitable for a family of four or more to live in. The insurance coverage required by the company who financed the home will require full insurance coverage to be in force at all times until the mobile home balance is paid off.
Finding personal insurance coverage for mobile homes is the hardest to find because some insurance companies do not think that they will last 30 years or more. This is the typical number of years that a mortgage loan would be extended to a homeowner if it was a home made with bricks or other sturdy materials and built from the ground up. Companies are willing to finance the mobile home loan for this lengthy period of time but do not provide adequate insurance coverage.
There is nothing personal about the insurance policies that some mobile home financing companies provide. Some mobile home owners view this type of coverage as forced insurance coverage because they must be insured because it is the law or because it is required by the company who holds the mortgage on the property. This is the type of insurance that a homeowner has no way of refusing and is forced to make payments each month because the rate is attached to the mortgage payment.
When personal insurance policies are not written for a certain geographical area by other insurance companies, then the mortgage holder gets insurance that will protect the financial investment in the property and nothing else is included. The rates for this type of insurance will be significantly higher than a yearly policy would be with a traditional insurance company and since no insurance writer will insure the mobile home unit and the contents within it a homeowner has no other option but to pay the absorbent price for insurance that will give nothing back in return.
The personal insurance policies have allowed homeowners to take back the sense of ownership in the mobile home they pay for each month. These are the companies that care and will earn more business for other personal insurance needs that a family has. The mortgagee can reap great savings on personal insurance policies for the entire family because one company spoke up and offered to ensure the mobile home which cost almost $45,000 dollars.