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Insurance On A Manufactured Home?

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Insurance On A Manufactured Home?

Postby Ahaziah » Sat Sep 02, 2017 2:32 am

My husband and I are getting a manufactured home.
I called an insurance agent to get a quote and they asked me if we needed to insure the purchase price of the house or the total loan.
I have no idea.
We borrowed money for the house, basement, septic, well, running electricity and excavation.
Should we be insured for the total loan or just the house?
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Insurance On A Manufactured Home?

Postby baldwynn » Mon Sep 04, 2017 6:50 am

OK, run, don't walk, from that agent.
THEY are the ones who know if the policy is a market value, a loan value, or, like MOST policies, a replacement value.
If THEY don't know which value you need, do NOT buy ANYTHING from them!

Now, let's define terms.

Some people call a prefab home, a manufactured home.
Some people call a mobile home tied down, a manufactured home.
Technically, ALL homes are manufactured one way or another, as they don't grow on site!

If it's a prefab, it's treated just like a stick built home.
If it's a mobile home, you need a mobile home policy.
Since you're putting in a basement, I'm guessing this is a prefab.

On a DECENT HO3 policy, you actually need to insure it for the cost to rebuild on site - which means, you don't have to pay a second time for digging the basement, utilities, etc.

But YOUR AGENT should be calculating this for you!! So you've got the wrong agent.
Find another one.
The one you called is either too lazy or too dumb to do it the right way for you.
Doesn't matter which - you deserve a GOOD agent, who can advise YOU, not the other way around.
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