Insuring your manufactured home begins with buying a basic homeowners’ insurance policy for manufactured housing units. You can then choose additional coverage to suit your personal circumstances.
There is a broad range of additional types and levels of home insurance available to protect your home and your assets. By stacking several types of policies together, you can construct the exact type of insurance you need for your manufactured home and your belongings.
Common stackable supplemental home insurance policies include:
- Personal Electronic Equipment.
- Scheduled Personal Property.
- Dog Bite.
- Flood, Hazard or Catastrophe.
Mix and match common coverage options like those above. Weave a policy that suits your price range and your personal requirements. This allows you to have peace of mind that you, your family, your home and your possessions are protected should an unwanted incident occur.
Learn About Personal Electronic Equipment Insurance
Most people own various personal electronic devices these days. Indeed, in most households, each member of the household has a number of devices, such as a cell phone, a laptop and an e-reader. Many of these electronic devices retail at high prices.
It is not uncommon to find high-performance phones retailing at more than $1,000. It is therefore understandable that many manufactured home owners are concerned with the cost of replacing such items should they become damaged or lost.
By purchasing personal electronic equipment insurance, you insure your devices at a higher level than you are able to do with standard homeowners’ insurance policies. In addition, this type of coverage often includes associated costs, such as the cost of installation.
Learn About Scheduled Personal Property Insurance
This coverage provides extra layers of protection to your policy. It is for homeowners who own expensive high-end items, such as:
- Original Artworks.
- Designer Clothing.
Even if you only have one or two expensive items, it is worthwhile obtaining this type of coverage. Although valuable items are covered in standard homeowners’ insurance policies, the payouts are capped at standard limits for a damaged or lost item’s category. Such limits are much lower than the cost to fully repair or replace a high-value item.
Learn About Dog Bite Insurance
Insurance industry reports show that upwards of 50% of dog bites typically occur on the property of the animal’s owner. In addition, the claims for dog bites comprise up to 1/3 of all homeowners’ liability claims.
Injury costs are typically included in most standard policies. However, the maximum limits for compensation that is paid out and the deductibles associated with the specific coverage of a standard policy mean dog owners need to consider purchasing additional coverage. If you own a large and aggressive breed of dog, it is even more worthwhile considering purchasing dog bite insurance.
Learn About Flood, Hazard and Catastrophe Insurance
“Acts of God” like floods and earthquakes are not usually covered in standard home insurance policies. Should an emergency arise, these exclusions lead to large unexpected expenses. For instance, if a major storm causes there to be a significant amount of standing water around your manufactured home, this could constitute as flooding and would therefore not be included under your insurance policy.
In addition, damage caused to your home or personal possessions due to a terrorist attack or any other “act of war” is not included in a standard home insurance policy.
Although the chances of an event like that happening is low, the costs of fixing the devastation can be very high if the incident does occur. The likelihood of facing such a catastrophic event also varies depending on your geographic location. If you want to be protected against “acts of war,” purchase a flood, hazard and catastrophe policy.
When purchasing optional coverage, be sure to select and inspect the policy carefully. No optional policies offer blanket coverage for all potential disasters, whether they are “acts of God” or “acts of war.”
Emergencies that are covered in your policy are clearly listed. If an incident is not specifically listed in your insurance policy, you are not covered for it. In addition, limits to the amount of reimbursement you are entitled to apply.
Learn About Floater Insurance
Floater insurance is used for two reasons. First, it protects personal belongings that are easily moved. Secondly, it adds an additional layer of coverage for belongings that would otherwise not receive the level of protection they need.
If you have high-value possessions, consider getting a floater insurance policy. Common items to protect under this type of insurance include audio-visual equipment, valuable jewelry and collectibles. Under a standard homeowners’ insurance policy, there are caps for the reimbursement rates of such possessions. This means a standard policy would value the items at much less than their actual cash or replacement value.
By buying floater insurance, you ensure your valuable items are replaced at their full value should they be damaged, stolen or lost. Additionally, a floater insurance policy covers items for circumstances not included in a standard policy.
For example, if you drop a valuable ring down the sink, it may not be covered by a standard home insurance policy but it would probably be covered under a floater insurance policy. To obtain floater insurance, you must get your expensive possessions appraised by a professional appraiser.
Floater insurance coverage is often taken out for items like:
- Artwork: This can include original artworks and collectibles of all types, such as paintings, antique furniture, crystal stemware, textiles and china.
- Audio-visual Equipment: Many types of audio-visual equipment can be eligible for floater insurance, such as cameras, stereos and televisions. Floater insurance cannot be obtained for audio-visual equipment you use professionally.
- Sport Equipment: Floater coverage can be applied to any sporting equipment that is not used professionally.
- Musical Instruments: Instruments of all types are eligible for coverage from floater insurance, as long as they are not used professionally.
- Collectibles: This category is for collections, such as stamp collections, vinyl record collections and baseball card collections. A floater insurance policy allows such items to be protected to their full value.