Home insurance protects your most precious investment from a myriad of threats. Coverage is also available for modular homes, which ensures that you receive funds in case certain types of damage occurs. Because it serves such an important purpose, here are a few key facts to keep in mind when shopping for an insurance policy.
What’s the Difference Between Mobile and Modular Homes?
While the names are often used interchangeably, there are quite a few differences between mobile and modular homes. For example, modular homes often have permanent foundations similar to traditional homes. The parts of the home also come to the site in multiple pieces, which must then be constructed. Understanding these distinctions is important, as coverage for mobile homes is usually insufficient for protecting modular homes.
What Do Modular Home Insurance Policies Cover?
These insurance policies are quite similar to those used to protect traditional homes. They protect the structure itself, as well as the belongings kept inside. They usually cover perils like storm damage, fire, theft, vandalism, and other acts. You can also add endorsements to increase coverage limits, which is beneficial if you have high-value items in the home.
Many modular home policies also come with liability protection. This coverage pays for medical bills or lost wages that result from accidents on your property.
What Isn’t Covered by Modular Home Insurance?
Damage caused by floods and earthquakes is usually not covered, as these incidents require separate policies. Damage caused by gradual wear or lack of maintenance is also not covered. Be sure to read policy details carefully and ask your insurance provider questions about coverage if you need clarification.
Here at Fiesta Homes, we’re happy to help residents of Las Cruces invest in the homes of their dreams. As a family-owned business, we believe in providing the best service possible to our customers. We can help you find the right financing to make your dream of home ownership a reality. We also offer video tours, so you can get a feel for your new home before you buy.