Manufactured homes offer an attainable housing option for many and like traditional homes, they require insurance to protect against the risks of fire, theft, water damage, mold and other disasters. Fortunately, there are several strategies you can use to save on your premiums without sacrificing coverage.
See what’s available: Shopping around and comparing quotes is the best place to start. Insurance rates can vary significantly between providers, so it’s vital to compare quotes from multiple companies. Look for insurers that specialize in manufactured or mobile home insurance, such as:
Manufactured Housing Insurance Services
California Southwestern Insurance Agency
(866) 644-7111
1 (800) 352-0393
They may offer more competitive rates and tailored coverage options. An in-dependent insurance agent can help you navigate the complexities of manufactured home insurance and find the best rates.
Structure plans for your needs: Many insurance companies offer discounts if you bundle your manufactured home insurance with other policies, such as auto or life insurance. If you have emergency funds saved, another option is to increase your deductible, the amount you pay out of pocket before insurance kicks in, which can lower your monthly premiums. Your insurance also needs to change over time, so it’s a good idea to review your policy annually. Make sure you’re not under-insured or paying for coverage you no longer need.
Look for discounts: Don’t hesitate to ask your insurance provider about available discounts. Often your credit score is one of the best built-in discounts and insurers are allowed to use credit-based insurance scores to determine premiums. Other common discounts include senior citizen or retiree discounts, claims-free discounts for policyholders with no recent claims, loyalty discounts for long-term customers or membership discounts such as with AAA.
Make improvements: Insurance companies may offer discounts for homes with safety features that reduce the risk of damage or theft. First ask what you can do or may already have at your home to be eligible for discounts. Be sure your smoke detectors are working and consider fire extinguishers, security systems, deadbolt locks, or anchors to protect against earthquakes.
Remember, the cheapest policy isn’t always the best, make sure you have adequate protection for your unique needs and risks.
Source: CNBC
