Insurance And The Manufactured Home
How are insurance rates affected by whether a home is modular vs. manufactured? If a home is build to the 1976 HUD code, does this mean that a rental policy on this home will be higher than for a home build with UBC Code?
I am shopping insurance right now and some insurance agents are asking me what code the home was built to.
Thanks,
JS.
Anyone?
It depends on the carrier and their underwriting guidelines. Try AMIG (American Modern), Foremost, or Diamond States. AMIG should be the most helpful...
Tim
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Thanks for the info Tim. I am in some problems now. I went with my insurance company that insure all my other properties. They gave me a quote before I closed and my agent assured me that everything was good. Now a few months after I closed, they are telling me that the underwriter declined the policy because it is a manufactured home (which my agent knew right from the beginning) and that the only way to keep the policy would be to quadruple the premium.
I spoke with AMIG and they are quoting me $2500 a year for a $92,500 value.
Does anyone have any suggestions, advice?
Thanks,
JS.
bump
Different carriers define "manufactured" homes differently. Did you get a referral from the prior owner? In what state is the property?
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