Optional Coverage for Your Manufactured Home

Insuring one’s manufactured home starts with purchasing a basic, manufactured home-specific homeowners’ insurance policy, but it does not have to end there.

Owners of manufactured homes have an array of options when it comes to selecting additional types or levels of insurance to protect their assets. By stacking or braiding several different types of insurance policies or riders, owners of manufactured homes can construct exactly the degree and breadth of insurance they need to feel confident that they, their homes and their families are well protected.

Common supplemental and stackable insurance policies that may be of interest to owners of manufactured homes include:

  • Personal electronic equipment insurance.
  • Scheduled personal property insurance.
  • Dog bite insurance.
  • Flood, hazard or catastrophe insurance.
  • Floater insurance.

Owners of manufactured homes can use these options to mix-and-match until they have woven a comprehensive network of coverage that is within their price range and meets their personal needs.

Personal Electronic Equipment Insurance

Personal electronic devices have become an integral part of many people’s lives. It is increasingly common for each member of a household to have his or her own cell phone, e-reader and/or tablet computer. With many high performing cell phones retailing for more than $1,000 each, and other devices selling the same range, many owners of manufactured homes are understandably concerned about the costs associated with replacing those items if they are ever lost or damaged.

Personal electronic equipment insurance allows homeowners to insure their devices at higher levels than would be possible under a standard policy. It also often covers extra or associated costs, such as installation or setup, which would not be included in a standard policy.

Scheduled Personal Property Insurance

Scheduled personal property insurance offers additional layers of protection for owners of manufactured homes who own or collect expensive items. These may include, but not limited to:

  • Art
  • Jewelry
  • Designer purses or clothing, to include furs.

Even having only one or two items that are very expensive or which have significant monetary and sentimental value may make it worthwhile for owners of manufactured homes to look into this form of insurance. Although standard insurance policies will cover some portion of the cost in the event that such items are lost, damaged or destroyed, payouts will be capped at standard category limits. These limits are invariably far lower than the full repair or replacement costs associated with the item.

To secure scheduled personal property insurance on an item, policy holders must have the item professionally appraised by an industry authority and submit the appraisal documentation to their insurance company.

Dog Bite Insurance

Insurance industry studies report that more than 50 percent of dog bites happen on the animal owners’ property and that dog bites comprise up to one-third of all homeowners’ liability claims. Although injury costs are typically covered under most standard insurance policies, the maximum payout limits and deductibles associated with that coverage can make it worthwhile for owners of manufactured homes to explore and potentially purchase this coverage. This may be particularly true for owners of larger or more aggressive breeds. Dog bite insurance, like many of these other types of insurance are even good for those with renter insurance, as many scenarios can happen to people in rental properties.

Flood, Hazard and Catastrophe Insurance

Nuclear attacks, terrorist attacks, floods, earthquakes and a long list of “acts of God” are not explicitly covered by standard homeowners’ insurance. These exclusions can lead to unwelcome and expensive surprises in the event of an emergency. For example, a severe storm may lead to significant standing water in and around a policyholder’s manufactured home. If the insurance company rules that the standing water constitutes a flood, any damage done by that water to the home or the policy owner’s property or belongings will not be covered.

Damage to a property or personal belongings during a terrorist attack or any attack deemed an “act of war” is likewise exempt from coverage. Although the likelihood of major catastrophic events and attacks is generally relatively low, it can vary widely by geographic area. If such an event were to occur, of course, the costs could be potentially devastating. Homeowners who are at higher-than-average risk or otherwise concerned about these possibilities can elect to purchase flood, hazard and/or catastrophe insurance policies to increase their levels of protection.

It is essential, however, that they select these policies carefully. None of these categories of policies offers blanket coverage for any possible disaster. Covered emergencies will be clearly listed in the policy and events or incidents not plainly listed will not be covered. Maximum reimbursement limits may still apply.

Floater Insurance

Floater insurance policies are used to cover personal property and belongings that can be readily moved or to extend an extra layer of coverage to possessions that otherwise would not be well protected. Common examples of this include expensive jewelry, audio-visual equipment and collectible memorabilia. For these and other items, standard homeowners’ policies cap reimbursement rates well below the items’ actual cash or replacement values.

Floater policies provide special coverage for particular high-value items, ensuring that the policy owner recoups their full value if they are lost, damaged or stolen. They can also be used to provide coverage in the event that the item is lost, damaged or ruined due to circumstances not otherwise covered under traditional policies. The stereotypical example of this is expensive rings dropped down sink drains. Like scheduled personal property insurance, floater insurance requires that policyholders have their items professionally appraised. Floater insurance policies are often taken out on:

  • Artwork. This includes artwork and collectibles of all kinds, up to and including antique furniture, china, crystal stemware, sculptures and textiles.
  • Audio-visual equipment. Cameras, stereos and many other types qualify for Floater coverage. However, Floater coverage is not available to items that are used professionally.
  • Sports equipment. Any sporting equipment not used for professional purposes qualifies for Floater coverage.
  • Instruments. As with the other categories, musical instruments of all styles qualify so long as they are not used in a professional capacity.
  • Collectibles. Collections of everything from vinyl records to baseball cards to stamps and coins may be covered to their full values using floater insurance policies.

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