The Manufactured Housing Forums

I have purchased a 2005 doublewide that is now on its leased lot in Ocala, FL being readied for our purchase and move-in in early January. My wife and I paid $89,800 for it (including up-grades, taxes, etc). In checking with just 2 insurance companies in Ocala for replacement coverage of $100,000, both informed me that whoever they deal with would not go above $89,800 in coverage. If I am willing to pay the premium for $100,000, why am I being limited in my insurance coverage?
While I don't expect my new MH home to be worth $100,000 next month or even 3 months, it is possible it could appreciate in value over the 12 month life of my policy. Not only that, but the replacement cost of the identical home could be close to $100,000 in a years time given todays housing enviroment in FL, not to mention the rising costs of construction materials. Any suggestions?

They will only cover the original amount...this is a protection for them to avoid insurance fraud...

BUT...it you buy full replacement coverage on the home..it will replace the home with a new one ...no matter what the cost...if the insurance company has to pay $100,000 they will..

Get full replacement...and enjoy your new home..

Ah, the caveats of a manufactured home.

If you get 90,000 in coverage for replacement costs, then you will likely only be able to get 108,000 in replacement (90k x 20% overage allowance, typical).

If possible, you should insure it for what you expect it to cost to replace it.
Also remember that your contents and other structures coverage is a percentage of your total coverage, the lower your total coverage, the lower your contents and other structures coverage will be.

I had no problem getting $160k coverage on my modular, even though I paid a good deal less than that, because the insurance said it would cost _at least_ that much to replace it (based on rebuilding as a site built home). BUT, that's on an off frame modular, and being able to get regular homeowners insurance, rather than manufactured home insurance.

What is the difference between "off frame modular" and other.

Is it that the house is on a slab flat and not on the steel frame?

Pretty much.. the steel frame is used the transport the home, disconnected on site and the home placed on the foundation with a crane. That essentially makes it a permanent, non movable structure.

For a porposes...an off frame modular is a home built mostly in a construction facility to your local building code....tranported to the site ...then moved to a pre installed foundation...it connect to the foundation in a similar mannor as any wood floored home...Some are on basements..others on foundations..

Insurance for this home is very competively priced..