Insurance for a Modular

[Beth Frappier]

We are trying to insure our Modular home. It is a Modular set on a regular foundation on 1 acre+. It was built and inspected following all guidelines as a site built home per our County building department. We had insurance and it is being cancelled because they don't insure "mobile homes/modular. Our premium was 1100.00. We have been trying to insure the home and running into a brick wall. Most of the companies we have called will not insure over 100,000. We need coverage for 150,000. The two that we have found that will cover over 100,000, want 1700. per year for less coverage than what we were getting before.

Even though I have told them that this is modular they still consider it a "mobile home" and we are unable to find decent insurance.

Has anyone else ran into this before. Can anyone advise?
Thank you.

[Katrina]

I loan mortgages and recently had a customer that had to have her homeowner's insurance raised to meet our loan amount. The company that her and her husband have been with for over 7 years wouldn't budge over 80,000 Dwelling Coverage when we needed 111,600 minimum in coverage. I recommend that if you EVER consider refinancing to search long and hard for companies that offer the most Dwelling coverage possible, otherwise it will be nearly impossible to issue your loans. The company that we're having success with so far is AMICA.

[Mark]

I had no problem getting insurance for my modular. I was only looking for $120k (to cover the loan), insurance company suggested $160k with replacement to $196k, as that's what they estimated it would cost to replace.

Neither State Farm or Allstate had a problem insuring it. I went with Allstate at 160k for $1100 a year, vice State Farm for 120k at $1400 a year.