Day: August 1, 2011
Modular Homes = a new construction that is cost efficient, eco friendly and can be built in a matter of days.
Many people forget about all aspects of building, including insurance. When you construct a modular, how do you insure it? Below is a useful article that identifies steps you can take to properly insure your new modular home.
Author: John Ben Insurance Options for Modular Homes
Modular homes are prefabricated structures that are built in factories and assembled at a site. These are cheaper to construct than traditional site built homes and can be customized as per specifications detailed by homeowners. Though these are built by a home builder in climate controlled factories, there are many risks associated with prefab homes, like bad weather or damage while being transported to installation site. Therefore, IT is important that homeowners should opt for insurance while buying such homes.
Many homeowners are under the wrong impression that modular homes are insured differently from site built variants. Contrary to popular belief, insurance agencies treat these structures exactly the same as traditional homes. Therefore, they insure these under the same plans, provided that the unit adheres to the HUD code. Nowadays, even a home builder can recommend an insurance company that renders all-encompassing accident covers to clients.
One of the most important insurance policies that owners should opt for is trip collision insurance. Under this, the company covers the cost of all damages suffered by the home as it is being transferred from the factory of the home builder to the installation site.
Upon installation, it is essential that buyers should get insurance cover against adverse weather conditions for their modular houses. This is vital, as windstorms, hailstorms, lightning, snow and incessant rains are known for damaging even the sturdiest of homes. Owners can also opt for insurance against fire, smoke, frozen plumbing, theft, explosion and vandalism to safeguard their homes. It must be noted that floods and earthquakes are not covered under the insurance policies of most service providers. It is a well known fact that home repairs make a sizable dent on a homeowner’s pocket. Therefore, insuring prefab homes against unprecedented repairs is a wise idea for all modular home buyers. This entails that damages which occur while repairing lighting fixtures, cabling or plumbing network will be paid for by insurance agencies. Usually, service providers offer insurance cover for the home, but add additional charges are levied for sheds and garages.
Before buying prefab houses from a home builder, people must give a thought to the reimbursement offered by the insurance company. Some of the important factors that decide the amount paid by the service provider to the homeowner are deductible levels and the neighborhood. Frequency of claims, continuous insurance coverage, quality of structure built by home builder and insurance credit as per credit history are other relevant factors that decide insurance returns on prefab homes.
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