I am trying to gain a little more information with regards to manufactured/mobile home insurance. I have several homes located within an HOA controlled Manufactured/Mobile home community in Washington County Maryland. Recently I purchased 3 additional units and was shocked to find out the cost of insuring them….it is outrageous. I ended up going with Foremost, however I was unable to insure the properties for their full appraised value ~ 110-125K each. The annual premiums are 3 times the cost of a single-family house of the same value. For instance, one of my annual premiums is $1,400 for only $77K of coverage. Granted these units were built in 1988, however they have been updated and do appraise in the 110-125k range.
Question: Are others experiencing this issue and if so what have you done to address it. Is there some other insurance provider I should look into that is more hospitable toward these types of properties?
Any advice is greatly appreciated.
Foremost is the leading market for mobile homes but I do have a couple other options that may be more competitive. Let me know if I can help.
It's tough on Mobile homes b/c they do depreciate even with upgrades. Foremost is our Go-To carrier also, but there are some others out there BUT the replacement cost limits will be noticeably lower.
I'm in MD if that helps