PERSONAL FINANCE
The Price of
PROTECTION HERE’S WHY IT COSTS MORE TO INSURE A MANUFACTURED HOME
I
f you’ve recently purchased a manufactured home, getting homeowner’s insurance for your new abode may have come as a shock. Even though manufactured homes cost less than stick-built homes and both appreciate in value, in most cases, homeowner’s insurance premiums for manufactured homes cost more for less robust coverage. A lot of factors go into the cost of homeowner’s insurance and the coverage offered, said Heather Kinney, an insurance agent and manager of BroGue Insurance and Financial Services in Bangor. Those include how old the manufactured home is, what condition it is in, its geographic location and whether it’s located in a mobile home park or on its own land, and
34 / BANGOR METRO May 2022
whether it’s affixed to a foundation or still has its axles and wheels. Doing an internet search on “why the #$@!! is homeowner’s insurance for manufactured homes so expensive” will net you a plethora of explanations from insurance companies, the manufactured home sector and media outlets, all of which will tell you that insurance companies consider manufactured homes a greater risk than site-built homes. Why? Because 1) the quality of building materials used in manufactured homes is not as good as for site-built homes; 2) there is greater risk of damage from fire, wind and broken pipes, among other things; and 3) there are more theft claims for manufactured homes than for stick-built homes.
PHOTOS: ©ANDREY POPOV, ©SUE SMITH/ADOBE STOCK
BY STEPHANIE BOUCHARD
