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Insurance needs
Should you decide to finance your manufactured home, insurance is always required. It is designed to protect you and your lender if something were to happen to your home. Most lenders require an insurance policy on the home in order to finance it. If your home were damaged, the insurance company would pay you or your lender to repair or pay off the home. Even if you do not finance the home, it would still be a good idea to insure it. Having your home damaged without insurance can put a large financial stress on you and your family.
If you fail to get insurance, your lender will probably put a force placed policy into effect which would only cover the balance of what you owe on the home in the case of a total loss. Insuring your home is very important, and the payments can be easily added to your monthly home payment.
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