Home Insurance. We know we all need it.
But what exactly is home insurance, and why is it important?
Home insurance, also known as hazard insurance, protects from losses and damage to your property caused by perils. Perils can include by fire, burglary, floods, earthquakes, etc.
We all want to protect what's dear to us, but it's also important to comply with your mortgage lender's requirements. Most mortgage lenders require you to have home insurance and generally require proof that you have an active home insurance policy.
If you own a manufactured home, there is something else to consider: home insurance is different for manufactured homes than modular or site built homes.
It means that there are certain things you should look for in manufactured home insurance like how a policy handles replacement costs.