Manufactured homes are encountering a tightening insurance market similar to traditional homes, yet with specific challenges. These homes, built off-site and secured to a foundation, are often viewed as higher-risk by insurers due to perceived vulnerabilities like theft and climate threats. Insurance costs for these homes are disproportionately high, averaging between $700 and $1,500 per year, sometimes even higher in disaster-prone states. With fewer insurers available to offer policies, prices are expected to rise further, creating significant burdens for low- and moderate-income homeowners and threatening housing stability.
"Manufactured homes have always been expensive to insure. Despite being, on average, half the size of a traditional single-family home, premiums are often comparable or even higher."
"In states with higher exposure to natural disasters, like Florida and California, that cost can climb to $1,800 or more. In Texas, it's not uncommon to pay $1,500 to $2,700 per year."
"This is threatening our housing stability. It's not just a number issue. It's a human issue," said Donna Dias, highlighting the broad consequences for homeowners.
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