Understanding the particular sector of the manufactured housing insurance industry that pertains to the coverage you seek can be difficult and confusing. The manufactured housing insurance professionals at Mobile Insurance want you to make wise and informed decisions. Getting the most complete insurance package requires knowledge of your risk and the best products to address that liability. Allow Mobile Insurance to help with answers to the following frequently asked questions.
- For Apartment Complex Owners
- For Mobile Home Owners
- For Mobile Home Park Owners
- For Mobile Home Retailers/Dealers
My apartment complex is located near the Gulf of Mexico. Will I still be able to find wind coverage?
In most cases, you will. The wind coverage may be sold separately through either Lloyds of London or a state wind pool, but coverage is almost always available.
I’d like to buy general liability coverage, property coverage for my buildings, and loss of business income coverage. Do I need three separate policies?
No. In fact, it’s best to buy them as a package if you can. You save money and get significantly better overall coverage if you buy a specialty apartment insurance package that usually includes all of these coverages.
Mobile Insurance recommends you purchase a policy from a knowledgeable specialty agent who offers an apartment specialty insurance package. By buying from someone who knows and is comfortable with your business type, you get a much better deal.
It can be true for pre-1986 manufactured homes in poor condition. However, manufactured homes built in the past ten years actually carry higher wind ratings than most site-built homes. When properly set, a modern manufactured home is very safe.
Work with an insurance agent that is contracted with the best mobile home insurance companies and knows which ones offer the best value in your area. Raising your deductible and choosing to pay in fewer payments also lowers your premium.
Yes. In fact, it’s usually better. Some mobile home owners policies have more comprehensive coverage and include flood insurance.
Slip and falls, mobile home product liability, transportation and set-up related property damage and bodily injury, wind and hail damage to inventory, and employee injuries.
My mobile home dealership doesn’t transport or install the homes it sales. Do I get a rate break if others do it?
Yes, you do, as long as you get these subcontractors to provide you with proof of insurance and name you as an additional insured on their insurance policy. You should also use a written Performance Agreement with every sub-contractor. And remember, that you are ultimately responsible for your sub-contractor’s negligence in most cases.
I have a number of homes in my mobile home inventory. How much should I expect to pay to cover these unsecured mobile homes while I own them?
The rate varies significantly with the primary rate factor being geography. These property insurance rates are higher in the Gulf Coast, Atlantic Coast and plains states. They are lower in New England and much of the Mountain west. The average national annual rate is about 1% of the wholesale value of your inventory.
General liability is the most important. It protects you when your negligence leads to bodily injury or property damage suffered by others. If you have inventory, you need inventory (open lot/ builder’s risk) coverage. If you have vehicles, you need commercial auto coverage. If you own no vehicles, you need hired/non-owned auto liability coverage. If you have employees, you need workers compensation insurance. All dealers should carry loss of business income coverage, too.
Yes. When they are insured, it gives them the money they need to repair or replace their house if it is damaged or destroyed, thus saving you a good tenant.
Slip and falls, trees and limbs falling on tenant homes, drowning, dog bites, electricity and gas related injuries, wind and hail damage to park property, employee injuries, and in-park traffic related injuries.
What are the typical mobile home insurance coverages/policies purchased by Mobile Home Park Owners in Texas and 42 other states?
General liability is the most important. It protects you when your negligence leads to bodily injury or property damage suffered by others. If you have park owned homes, you need property coverage for those homes. If you have vehicles, you need commercial auto coverage. If you have employees, you need workers compensation insurance. And all park owners should carry loss of business income and hired/non-owned auto liability coverage.
Follow your mobile home insurance agent’s loss control recommendations. We’ll walk you through our recommended operating procedures and show you how they can save you money from day one. Review our loss control recommendations on the “Important Forms” section of our website for specific ideas.
These issues have the greatest impact on your insurance premium:
- prior insurance losses
- park size
- overall maintenance / condition
- management procedures
- water hazards
- number of park owned rental homes
- the values of the buildings and improvements you insure.
Purchase coverage from a knowledgeable specialty agent who offers a mobile home park specialty insurance package. By buying from someone who is comfortable with your business type and knows the industry and your potential liability, you get more coverage at a lower rate.