As a new manufactured home community owner, navigating your business’s insurance needs can feel overwhelming. It’s critical to have insurance coverage designed for MHC operations in place. This ensures your business is financially protected and gives you peace of mind.
There are many types of coverage that your community may need. Below are some of the types that most communities require. Our team can walk you through the insurance process and create a coverage plan that is specific to your manufactured home community’s needs. Every community needs tailor-made coverage.
Types of Insurance Coverage for Manufactured Home Communities
General Liability Insurance: This coverage protects you when third parties allege your negligence caused them bodily injury or property damage. Examples include accidents on your property that injure others or their property. Both legal defense and indemnity coverage is included, often with no deductible.
Property Insurance: This covers damage to community-owned property, including office buildings, amenities, and above-ground utility systems. It also includes loss of income coverage should the community cease operations due to a covered peril such as wind or fire.
Crime and Theft Protection: This coverage protects against financial losses in the event of vandalism, fraud, or theft. Fraudulent wire transfers and electronic payments coverage are also available.
Workers’ Compensation: Many states require you to have workers’ compensation insurance if you have employees. If an employee is hurt on the job, this policy covers medical expenses and lost wages with no deductible. It also prevents an employee from seeking money from you anywhere other than the workers’ compensation system.
Insurance Tips
Work with a Specialized Insurance Provider
To get the best coverage for the best value, you need to work with an insurance provider who understands the industry and the specific needs of a manufactured home community. Some insurers offer discounts for safety measures such as fire hydrants or gated access. Partnering with a specialized provider ensures you receive industry-specific discounts and offers by MHC specialty insurance companies.. At Mobile Insurance, we understand the unique risks and challenges that come with owning and managing a manufactured home community, as well as the best way to present your community to insurance company underwriters. Our team specializes in providing tailored coverage that protects your investment while keeping costs manageable.
Implement Risk Management Strategies
Risk management strategies like preventative maintenance, background checks, security measures, and disaster preparedness not only protect your tenants and property but help to reduce your insurance costs. Risk management strategies lower the risks and reduce claims so you can be offered lower insurance premiums.
Review Your Policy Annually
Your insurance needs can change as your community grows or changes. Reviewing your policy annually with an agent ensures you have the right coverage, stay up to date on legal requirements, and fully understand what is covered.
Know the Law
Insurance requirements and laws vary from state to state and city to city. Where your community is will affect what insurance coverage you need. You could be required to carry additional coverage if your community is in a natural disaster zone such as a floodplain or hurricane-prone area.
Require Tenants to Have Their Own Insurance
When tenants have their own home or renters insurance, it helps to reduce liability and risks for the community owner. This can include fire and weather-related damage or liability protection to cover costs if a guest is injured in their home. Some policies offer discounts to community owners if tenants carry their own coverage.
Whether you need liability coverage, property protection, or specialized policies for natural disasters, we’re here to help. Contact us today to discuss your insurance needs and find the best policy for your community.
For more tips on managing your manufactured home community, visit our resources page here, and learn more in our blog here.