In our Program, mobile homes are defined as homes that no longer have wheels and are on permanent foundation, making them fixed dwellings. Manufactured homes, on the other hand, are factory-built or prefabricated and prepared on-site with no permanent foundation or basement. REInsurePro offers coverage for both types of investment homes on our unique monthly schedule.
What does Mobile Home Insurance Cover?
Dwelling
Dwelling coverage protects against sudden and accidental direct physical damage to the property. For example, if severe weather were to cause a tree to fall on the roof, resulting in structural damage, your investor client may be covered for the cost of repairs.
REInsurePro offers Basic Form coverage for mobile and manufactured homes with no limit on the number of homes insured in one park. Covered perils may include:
- Fire
- Lightning
- Windstorm and Hail
- Explosion
- Smoke
- Aircraft and Vehicles
- Riot or Civil Commotion
- Volcanic Action
- Sprinkler Leakage
- Vandalism
- Malicious Mischief
Premises Liability
When an investor owns and rents out a mobile home, they open themselves up to unique liability risks. A premises Liability policy provides your investor clients with protection against liability claims that can arise from incidents on their property. Examples may include:
- If someone were to slip and fall on the property
- If a tenant’s dogs were to bite someone else on the property
- If a tenant suffered medical issues from a carbon monoxide leak
*Medical expenses are included.
Our liability options start as low as $7 per month, per property, and come with a $1MM per occurrence, $2MM aggregate limit of liability.
How much coverage does my client need?
When selecting a coverage amount, it’s important for your clients to consider how rapidly mobile homes depreciate in value. It is easy to over-insure and therefore, overpay for insurance on a mobile home. REInsurePro allows your clients to choose their coverage amount (at a minimum of $75 per square foot and a maximum of $119.99 per square foot) so they never overpay for coverage. In our Program, mobile homes are not eligible for Replacement Cost coverage.
What deductible is right for a mobile home?
When selecting their property deductible, investors should consider the smallest claim they would actually file. For instance, if they wouldn’t bother to file a $1,000 claim, then it doesn’t make sense to carry a $500 deductible. Our liability insurance has no deductible.
Additional Coverages for Mobile Homes
With REInsurePro, your clients are able to include additional coverages on their Mobile Home Insurance package. Our product offerings range from the Tenant Protector Plan to Earth Movement to additional liability limit options.
