Coverage options that put your mobile home on solid ground
Around 7 million Americans live in mobile or manufactured homes, according to the U.S. Census Bureau. Some Americans own their mobile homes while others simply rent their properties. No matter the situation, it’s important for mobile and manufactured homeowners to be insured. Learn about what it covers and which companies offer the best mobile and manufactured home insurance in 2023.
• Mobile home insurance provides coverage for the structure of your manufactured home, the personal belongings housed within, and liability expenses in the event of property damage or injury liability.
• An HO-7 insurance mobile home insurance policy typically offers protection against various losses and disasters such as fire, wind, lightning, and theft. However, it’s important to note that flooding and earthquakes are generally not covered by most policies.
• Securing sufficient insurance coverage for an older mobile home can be challenging since many carriers have age restrictions in place.
What is the difference between a modular home & a manufactured home?
Modular home characteristics
- Built off-site in a factory and then transported to a specific location
- May be on a permanent foundation instead of being tied down
- Can be placed on a basement or crawlspace
- May have multiple levels
- Manufactured to satisfy local and state building codes
Manufactured home characteristics
- Constructed on a movable steel chassis with just one level
- Manufactured in sections and transported to the building site on wheels
- Typically less expensive per square foot than site-built homes
- Can be placed on a basement or crawlspace
- Built to conform to federal (HUD) building codes
What is mobile home insurance & what does it cover?
Mobile home insurance, also referred to as HO-7 insurance, is a specialized form of property coverage tailored to protect mobile or manufactured homes. A standard policy encompasses multiple aspects, including coverage for the home’s structure, personal belongings, additional living expenses in the event of complete destruction, and liability expenses if you bear legal responsibility for an accident.
Here’s the six standard coverages in a manufactured home insurance policy:
|What it covers
|Structure of the mobile home, including its walls, foundation, flooring, kitchen cabinets, roof, and windows.
|Protects detached structures, such as a shed, fence or garage.
|Personal belongings both on and off your property, such as clothing, furniture, electronics, and kitchen appliances.
|Loss of Use
|Additional expenses you incur while relocating or staying elsewhere while your mobile home is being repair
|Legal or medical expenses if you’re found liable for damage or injury.
|Medical expenses resulting from a guest’s injury on your property.
HO-7 mobile home insurance is the same broad form as the popular HO3 for single-family homes. They are called “broad form” because the coverage is meant for all types of risks (or perils) unless it’s a hazard clearly excluded by the policy documents.
Let’s be clear, an HO7 is open to covering almost every risk possible when it comes to the home’s structure and other buildings like sheds or garages. On the other hand, personal belongings inside the mobile home are only protected from risks listed in your policy documents. If your personal items, like furniture or clothes, are ruined by a named hazard, then the insurance carrier will pay you the actual cash value. You’ll basically get reimbursed for the personal items minus depreciation (wear and tear).
How much does mobile home insurance cost?
The average cost of homeowners insurance in the US is $1,582 per year. Mobile home insurance can be pricier than standard home insurance coverage, since there’s a higher risk of the structure incurring losses due to windstorms, hail, and theft.
Your mobile home insurance rates will be based on a variety of different factors related to you and your home, including:
- Insurance score
- Where you live
- Size of the home
- Age of your home
- Your claims history
- Your policy deductible amount
- Number of endorsements/coverage add-ons
What type of home insurance policy do I need for my mobile home?
You’ll need a specific HO-7 policy policy in order to insure your mobile or manufactured home. At Portsmouth Atlantic Insurance, we represent several insurance carriers that offer mobile & manufactured home options, including the following:
Best mobile home insurance companies
Below are three insurers that offer or specialize in mobile home insurance. Keep in mind that policies may not be available in all 50 states and coverages can vary from company to company.
Foremost offers one of the most comprehensive mobile home policies including extended dwelling coverage up to 120 percent (by endorsement), water damage sewer and drain, and incidental business coverage. They also have a nice feature of no deductible on a total loss.
American Modern has been in business for over 50 years & has a great reputation in the mobile/manufactured home insurance industry. They can be exclusive on what they’ll insure (for example: at the time of writing this they’ll only provide replacement cost on homes newer than 15 years). That said, they have great coverage options for mobile homes valued up to $300,000, single-wide, double-wide, modular and tiny homes.
Progressive is probably the most well-known company in the U.S. when it comes to auto insurance, however they also offer many other product lines including mobile home insurance. They can be very competitive from a cost & coverage standpoint, however at the time of writing this, they’re not available in every state. One of the advantages of Progressive – if you bundle your mobile home and auto insurance and a claim applies to both, you’re only responsible for one deductible.
Is mobile home insurance required?
If you have a mortgage on your mobile home, your lender will require you to purchase insurance for it and keep the property covered until the loan is paid off. Some manufactured home communities may also require you to have insurance — regardless of whether you have a mortgage or not.
But even if neither of the prior two situations pertain to you, you should still consider purchasing mobile home insurance. If you were to go without it, you’d have to foot the bill yourself for any kind of repairs.
Keep in mind that if your home is classified as an RV — and you plan on driving it on public roads — you’ll legally need some sort of RV insurance to do so.
Is homeowners insurance more costly for a mobile home?
The expenses associated with homeowners insurance can vary. Mobile homes, due to their potentially higher susceptibility to fire damage, may be considered higher risk to insure. However, the actual cost depends on factors such as the type of mobile home, its square footage, location, insurance score, claims history, and more. Numerous variables come into play, but our dedicated team at Portsmouth Atlantic Insurance is ready to assist you in navigating through them.
Is obtaining insurance for a mobile home challenging?
Surprisingly, most major insurance companies do not provide policies specifically tailored for mobile or manufactured homeowners. Since these homes require specialized coverage, there is a limited selection of companies that offer the necessary policies. Fortunately, our team at Portsmouth Atlantic Insurance can help you compare multiple mobile home insurers to find the most suitable option for you and your mobile home.
What is the average price of mobile home insurance?
The average cost of mobile home insurance typically ranges from a few hundred dollars to a couple of thousand dollars per year. As mentioned earlier, insurers consider various factors when determining rates, such as the age of your home, construction materials, square footage, location, claims history, and credit score. Depending on these characteristics, annual premiums can vary between approximately $600 and $2,000.
Why choose Portsmouth Atlantic Insurance for your mobile home insurance needs?
At Portsmouth Atlantic Insurance, we’ve been helping our clients insure their mobile & manufactured homes in NH and throughout New England for close to 20 years. We represent many different insurance companies when it comes to these specialized policies. Not only do we help and support our clients when it comes to mobile home insurance, we also help our Realtor & Loan Officer Partners who trust us to help their clients when purchasing a new mobile or manufactured home.
Contact Us today for a mobile or manufactured home insurance quote and learn more about how we can help. Give us a call at 603-431-4020, email at firstname.lastname@example.org or fill out the form on this page to get started.
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