Mobile Home Insurance for Renters
Key Takeaways
- Mobile home renters insurance covers your personal property, liability, medical payments and loss of use.
- Older mobile homes can be more difficult to insure than manufactured homes.
- Landlords often require mobile home renters insurance as part of a rental agreement.
What is mobile home renters insurance?
Mobile home renters insurance is what’s known as “named peril” insurance. This means your policy covers perils, or causes of damage, that are listed or named in your policy. Some companies offer add-on coverage for perils not named in your policy, like floods or earthquakes.
Be sure to ask what is included in a mobile home renters insurance policy when comparing quotes, as well as what add-on coverages are available.
Mobile home vs. manufactured home renters insurance
Mobile home renters insurance and manufactured home renters insurance are similar, with the main difference being when the home was built.
- Mobile homes are prefabricated homes built before June 15, 1976, under no regulatory construction standards.
- Manufactured homes are prefab homes built after June 15, 1976, under Department of Housing and Urban Development standards.
Due to their lack of regulation, older mobile homes can be difficult to cover. If you can find a renters insurance policy for it, expect it to cost more than a policy for a manufactured home.
What does mobile home renters insurance cover?
Personal property
Your belongings, including clothing, furniture and electronics, are covered against damage or destruction from perils, like fire or vandalism, named in your policy up to your policy limit.
Personal property coverage in a mobile home renters insurance policy is usually paid out at actual cash value. This means your insurance company will factor in depreciation when it calculates your payout for a personal property claim.
Some renters insurance companies offer replacement cost coverage, which doesn’t factor in depreciation. It may cost more, but can be a good value if you have expensive items.
Liability
The liability portion of your mobile home renters insurance covers injury and property damage you cause, up to your policy limit. It also covers legal expenses if you go to court. Some policies cover lost wages and death expenses, too.
Additional living expenses (ALE)
Also known as “loss of use” (LOU), this coverage type pays for extra costs tied to temporarily relocating while your damaged rental mobile home is repaired.
ALE covers:
- Extra rent
- Food
- Laundry
- Furniture rental
- Extra commute costs
ALE only pays out for expenses that go above your normal standard of living. For example, if your monthly food bill is usually $600, and raises to $800 while you’re relocated, ALE will cover the additional $200 a month.
Medical payments
Medical payments coverage helps pay the medical bills of guests injured in your rental home, regardless of who is at fault.
Do I need mobile home renters insurance?
Landlord insurance covers the structure of your rental mobile home, but landlords usually have tenants carry renters insurance to avoid unnecessary lawsuits that arise.
Even if you aren’t required to buy mobile home renters insurance, it’s an excellent investment.
The average cost of a renters insurance policy is $170 a year, or $14 a month, according to the Insurance Information Institute’s most recent data. This is cheap compared to property damage or liability claims that could run into the thousands of dollars.
What are the best renters insurance companies for mobile homes?
Foremost
Foremost was the first insurance company to provide mobile home insurance. Since it started almost 70 years ago, Foremost has provided coverage for both mobile and manufactured homes.
One reason Foremost mobile home insurance stands out is that it offers optional replacement cost coverage for your personal property. It also offers optional comprehensive coverage. This lets you cover many perils or events that aren’t covered by a standard policy.
American Modern
American Modern offers renters insurance coverage for both mobile and manufactured homes. A standout feature of American Modern renters insurance is that its coverage is “open peril.” This means that as long as something is not excluded in writing in your policy, it’s covered.
Assurant
Assurant only covers manufactured homes built after 1976, but its renters insurance policies pay out at replacement cost. They also cover personal property damage and injuries due to mold, fungi and dry rot, a rarity in the renters insurance business.
How much renters insurance do I need?
To make sure you’re not underinsured, make a home inventory list of your stuff. Include serial numbers, if possible, as well as the cost of the items. This can take some time to put together, but it’s easy to update afterwards. Also, it can help speed up payout if you make a claim.
The average limit for liability coverage in a renters insurance policy is $100,000. While this may seem like enough, a long hospital stay or court case could hit that limit quickly. You would have to pay any liability claim-related expenses after that out of your own pocket. To avoid this, consider raising your liability coverage limit to what your budget allows.
How do I get a mobile home renters insurance policy?
Buying online
To get a mobile home renters insurance policy online, start by comparing quotes from multiple companies. Use the same limits for each quote so you can make the most accurate comparison.
Once you’ve narrowed down the search to the company with the best combination of cost and coverage for your situation, go to its website and, if possible, fill out its online mobile home renters insurance form. Have the following info handy to speed up the process:
- Your name, address and phone number
- Your coverage limits
- The date you want your coverage to start
Buying in person or by phone
Calling the renters insurance company to get a policy is a good starting point, too. One benefit to this method is that it makes it more likely you’ll get all eligible discounts. Mobile home renters insurance companies offer various discounts to stay competitive, and they also help you save money on your premium.