While the coverage for mobile and manufactured homes is basically very similar to a standard homeowners insurance policy there are some differences of note. Manufactured homes, unlike homes built on a foundation, are capable of moving from place to place, and suffer greater damage from the elements, not to mention that they often become a total loss after a fire, or when caught up in a major storm.
Providing Texas manufactured home insurance can better help brokers protect their customers’ mobile or manufactured homes, their belongings and their families because we’re quite familiar with the types of exposures that this sector faces.
This means covering the most direct, sudden and accidental physical losses, including fire, lightning, explosion, vandalism, landslide, falling objects, and explosions. Your clients are also susceptible to burglaries, robberies, water damage from bursting pipes, damage caused by wild or stray animals, even the collapse of their homes from the weight of ice and snow, or wind and hail damage.
Mobile home fires can happen quite easily when no one is home, allowing the damage to spread unimpeded and potentially destroy the entire structure. To make matters worse, according to the National Fire Protection Association (NFPA), smoke alarms are missing in half of all manufactured homes.
Another concern you should have as an insurer is regarding manufactured homes sustaining damage from heavy windstorms. Most site-built homes are much lighter than a standard home and are at risk of blowing over.
Suggest they purchase optional replacement cost coverage
Having your clients select optional replacement cost coverage will entitle them to a settlement that reflects the cost to replace their damaged items with new property of comparable material and quality, without any deduction for depreciation.
Agreed loss settlement
If their home is destroyed by an insured loss, they can receive the full amount of insurance for their home (minus any applicable deductible).
This provides coverage if they’re found legally responsible for an accident that causes an injury or property damage to someone who doesn’t live in their home. It covers costs like the victim’s medical bills, any lost wages from time off of work, pain and suffering, and property damage.
When it comes to Texas manufactured home insurance your clients need the right policy for a variety of conditions and exposures.