Mobile Home Park Owner Insurance Policy Information
Mobile Home Park Owner Insurance. If you own a manufactured or mobile home park, then you must protect your business. With the rapid growth in this industry, you must ensure your business is covered from the different risks and liabilities you face.
Having insurance for your mobile home park business prevents you from devastating financial loss in the event of a lawsuit. In this post, we'll discuss the different types of mobile home park owner insurance you can consider getting to protect your business.
Mobile home parks or courts provide lot space for mobile home residents. Some may rent lots and hook-ups to utility services on either a long-term or an overnight basis. Others offer mobile home transport services, tie-down services, repair services, skirting services, or sales or rental of owned mobile home units.
Mobile home parks or courts can have buildings for laundry or recreation. They may have a swimming pool, retail convenience or grocery store, tennis courts, playground or other recreational facilities. Some parks occupied on a seasonal basis permit mobile homes or campers to be left on premises for storage in the off-season.
Mobile home park owner insurance protects your property from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked mobile home park owner insurance questions:
- What Is Mobile Home Park Owner Insurance?
- How Much Does Mobile Home Park Owner Insurance Cost?
- Why Do Mobile Home Park Owners Need Insurance?
- What Type Of Insurance Mobile Home Parks Need?
- What Does Mobile Home Park Owner Insurance Cover & Pay For?
What Is Mobile Home Park Owner Insurance?
Mobile home park owner insurance is a type of insurance coverage designed specifically for owners of mobile home parks. This coverage protects the owner against financial losses that may arise due to damages to the park, liability claims, and other related expenses.
This insurance covers property damage caused by events such as fires, storms, and earthquakes, and also provides coverage for liability claims arising from accidents on the property. Additionally, mobile home park owner insurance covers the costs of lawsuits and legal fees, as well as the cost of replacing or repairing damaged property.
This insurance is crucial for mobile home park owners as it helps to protect their financial investments and helps ensure the continued operation of their business.
How Much Does Mobile Home Park Owner Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small mobile home parks ranges from $57 to $89 per month based on location, size, payroll, sales and experience.
Why Do Mobile Home Park Owners Need Insurance?
Renting land to manufactured home owners, mobile homes or traditional trailers means you must have insurance almost identical to that of a landlord. The people who own homes in your park must protect their property with insurance. Your responsibility is to cover the areas that make a home park, a place for people to live in.
Finding mobile home park owner insurance at the typical insurance company might prove difficult when owning a mobile home park. Most insurance companies rather not take on the risk of insuring a home park.
Luckily some insurance companies specialize in this type of insurance. Working with an insurance company like this can help you to put together a package to sufficiently cover your mobile home park. An experienced insurance agent can help you to figure out what you need for your business to keep it protected.
What Type Of Insurance Mobile Home Parks Need?
When you own a mobile home park, there are many liability risks you face. For this very reason, you must have protection. Owning a home park means at any given time there could be lots of people on your premises which put you at an even higher risk of liability lawsuits.
If a person is injured while on your property, you could face the financial costs that come with it.
The good news is with commercial property liability insurance included in your premise liability coverage you are covered from most risks. With this coverage, you're covered from legal fees, court costs, medical treatment and other financial damage that happens because of negligence on your property.
Here are other types of mobile home park owner insurance coverages you can include in your business insurance portfolio for maximum protection:
Auto Liability Insurance: Having this coverage for your business covers the vehicles you use for business operations. If your employees use their vehicles to conduct errands for your company, then you may need to get for-hire or non-owned coverage to keep your employees safe.
If a vehicle used for your business causes damage to a third party or their property you are covered with auto liability insurance.
Employee Practices Liability Insurance: This insurance, protects you if an employee or a former employee sues your business for wrongful termination or perceived discrimination. Any costs as a result of this type of lawsuit are covered when you have this insurance.
Workers Compensation: In most states, you must have this insurance for your business if you have an non-owner employees. With this insurance you are protected if an employee is injured while on the job.
If an employee is injured and has to go to the hospital, then they will be covered if you have this insurance as a part of your business' insurance portfolio.
Keeping Your Mobile Home Park Business Property Safe
Being the owner of a home park does not make you responsible for covering the homes or the contents of the homes that rent from you. Although this is the case, there are other parts of your business you want to be sure are covered. Some of these include:
- Underground utility lines and utility pedestals
- Electrical distribution equipment
- Central office buildings and their contents
- Roads and walkways
- Appliances on property
- Homes on your property that you lease out as a part of your business
Mobile Home Park Owner's Risks & Exposures
Premises liability exposures can be high due to the number of mobile home residents and guests visiting the property. Water purity is a particular concern if the park is responsible for the water supply. To prevent slips, trips, or falls, all premises must be well maintained with floor coverings in good condition.
Security is rapidly becoming the responsibility of the owner or operator of the premises. There should be adequate interior and exterior lighting. Parking lots, sidewalks, and access roads need to be in good repair, with snow and ice removed, and generally level and free of exposure to slip and fall. If the operation owns and rents mobile homes, all units should meet life safety codes and be in compliance with codes on smoke and fire detection, fire extinguishers, and carbon monoxide detectors. If there is a community building, laundry, playground, or other amenities, they must be properly maintained and limited to tenant use only.
If the facility is located near water, such as a lake, warning signs should be posted. Personal injury losses may occur due to alleged wrongful eviction, invasion of privacy, or discrimination. Clear guidelines for tenant acceptability are important.
Property exposure consists of the rental office and other community buildings such as laundry and recreational activity buildings. Housekeeping is critical if there is a central laundry area. Washers and dryers must be properly maintained. There may be owned rental mobile homes. These must be in good condition with heating and wiring up to date. There should be a smoke/fire detector in each owned unit.
If alarms are battery-powered, there must be documented records of periodic maintenance. Since mobile homes are particularly vulnerable to windstorm loss, all owned units should be securely tied down. Items provided by the building owner, such as kitchen or laundry appliances, may be stolen by tenants or outsiders. Seasonal parks with unoccupied mobile homes and campers must have procedures to guarantee regular checks on the units.
Workers compensation exposure hazards are normally service, janitorial, or maintenance-related. Back pain, hernias, sprains, and strains from lifting and working from awkward positions are common injuries. Interaction with tenants can be difficult. Employees should be trained in dealing with difficult situations. Animals owned by tenants can bite, scratch, or kick workers. Employees connecting, disconnecting, or transporting mobile homes can be injured by falling objects, contact with electrical wiring, or in automobile accidents.
Crime exposure is from employee dishonesty and money and securities. Background checks should be conducted on all employees. Rents are generally collected the first of the month, and there may be large amounts of cash on hand due to the high risk of accepting bad checks. Deposits should be made promptly with appropriate security provided. Receipts must be given when rent is paid, and the money received must be reconciled with the receipts given. Ordering and disbursements should be handled by separate individuals. If units are owned, locks should be rekeyed when there is a change in a tenant.
Inland marine exposure includes accounts receivables for rents due, computers and valuable papers and records for (leases, mortgages, and tenant's information). Contractors' equipment coverage may be needed for items used to maintain and repair the property. All data should be duplicated and kept off site for easy replication following a loss.
Commercial auto exposure is generally limited to hired & non-owned for employees running errands. If there are owned vehicles, such as those used for servicing, any driver must have a valid driver's license and acceptable MVR. Routine maintenance on owned vehicles should be documented. In the event the insured assists in the transport of mobile homes, special permits and licenses may be required. Any such driver must have special training and follow the criteria for this type of transport.
What Does Mobile Home Park Owner Insurance Cover & Pay For?
Mobile home park owners may face lawsuits for a variety of reasons, including but not limited to:
Personal injury: A resident or visitor may suffer an injury due to unsafe conditions, such as a slippery surface, broken steps, or inadequate lighting. In this case, the park owner may be sued for negligence.
Insurance protection: General liability insurance can cover legal fees, settlements, and judgments if the park owner is found liable for the injury.
Property damage: The mobile home park owner may be held responsible for damage to a resident's mobile home or personal property due to factors such as weather, fire, or theft.
Insurance protection: Property insurance can provide coverage for repairs or replacement of damaged property.
Discrimination: If a resident believes they have been discriminated against based on factors such as race, gender, or disability, they may file a lawsuit against the mobile home park owner.
Insurance protection: Employment practices liability insurance (EPLI) can cover legal fees and damages if the park owner is found liable for discriminatory practices.
Breach of contract: Mobile home park owners may face lawsuits if they breach a lease agreement or fail to provide promised amenities.
Insurance protection: Errors and omissions (E&O) insurance can cover legal fees and damages resulting from breaches of contract.
Environmental issues: Mobile home parks may face lawsuits related to environmental issues, such as contaminated soil or water.
Insurance protection: Pollution liability insurance can cover legal fees and cleanup costs associated with environmental issues.
In all of these examples, insurance can provide protection to the mobile home park owner by covering legal fees, settlements, and judgments. It is important for mobile home park owners to understand the risks they face and obtain adequate insurance coverage to protect their business and assets.
Commercial Insurance And Business Industry Classification
- SIC CODE: 6515 Operators of Residential Mobile Home Sites
- NAICS CODE: 531110 Lessors of Residential Buildings and Dwellings, 531311 Residential Property Managers
- Suggested Workers Compensation Code(s): 9012 Building or Property Management - Property Managers and Leasing Agents & Clerical, Salespersons, 9015 Building or Property Management - All Other Employees
6515: Operators of Residential Mobile Home Sites
Division H: Finance, Insurance, And Real Estate | Major Group 65: Real Estate | Industry Group 651: Real Estate Operators (except Developers) And Lessor
6515 Operators of Residential Mobile Home Sites: Establishments primarily engaged in the operation of residential mobile home sites. Establishments primarily engaged in the operation of sites for overnight or transient use for travel trailers are classified in Services, Industry 7033.
- Operators of mobile home sites
Mobile Home Park Insurance - The Bottom Line
Protecting your business is important. Failing to protect your business puts you at risk. If you are the owner of a mobile home park business, then you must protect your business with the right insurance. The next step is getting in contact with an experienced insurance agent to determine the insurance needs of your business.
Additional Resources For Commercial Property Insurance
Read up on small business commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.
- Apartment Building
- Business Interruption
- Commercial Flood Insurance
- Commercial Property
- Condo Association
- Contractors Equipment
- Duplex Rental Property
- Equipment Breakdown Protection Insurance
- Homeowners Association Insurance
- Inland Marine
- Jewelers Block
- Manufacturing And Mercantile Rental Property
- Mobile Home Park
- Non-Residential Building Operators
- Office Buildings
- Shopping Center & Strip Mall
- Vacant Land
- Vacant Property
- Specialty Habitational
- Specialty Inland Marine
- Specialty Property
Commercial property insurance is a type of insurance that provides coverage for businesses against losses or damages to their business property. This can include buildings, equipment, inventory, and other assets owned by the business.
There are several types of commercial property insurance, including standard property insurance, business interruption insurance, and contents insurance.
- Standard property insurance covers damages to the physical structure of the business, such as the building, walls, and roof.
- Business interruption insurance covers lost income and expenses incurred during the repair or rebuilding process.
- Contents insurance covers damages to personal property within the business, such as office equipment and furniture.
Commercial property insurance is important for businesses of all sizes, as it helps protect against financial losses due to unforeseen circumstances, such as natural disasters, theft, or vandalism. It can also provide liability coverage in case of accidents or injuries on the business property.
To determine the appropriate level of property insurance for a business, it is important to consider the value of the business's assets, the location of the business, and the potential risks it faces. Many businesses choose to work with an insurance agent or broker to help identify the best coverage options for their specific needs.
Overall, commercial property insurance is a crucial part of any business's risk management strategy, helping to protect against financial losses and ensuring the long-term viability of the business.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Signs, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Contractors' Equipment, Fine Arts, Cyber Liability, Employment-related Practices, Automobile Liability and Physical Damage, and Stop Gap Liability.