Foremost, American Family, American Modern and Assurant stand out as the best home insurance providers specializing in mobile homes. Mobile homes have different insurance needs than site-built homes. Also, there may be other coverage considerations depending on the age of your mobile home.
We will cover:
The four best mobile home insurance companies
Based on our research, we've found Foremost, American Family, American Modern and Assurant to be the best mobile home insurance providers. Here's why:
Foremost: Best overall coverage
Foremost has specialized in mobile home insurance since 1952. It stands out for the range of coverage it provides for mobile home owners, including:
- Agreed lost settlement. If a covered peril destroys your manufactured home, you are paid out the full amount of your home noted in your policy minus your deductible.
- Optional replacement cost. You can buy optional coverage that allows you to replace damaged belongings at their replacement value instead of at depreciated value.
Foremost also provides coverage options for earthquakes, business liability and transportation of the mobile home between locations, benefits that aren't offered by all insurers.
Some big-name insurance providers, such as USAA and AARP, partner with Foremost. Furthermore, Foremost is backed by Farmers Insurance, giving them superior financial backing despite Foremost's small size.
American Family: Best for new mobile home owners
If you are getting your first manufactured home, American Family is an excellent insurance provider. It has an online tool that helps you to quickly calculate how much dwelling coverage you need. Also, if you bought a mobile home and need it transported to a new location, American Family offers an endorsement that protects it during transit.
American Family also has a wide array of discounts that can help you save money as a new mobile home owner. These include:
- New home discount. If your manufactured home is less than four years old, you might qualify for a reduced premium.
- Smart home discount. Have you installed a burglar or fire alarm system in the new mobile home? You could see a lower annual rate.
- Multi-policy discount. If you bundle your car insurance with your mobile home policy, you can see a lower rate on both policies.
American Modern: Best for older mobile homes
American Modern stands out for their coverage of older, hard-to-cover mobile homes. Mobile homes built before 1976 were not built under U.S. Department of Housing and Urban Development (HUD) regulations. Many insurance providers hesitate to cover such homes.
While American Family's specialty insurance for manufactured homes is probably not going to be cheap, it is preferable to not having coverage at all, especially if you live in an area with extreme weather. Mobile homes built after June 15, 1976, are differentiated by being termed "manufactured homes."
Assurant: Best customer satisfaction
Assurant has an excellent customer satisfaction rate. The National Association of Insurance Commissioners (NAIC) rates insurance companies based on their capacity to resolve claim-oriented complaints, such as payout amounts and claim resolution time. Assurant's most recent complaint index rate is 0.06%. When you consider that the average complaint index rate is 1.0%, this puts Assurant in a very strong position.
While Assurant is a small to medium-sized company, it partners with major players such as GEICO, Liberty Mutual and Progressive, providers who redirect requests for mobile home insurance to Assurant.
How much does mobile home insurance cost?
Depending on various factors, your rate for mobile home insurance will probably range from $300 to $2,000 a year. Factors that can affect your final mobile home insurance premium include:
- The age of your home (especially if it's built before June 15, 1976)
- The condition of the home and materials used
- The location of the mobile home
- Whether or not your home is tied down
What does mobile home insurance cover?
Mobile home insurance covers four key points: dwelling, personal property, liability and additional living expenses.
- Dwelling. Also termed "hazard insurance," dwelling coverage protects the structure of the manufactured home for repair or replacement if damaged by covered perils.
- Personal property. This section of insurance covers your personal belongings, such as your clothes, furniture and TV. Your car would be excluded from this coverage. You would need comprehensive coverage for that.
- Liability. If someone is injured on your property or you are responsible for injury or property damage to another, liability coverage takes care of medical expenses and legal fees.
- Additional living expenses (ALE). Also referred to as loss of use (LOU), this coverage takes care of extra costs that can accrue from having to relocate while your mobile home is repaired or rebuilt. Covered expenses can include:
- Additional commute costs
These coverage points only pay out on damage from covered perils specified in your policy. Most mobile home policies include coverage for:
- Fire and smoke
- Hail and snow
Standard mobile home insurance policies do not cover natural disasters such as flood, hurricane or earthquake. However, many providers offer options that can be purchased to cover such catastrophes.
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