Florida has a large concentration of mobile homes across the state, with more than 824,400 properties accounting for nearly 8% of all types of housing. If you’re wondering what type of mobile home insurance Florida homeowners need, you’re not alone.
Getting the right coverage is important to keep your property financially protected throughout the state’s severe weather. Here’s everything you need to know about mobile home insurance in Florida and how it works.
Key Points
• Florida mobile home insurance policies typically require hurricane deductibles calculated as percentages between 1% and 10% of the home’s insured value.
• Separate flood insurance policies are generally necessary in Florida due to storm surge risks, with lenders often requiring flood endorsements for financed mobile homes.
• Insurance costs vary significantly by location, with South Florida properties typically experiencing higher premiums than inland communities due to increased hurricane exposure.
• Lenders require insurance for mortgaged mobile homes, while fully-owned homes face no legal mandate but risk receiving no compensation for hurricane damage.
• Older mobile homes can obtain coverage, but may qualify only for actual cash value policies rather than replacement cost coverage options.
Why Mobile Home Insurance Is Especially Important in Florida
Anyone who lives in Florida knows that damage from hurricanes, flooding, and other storms is a huge concern across the state. The price of homeowners insurance for all property owners has dramatically increased in recent years, and many insurance companies have completely stopped offering coverage throughout the state. However, the industry is finally starting to rebound with more options available along with more affordable insurance premiums.
That’s good news for anyone looking for mobile home insurance in the Sunshine State. Having an affordable policy offers financial help if your home is damaged due to a covered peril. But because Florida is so prone to severe weather, coverage looks a little different than it does in most other states. It’s important to know what your policy covers and what additional coverage you may want to purchase.
What Mobile Home Insurance Covers
A mobile home insurance policy provides coverage for four categories:
• Dwelling coverage: This covers the cost of rebuilding or repairing your home. Your coverage limit is based on the cost to build a manufactured home, either in new condition (known as replacement cost value) or in its current condition (known as actual cost value).
• Personal property: You can get reimbursed for personal property inside your mobile home that is damaged or stolen.
• Other structures: You may be able to get unattached structures covered in your policy, such as a shed or fence.
• Medical and liability: This covers medical and legal fees in case someone is injured on your property.
Your insurance policy covers these areas when a covered peril occurs, which typically includes:
• Fire, wind, or hail
• Water damage that’s not flood-related
• Theft
• Hurricanes (hurricane deductible typically applies in Florida)
Note that these policies are designed for both mobile and manufactured homes. If you live in a modular home, you’ll likely need standard homeowners insurance.
Hurricane Deductibles and Named Storm Coverage Explained
Because Florida is so prone to hurricanes, your insurance policy will likely require a hurricane deductible in addition to your standard deductible. It goes into effect anytime you file a claim caused by any of the three wind-related perils: hurricanes, named tropical storms, or tornadoes.
The deductible is usually charged as a percentage of your manufactured home’s insured value, ranging between 1% and 10%. The higher the deductible you choose, the lower your premium will be. Let’s say you buy a manufactured home that’s valued at $120,000 and your hurricane deductible is 5%. When you file a claim with wind damage from a hurricane or tropical storm, you’ll be responsible for $6,000 of repairs before your insurance company helps out.
Flood Insurance and Why It’s Usually Separate in Florida
When you live in the state of Florida, mobile home insurance typically requires a separate flood policy. A standard homeowners insurance policy doesn’t include flooding, and you won’t need coverage if you don’t live in a flood zone. But in Florida, flooding is largely caused by storm surges from nearby bodies of water. It’s an entirely different level of risk than in other parts of the country.
If you have mobile home financing, your lender will likely require you to get a flood endorsement on your existing policy. Or you can purchase a standalone policy, even if you own your mobile home in full.
What Florida Policies Commonly Exclude
Mobile home insurance in Florida does typically exclude the following:
• Flood damage
• Damage caused by wear and tear, lack of maintenance, or an intentional act
• High-value personal items (you may be able to add extra coverage to insure anything over your standard policy’s limit)
How Much Mobile Home Insurance Costs in Florida
The cost of mobile home insurance varies by location and other factors. For example, mobile home insurance in South Florida will likely be higher than in a community located farther inland.
The size of your standard and hurricane deductibles also impacts your annual premium. Get multiple quotes to compare the cost to the coverage you’ll receive for your mobile home.
Ways Florida Homeowners Can Lower Premiums
Follow these tips to save on your Florida mobile home insurance.
• Increase your deductible: You’ll pay more out-of-pocket when you file a claim, but you’ll also keep your insurance payments down.
• Add weather-resistant features: Make sure your home meets the state’s wind resistance standards and consider installing a rubber roof.
• Bundle your policies: If you have other insurance, such as an auto insurance policy, bundle it with the same insurance company to get a discount.
Do You Need Mobile Home Insurance in Florida?
If you still have a mortgage on your mobile home in Florida, your lender will most likely require you to have insurance. Homeowners who have paid for the property in full aren’t required to have mobile home insurance. But you run the risk of not getting any compensation to help rebuild if your home is damaged or destroyed in a covered event, such as a hurricane.
The Takeaway
Mobile home insurance is an important component of your financial plan. With the right policy, you won’t be worried about the money aspect of hurricane season; instead, you can focus on you and your family’s safety when it really matters.
If you’re a new homebuyer, SoFi Protect can help you look into your insurance options. SoFi and Lemonade offer homeowners insurance that requires no brokers and no paperwork. Secure the coverage that works best for you and your home.
SoFi brings you real rates, with no bait and switch.
FAQ
Does mobile home insurance cover older homes in Florida?
Getting insurance for older mobile homes in Florida is possible, but you may not qualify for as much coverage. Additionally, you may be limited to actual cash value, which insures your home based on its current condition, rather than replacement cost value.
What’s the difference between actual cash value and replacement cost?
Actual cash value calculates the value of your home based on its current condition. It factors in age and depreciation, while replacement cost covers how much you’d actually spend using brand-new materials today.
Can I insure a mobile home in a 55+ or leased-land community?
Yes, even if you don’t own the land, you can still get a mobile home insurance policy for the structure itself. In fact, many communities require insurance regardless of whether or not you have a mortgage on your mobile home.
Are carports and screened enclosures covered?
Carports and screened enclosures can be covered in your insurance policy under the “other structures” section. Just read your specific policy to check for exclusions and coverage limits to make sure there’s enough to pay for the detached structures on your property.
Is mold damage covered after a hurricane?
Mold damage may be included if it’s caused by a covered peril, such as wind-driven rain. It typically isn’t covered if the mold grew due to neglect or a long-term moisture issue. Be sure to quickly address any mold growth as soon as it happens in order to improve your odds of getting it covered by your insurer.
Photo credit: iStock/Michael Warren
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