Cost & Coverage
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Flood insurance protects the structure of your mobile home and the personal property inside from flood damage.
Since mobile home insurance won’t cover damage caused by flooding, you’ll need a separate flood insurance policy to protect your home
If your mobile home is in a high-risk flood zone and is mortgaged with a federally regulated lender, you’ll be required to get flood insurance
Flood insurance is available through the National Flood Insurance Program and the private flood insurance market
If you live in a mobile home, you’ll need mobile or manufactured home insurance to protect the structure and personal belongings inside in the event they’re damaged by a covered peril or burglarized. But water damage is only covered if the cause of the loss was sudden, internal, and accidental (like a burst pipe), and damage from natural flooding is never covered by mobile home insurance. To protect your mobile home from flood damage, you’ll need a separate flood insurance policy.
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That really depends on what your mortgage situation is. If you’ve completely paid off the loan on your mobile or manufactured home, flood insurance is not required. But if your mobile home is located in a high-risk flood zone or Special Flood Hazard Area (SFHA) and you have a mortgage through a federally regulated lender, flood insurance is typically required.
However, even if you’ve already paid off the home or you live in a moderate- to low-risk area, you should still get flood insurance. According to FEMA, around 25% of flood insurance claims are for homes in lower-risk areas. Flood damage is also expensive — just one inch of water can cause as much as $20,000 in damages.
Furthermore, flood insurance in moderate- to low-risk areas is available for as little as $250 a year.
As of 2018, the average cost of an NFIP flood insurance policy hovered around $700. For all home styles (not simply mobile homes), flood insurance rates are calculated based on what flood zone the insured property is located in, the age and build of the home, and how much it is insured for.
If you live in a moderate- to low-risk flood zone, you might be eligible for a low-cost Preferred Risk Policy through the NFIP. Preferred risk policies are significantly cheaper than high-risk flood zone policies.
There are two types of flood insurance you can acquire to protect your mobile home from a flood disaster: National Flood Insurance Program (NFIP) coverage and private flood insurance. The coverages and pricing for the two will vary depending on where you live and the type of unit you’re insuring.
But regardless of what policy you choose, you’ll want to focus on these three coverage areas:
Building coverage that protects the structure of your mobile home. In the NFIP plan, you can have up to $250,000 in buildings protection. Private flood insurance typically offers higher building coverage limits, but if you’re just insuring an 800 square-foot mobile home you might not need it insured for any more than the NFIP maximum anyway.
Contents coverage that protects your personal possessions inside the mobile home. The NFIP plan allows you up to $100,000 in contents coverage. But higher coverage limits and replacement cost contents coverage are typically available with private flood insurance. That means if your 5-year-old sofa or TV are destroyed, you’re reimbursed the amount that it costs to replace it today. The NFIP plan will only reimburse you for the actual cash value or depreciated amount.
Loss-of-use coverage that pays for relocation and additional living expenses if a flood damages or destroys your mobile home and you’re forced to live somewhere else temporarily. This coverage is only available through private flood insurance.
Before you can get flood insurance for your mobile home or tractor trailer, the home must meet the following criteria, according to the NFIP:
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