According to manufactured housing industry experts, a manufactured home can be installed either on privately owned land or in a land-lease community. In the latter case, the home is owned by one person, while the land is owned by someone else. However in the case of some manufactured home communities, both the home and land is owned by the community and is rented out. Providing renters insurance through a lease is a new concept for many communities. That is why we choose this as a topic of discussion.
What Is Manufactured Home Community Renters Insurance?
The owners of manufactured home communities aren't the only ones who face various responsibilities and liabilities. Although community owners are responsible for insuring the community as a whole, the occupants and their personal property against the unexpected, renters can also be held liable for injuries occurring on the property, property damage in their homes and if their dogs attack someone else.
To help community owners provide renters insurance that can protect the renter against loss, Triad Financial Services provides comprehensive manufactured home community insurance policies that include property damage liability coverage, bodily injury liability coverage and pet liability coverage.
Why Should You Provide Manufactured Home Community Renters Insurance to Your Tenants?
Coverage against potential losses resulting from a series of unexpected events represents the most important reason why manufactured home community owners should provide renters with a built in comprehensive insurance policy.
But the greatest thing about the insurance products we make available at Triad Financial Services for manufactured home communities is that community owners can enroll renters directly into our Community Renters Insurance Program.
Let’s say that one of your tenants does something that injures his or her guest. The person who has suffered the injury may sue your tenant and potentially the community. But if the tenant has already been enrolled in our manufactured home community renters insurance program, Triad Financial Services will provide coverage for the claim, including defense costs, on behalf of your renter.
By adding $13 to the monthly rent payment, a renter would have coverage against theft of his or her personal belongings, injuries sustained by guests while on his or her rented property, accidental damage to the community owned home, and animal bites or damage caused by animals to the rental property. Having manufactured home community renters insurance makes financial sense, regardless of whether the community owned homes are new or pre-owned.
At Triad Financial Services, our insurance professionals can help the owners and managers of manufactured home communities secure adequate coverage, while providing top-rated customer service. To learn more about our manufactured home insurance products and get the right policy for your community, please feel free to call us directly at 844-375-7224 or contact us via our online form.