Flood insurance for mobile home park?
Looking for insurance coverage on a mobile home park. there are 55 pads and 8 of the units are parked owned. The park is in a flood zone. Does anyone know how the flood insurance would work on this? My lender wants me to get $400k worth of coverage (same amount as my loan) but it seems insane, and I doubt FEMA would even offer that much coverage for what amounts to mostly land and some infrastructure (road, septic, wells etc) I'm hoping FEMA would have a max coverage allowed, and I know my mortgage company would accept that instead of the full $400K. Having trouble finding the answers online or speaking to my agent,.
- ZarnevLv 72 months ago
All flood insurance is Federal and the amounts and prices are all set by the government. Most P&C agents will know about and be able to quote the proper amounts to you. If your agent can't maybe it's time to find another agent.
That being said, if you don't own the homes that'll be placed your coverage won't cover them. Each resident will need to get their own coverage. Of the units that the park owns the amounts will be determined by the government, not the lender, and cannot be changed to suit the lender's wants. Also, the contents of those owned units will not be covered.Source(s): Independent Ägent