I just received a worrisome email from MOBILE INSURANCE AGENCY saying that all TOHs need their own General Liability Insurance. And that I (the owner of the park) should have proof of it.
“This should be a requirement for all tenants & here is the reason. If a unit burns to the ground & there is a fatality & the tenant had no insurance, then the risk lands on you shoulders and the family will come after your insurance. Any claim that you turn in makes your Insurance go up the following year for a loss paid out & then after 3 claims, the carrier will non-renew you making it very difficult to find a market that will insure your park.”
Do you guys think it is even possible to get your tenants to have general liability insurance? Some tenants probably don’t even have bank accounts.
How many park owners have tenants with their own general liability insurance? How do you protect yourself against this risk?
I do not recall learning about this at the Mobile Home University Bootcamp.