Mobile Home Insurance

[alexmorrow]

Does the owner carry the mobile home insurance or do you? I know some investors I've spoken to take $30 out of each check they receive for insurance. Is that to be paid to an insurance company or is that to cover maintenance issues? One of the leases I picked up today says that the owner must carry 50,000 of liability insurance. Is this the insurance most investors are talking about or is it separate? By the way, do u include this in the monthly check the owner sends to you? Do you wrap it within the loan I guess? Or does the owner pay the insurance separately?

[Jim Johnson]

Does the owner carry the mobile home insurance or do you? I know some investors I've spoken to take $30 out of each check they receive for insurance. Is that to be paid to an insurance company or is that to cover maintenance issues? One of the leases I picked up today says that the owner must carry 50,000 of liability insurance. Is this the insurance most investors are talking about or is it separate? By the way, do u include this in the monthly check the owner sends to you? Do you wrap it within the loan I guess? Or does the owner pay the insurance separately?

I escrow $30 per month to cover the insurance cost. It goes to insurance and if they do not pay taxes I can use it for that also. I have in my paperwork if the buyer chooses they can get their own insurance, they must notify me first and I always want to talk to that insurance agent so my company is covered.

[alexmorrow]

Ok, so how much does insurance typically cost a year on a 3 bed/2 ba single wide trailer that was built post-hud? Within that $30 do you use any of that to take care of repair costs when you take back the home? Cause the security deposit most likely won't cover all the repairs.

[Jim Johnson]

Ok, so how much does insurance typically cost a year on a 3 bed/2 ba single wide trailer that was built post-hud? Within that $30 do you use any of that to take care of repair costs when you take back the home? Cause the security deposit most likely won't cover all the repairs.

for good coverage it is 280 - 310 a year...

[alexmorrow]

Which insurance companies are you with?

[Jim Johnson]

Which insurance companies are you with?

a local agent that deals with 'American Summit'. I have used others but they hold most of my business... If someone needs their info I am happy to share... I just need to ask if I can share it with the entire board... PM me for their number...