Posted by bill_cfl on August 27, 2003 at 17:45:53:
limit you want insured for. In case of total, they will write you a check for that amount. Takes amonth to get check!
MH Insurance coverage limits - Posted by bjy
Posted by bjy on August 27, 2003 at 16:22:09:
I’m selling a home in one of my parks for $14k (cash price), which is about what I have in it. I have a cash buyer looking at it, but she is balking because she says if it is totalled, the insurance company would only pay out about $8500, not the $14k that it would be insured for. (It’s a 1997 Skyline repo that I got for $9K and spent about $5K more for moving, set up, appliances, etc.) She said some agent told her that in the event of a total loss they go down mobile home row (this is in Tulsa, OK) and get 5 prices from various dealers, throw out the high and low and average the remaining 3, and that’s the amount they pay out. I called Foremost and they said they would pay out the total amount of the coverage (in Oklahoma). Can anyone comment? Is this lady’s agent misinformed or what? I did not ask Foremost if there was some reasonable upper limit of coverage that you could buy and still have them pay it out in full. Any experiences out there on this subject? Thanks,
bjy
keep the buyer, get another ins guy - Posted by Steve-WA
Posted by Steve-WA on August 28, 2003 at 10:07:12:
I bought a 1975 for 2K, sold for 7K on note, it burned 3 mos later, 15K payout. I got my 7, they got the rest.
That was the amount of coverage for the home, that is what they paid for, that is what the ins co paid out.
With respect, Lee comments from the perspective of a Lonnie dealer wanting cashflow - as a park owner (mgr?), your only concern may be rent flow. Stick with it. He\, finding a cash buyer @ 14K is great!
Re: MH Insurance coverage limits - Posted by Lee
Posted by Lee on August 28, 2003 at 06:30:07:
Find another buyer. owner finance it and get more then your asking price. plenty of ppl out there that would be willing to buy the home with a reasonable down and could care less what the insurance company pay out as long as they get there home and able to make their monthly payment. besides you own the park, whats the worry?