Mobile Home Insurance - Posted by Gary

Posted by Mark C Tx on September 02, 2005 at 20:03:08:

Is that for structure damage and liability or just damage? I pay 430.30 for a years worth damage only, I have it insured for 15,000.00 . Getting the Liabilty now. I wonder ifthis is high or low?
Mark Tx

Mobile Home Insurance - Posted by Gary

Posted by Gary on September 02, 2005 at 15:30:02:

I read Lonnie’s book, “Deals on Wheels”. I maybe mistaken but I don’t remember reading any detailed information on mobile home insurance. Here’s my question.

You find a buyer for the MH. You secure the loan with the mobile. The stipulation is they must keep the MH insured for the total value of the note. How do you make for sure that insurance remains on the mobile and that the buyer keeps it paid?

Do you have something setup with a specific insurance agency and have them call you, if the insurance is ever dropped. How does that all work?

If there’s a chapter in the book that covers this, let me know and I read it again.

Re: Mobile Home Insurance - Posted by Steve-WA

Posted by Steve-WA on September 03, 2005 at 22:46:31:

that was then; this is now. Nowadays, I still take $100 at closing, but I divide the annual premium by 12 (months), and tack it on to their payment. They send it to me, and I send it to the insurance guy. This keeps them ahead. Actually, I send one check to the insurance guy monthly, along with a list of how it is split up (Smith = $25; Jones = $33; Anderson = $21, and so on . . . )

AND, I have started doing that with taxes too - after a couple of buyers went three years without paying any, and THEN the tax man calls me. So I rant & rave, and all that does is entertain the buyer. I would probably pay it and tack it on to the end of their note - or raise their payment, and keep the term the same. But they would have to sign agreement on a new or revised Note - PITA.

Take a monthly tax payment as an add-on to their note payment, and have the tax bill sent to me. That way, I am sure that their taxes are paid, and the insurance too.

Re: Mobile Home Insurance - Posted by Mark C Tx

Posted by Mark C Tx on September 02, 2005 at 15:58:23:

When they get insurance they must tell the agent you are the lien holder and you must be on the policy and they will mail you a copy. If they cancell or don’t pay the premium you will get a noctice automatically from the insurance co. Same thing as your insurance comapny that insures your car or home. the lien holder is on the insurance policy and will get notified of any changes, automatically. At least that is how we do things in Texas. Not sure how the other countries do it.

You could escrow the payment each month and pay it your self to be sure, A little of a hassle but maybe worthit somet ime.

Mark C Texas is a country don’t you know.

Re: Mobile Home Insurance - Posted by David(Tx)

Posted by David(Tx) on September 04, 2005 at 14:54:09:

Hi. That sounds like a good way and probably the only way to get the taxes and insurance paid. It’s so simple I should have been doing it. Thanks much for the post. David

Re: Mobile Home Insurance - Posted by adam

Posted by adam on September 02, 2005 at 19:21:54:

I know I get robbed out of $923.00 a year for insurance because there is a sterotype about mobile homes as inferior junk to a stick built home. Only if the rich upper class understood. my 2 cents

Re: Mobile Home Insurance - Posted by Gary

Posted by Gary on September 02, 2005 at 17:43:54:

Thanks Mark, that solves that question. I’ve always been fortunate enough to pay cash for things. Thankfully never had to have a lein holder. Now I know how that all works.