My trailer is squashed - Posted by Dave_in_IN

import · July 9, 2002, 9:18pm

Posted by Tony-VA on July 18, 2002 at 06:42:24:

You need to shop around. Those prices are far too high. Remember, your Buyer is the one who will be paying for the insurance as a condition of the promissory note.

Try Foremost. They specialize in mobile homes and most agents simply broker the insurance through them. On the east coast that $7k mobile home would run you about $120 or less per YEAR.

It’s like anything, you will need to shop around to find someone who can get you a good price. Your personal agent may not be familiar with mobile homes or the company may not care to insure them. Foremost and some others fill that void nation wide.

Your holding period will not likely be very long and you may find and agent that can set up a business insurance or inventory type insurance that makes this more feasible when dealing with many homes.

Insurance is not something to dwell on in this deals but it is worth having (as the original post exampled).

Tony-VA

import · July 9, 2002, 9:18pm

My trailer is squashed - Posted by Dave_in_IN

Posted by Dave_in_IN on July 09, 2002 at 21:18:34:

I had just closed on a 3BR 2BA mobile home over the weekend. A thunderstorm passed through tonight and a tree fell on the home. Big hole in middle of unit and bent frame in rear. Looks like a goner to me. of course I am self-insured! (am I an idiot here?) So I’m out at least the purchase cost and I’d like to keep it as close to that as possible. I have a couple of questions for the group.

Is there any implied liability by the MHP on the maintenance of trees in their lots? Falling limbs have hit this unit at least twice before. Keep in mind I want to maintain a working relationship with this park but any leverage to help me reduce costs may be worth using.
How do I go about finding someone to pull the unit off the lot and haul to a salvage yard for little $$$ (free)?

Any advice you can give is welcome. Email directly if you like.

Dave

import · July 10, 2002, 11:15am

Re: My trailer is squashed - Posted by brad

Posted by brad on July 10, 2002 at 11:15:31:

you said that you purchased the home over the weekend. have you finalized the paperwork yet. is it in your name? did the guy (or gal) that you bought it from have insurance? it may still be covered. my personal policy covers for 30 days after a sale unless i cancel it before then. which i do. go and talk to the park they may have a freebee that they will give you if they feel sorry for you.

import · July 10, 2002, 8:54am

Self Insuring Poorly Advised Again - Posted by Tony-VA

Posted by Tony-VA on July 10, 2002 at 08:54:34:

Unfortunately your Asset has now become a liability. You are responsible for the removal and disposal of this home AND any lot rent you incur in the meantime.

I have argued this here before. Our Self insuring proponent may make it sound reasonable because it appears that you only have a few grand at risk.

Then someone is injured in your home while it is in your name or a tree crushes your investment. What now? Will that $100 bucks saved annually help much?

Maybe others who have actually accomplished a stated 400 plus transaction feel that they can incur the loss but new investors are poorly advised to take this risk as they may not be in the same position. For a couple of bucks a month you would not be facing the outlay of cash you now are. Thankfully no one was hurt. I am not a “glass is half empty” kind of guy but small deposits as a business expense that protect my investments and assets is just common sense in my humble opinion.

What would have happened if you had someone inside that home looking at it when that tree landed? For anyone thinking such things as injuries or deaths do not occur in these homes, think again. Stick around long enough and it will happen to you or someone you know.

Dave, I am not trying to kick while your already down. On the contrary, I thank you for bringing this experience to this site. I think we can all learn from it and for that I am thankful.

As for removing the home. Chances are it may not be in a condition to tow but even if it is, I suggest you contact a local demolishon (sp?) company. Chances are they can remove it for less than you can tow and dump it. In my area it would run about a grand for this to be accomplished by the demo crew. Towing and disposal can run much more but you area may be different.

As for park liability, I am not an attorney, nor do I play one on the internet, but it is my lay understanding that this would be considered an act of God and not subject the park necessarily to liability but your state and situation may differ.

Best Wishes in overcoming this mess and thanks again,

Tony-VA

import · July 18, 2002, 1:19am

Re: Self Insuring Poorly Advised Again - Posted by R Black

Posted by R Black on July 18, 2002 at 01:19:04:

Man! A few bucks a month? Here in Texas, the insurance rate quoted to us for a $7,000 Mobile-$875.00 per year!
Perhaps we could get liability for less, but otherwise, I dunno.