Posted by ECB (in PA_ on January 20, 2005 at 19:55:14:
Thanks for the info. You know, I’m not sure exactly what insurance I have. I know this: it costs $280 a year.
E
Insurance & Title Issues - Posted by ECB (in PA)
Posted by ECB (in PA) on January 20, 2005 at 10:07:23:
I have a mobile in a park for sale. In PA I need to do the agreement for title where I am lein holder and the buyer is “owner” on the title.
I have insurance on the mobile because the park demands it. I am on the title as owner and the insurance policy is in my name.
The notary/tag guy has informed me that I can’t change the title into my business without first having the insurance in the business entity. Now Foremost Insurance tells me they don’t insurance individual mobiles in businesses. They right policies for individuals who will be owners within the home.
Any suggestions on how to proceed? Eventually I want my business entity to be lein holder on the title. The new owner will need to get there own insurance anyway. Does this mean that nothing gets changed until it’s sold?
Onward & Upward,
E
Re: Insurance & Title Issues - Posted by jeff in oh
Posted by jeff in oh on January 20, 2005 at 15:35:05:
Are we talking Liability Insurance? Or we talk Replacement cost insurance? Make sure you understand the type of coverage needed by the park. I used to buy M/H in my name and I would just get liability insurance on them. I would call up my agent and tell them to add it to my home owner?s policy. It cost me less than ten dollars a month on an 8k M/H. When I started my business entity I bought business insurance that covers many things including any property that I am fixing up. It basically covers liability (insurance) if I own the property. If I don’t own the M/H my insurance covers me if I cause a fire, damage something or get sued for fixing something wrong. When I buy a M/H in my business entity name. I don’t have to call my insurance agent to be covered. I am automatically covered for liability.