Is this a good insurance quote? - Posted by Nate-WI

Posted by Sailor on November 30, 2005 at 19:25:01:

Try Farm Bureau–several of us have gotten good prices from them, + I like having a local agent.

Tye

Is this a good insurance quote? - Posted by Nate-WI

Posted by Nate-WI on November 30, 2005 at 15:19:16:

Hey guys,

I called Foremost Insurance to see what they had to offer for coverage. I wanted comprehensive insurance on one of my mobiles and she told me this. For 800 bucks a year they could cover me with comprehensive insurance…up to 100K worth of mobile homes. So that means I could have 10 homes for sale and they would all be covered as long as their total value was under or at 100K. Anyone want to weigh in on this and tell me if this is good…bad…who you use, etc. Thanks much,

Nate-WI

Re: Is this a good insurance quote? - Posted by Karl (Oh)

Posted by Karl (Oh) on December 01, 2005 at 07:36:40:

Nate,

One question on your quote. Will your agent require you to provide a list of your inventory, and update it as homes are bought and sold? Or are you covered for any and all homes up to the ceiling?

For years I’ve had a “landlord” policy with Foremost, where I had to send my agent regular updates on exactly what homes needed covered. Its a big pain, and my agent never has the list correct. And its expensive. About $200 per home per year, and I always have 10-12 homes for sale. I’m only covering the homes for slip and fall liability, no value.

Can someone recommend a company who will affordably insure a lot of inventory sitting in parks? I’ve been asking different companies and agents for years, no one can find a good product for me. So I just keep paying Foremost.

Karl Kleiner

Re: Is this a good insurance quote? - Posted by Todd (AZ)

Posted by Todd (AZ) on November 30, 2005 at 15:33:54:

Nate, you fail to mention how many homes you have! If only 1 or 2, why pay for what you don’t have? If closer to 10, then it’s probably a good deal. If none, why are you even worrying about this instead of working on your next/first deal? Insurance on typical Lonnie’s in my area go for approx. $200 a year each. After you know what insurance on ONE goes for in your area, then you can evaluate just how good a deal it may or not be. Just my 2 cents worth. Good luck, Todd

Re: Is this a good insurance quote? - Posted by Ryan (NC)

Posted by Ryan (NC) on December 01, 2005 at 20:06:31:

Karl,

We are using Farm Bureau and they are extremely reasonable, our umbrella slip and fall policy is around 400 which includes the membership fee and our home owners policy (can’t remember the exact break down) and it cost around 50/yr per unit for fire & damage coverage up to 12k on our tenant occupied and vacant units. The only down falls I’ve found are that you must have your personal residence insured with them to get any coverage with them and they do require that you list of your inventory. On the up side you have basically one person that handles your account, they are cheap compared to Foremost, and they have proved that they will pay even on vacant units via a bad experience from another investor in my area.

Best Wishes,
Ryan Needler

Re: Is this a good insurance quote? - Posted by JohnP

Posted by JohnP on December 01, 2005 at 06:43:50:

Todd, Boy that is cheap insurance. In south Florida MH insurance ranges from $500 per year for an old singlewide to $1,000 a year for anything in the late eighties to early nineties.

Johnp

Re: Is this a good insurance quote? - Posted by Nate-WI

Posted by Nate-WI on November 30, 2005 at 15:51:47:

Thanks Todd. I only have 2 homes for sale right now. I don’t ever see myself with 10 homes for sale at once. That’s why I thought it was a little expensive but I’m new to the MH insurance world so I wasn’t sure. I’ve heard that 20 bucks a month is attainable on one home. That’s if its owner occupied which of course mine aren’t until I sell them.

Nate-WI

Farm Bureau a bust - Posted by Karl (Oh)

Posted by Karl (Oh) on December 02, 2005 at 06:56:33:

Ryan,

I called my Ohio Farm Bureau, they won’t do it. I asked the agent “do I have the right Farm Bureau, is there another Farm Bureau I can call?”. Nope, right office, but wrong answer. Apparantly the underwriting guidelines are state by state.

Thanks for the tip, though.

Karl Kleiner