Posted by Dave (WI) on September 05, 2010 at 19:05:44:
Like Ryan said, talk to your agent. My insurance covers everything I need it to if someone is hurt of the place is damaged/ruined. I just want to get my money back out of it and have enough to have the trailer trashed and hauled away if it burns down.
Dave
Liability Insurance for Mobile Homes - Posted by Sean
Posted by Sean on September 02, 2010 at 17:17:44:
Do any of you keep liability insurance for your homes even after they’re sold using the Lonnie method? I ask because I don’t want someone to slip or something and sue me for thousands. Is it enough for the owner of the home to carry the insurance that Lonnie talks about (protection against fire)?
Some ideas for you - Posted by John Merchant
Posted by John Merchant on September 04, 2010 at 17:19:37:
First, find and use a good P&C Agent to handle all yourj P&I insurance as then that agent will know what else you have, any gaps in coverage and see your needs as they arise.
Second, YOU should not be in any way involved as you should buy property in name of an LLC and your name shouldn’t be on any title to anything.
That owning LLC should be an insured on your P&C policies along with you personally and it should pay your premiums.
Re: Liability Insurance for Mobile Homes - Posted by ryanga
Posted by ryanga on September 04, 2010 at 10:52:50:
these are good questions…just sit down with ur insurance agent and tell them what it is that u want to do and accomplish…u will be surprised at how much u can learn and save from them …
Re: Liability Insurance for Mobile Homes - Posted by joe–ga
Posted by joe–ga on September 04, 2010 at 08:09:44:
When you sell a mobile home, you can require as a part
of the sale that they carry a minimum of the purchase
price in insurance on the home.You need to get them to
get their insurance company to send you a CERTIFICATE
of INSURANCE.This way, if they decide to cancel it, or
stop making the payments,the insurance company sends
you a notice it has been cancelled.As a part of the
sales contract, if they cancel the insurance, call the
mortgage due.
Re: Liability Insurance for Mobile Homes - Posted by Dave (WI)
Posted by Dave (WI) on September 02, 2010 at 21:52:36:
Sean,
I don’t keep any insurance on a home after I sell it. My thought is, if you are doing it right, the home is in the purchaser’s name - they are the sole owner - and I’m just a lein holder on the title. I compare it to someone getting hurt in my own home. Would they be able to sue the bank that owns my mortgage? I’ll be interested in hearing other’s comments.
Dave
Re: Liability Insurance for Mobile Homes - Posted by Sean
Posted by Sean on September 02, 2010 at 23:22:57:
That does make sense. Do you carry liability in the interim prior to selling?
Re: Liability Insurance for Mobile Homes - Posted by Dave (WI)
Posted by Dave (WI) on September 03, 2010 at 09:15:54:
Yes, I do. One of the first calls I make after I purchase a property is to my insurance agent to take out coverage. Then don’t forget to cancel the coverage once you sell the place. If you can turn it quick enough you should only end up paying a minimal fee, $50.00 for me if I can sell a unit in a month or two.
Dave
Re: Liability Insurance for Mobile Homes - Posted by Sean
Posted by Sean on September 03, 2010 at 12:04:05:
Do you just carry liability or also carry insurance against things like fires? Or can they be covered under the same policy?