Another new guy question


#1

I am wondering what the MH gurus recommend for insurance on an older (1984) single wide.

I got a fairly reasonable quote (in FL it has to be through Citizens) at $260/year which does not include liability.

However, it was going to be alot more if the title was in the name of my LLC.

My question is does anyone sell their homes (lease option) using insurance in their own name? If so, how do you get insurance for liability for it?

Or, if it is in the LLC, do you get separate liability insurance for the LLC?

Hopefully I haven’t been too confusing :slight_smile:

Geoff


#2

in my LLC’s. I can in my sub S corp. Call liz at South Marion Insurance @ 352.245.1128 she can steer you to an agent (foremost) near you. A 300K liability policy on a 1973 single on land I own is 138 per year. She can also explain an umbrella policy to shelter you outside of individual properties.

After having three mobiles burn down on a single 6 acre parcel I own, I believe in insurance. I don’t like to lease option with insurance in my name…on owner occupied homes, they should secure insurance naming you as additional insured and loss payee. They should send you proof of insurance annually, same as property tax receipt, unless you are escrowing these amounts monthly.

Where in Florida are you???

Good Luck,

Greg Meade

352.216.2020


#3

Greg,

Thanks for your reply. I wil call Liz today to get her ideas about liability insurance. I appreciate your great advice.

I am located on the Space Coast in Brevard county, FL.

Geoff


#4

Greg & Geoff,

Unfortunately, Citizens is the ONLY insurance you can purchse on the Space Coast for mobile homes… Believe me, we have searched high and low over the years! It does not matter what year the home is. Usually, though, they say the home is worth more than you sell it for.

In 2004 we had three homes declared totals by Citizens. We took the money to pay off the loan and handed the rest over to our tenant/buyers. Two of the homes were fixed by them with that money, (although Citizens totalled them) and they are living in them today.

I discussed the fact that we could not purchase liability insurance on the homes but he saw no real problem with that since they were all inside an LLC. Unfortunately, that carries over to other businesses as well, and a really nice home that our IRA trust owns has no liability insurance either, and that home is on owned property. We have made sure that there are no other assets in that trust. There is virtually nothing to sue.