Need Advice On MH Insurance


#1

Friends -

I’ve been getting the run-around for weeks from insurance agents regarding getting my homes insured. The ‘quirk’ in my situation seems to be that I own my homes in an LLC and I want to establish my LLC’s credit (and am a bit of a privacy freak) and do not want to provide my SSN and DoB. I want my corporation to stand on it’s own and for the insurance companies to recognize it just as they would IBM, Cisco, or any other corporation. (I can’t imagine an insurance broker asking for an IBM employee’s SSN and DoB for IBM’s corporate insurance needs…).

Am I way off base here? Has anyone been able to get insurance without divulging your personal information?

Many thanks

-Jefferson-


#2

I would want to be named as an additional insured on these policies, especially liability policies so if they need to get my info, no big deal.

When building a business or new corp, new llc we often have to break the standard rules the guru’s profess because we are building a business. For example, banks have never questioned financing a mobile home park in my company name but quite often they will require the land/home properties to be in our individual name.

While I do not like having the property in my name let’s put things into perspective here.

Corporate entities are meant to help us protect assets. If we cannot buy the property the way we need, then what the heck are we protecting? At some point we need to make money and do the best we can to protect ourselves.

If this means that I have to buy a property in my name or use my credit to help get my corporations established and get the rates I need to make money then so be it.

I just do what I have to do even when that means that sometimes I don’t like it.

Chances are by listing your info as well as your corps you will be building credit and standing for your small business. We are not Cisco or IBM established yet.

Tony


#3

Jefferson,

I’ve never had a problem with LLC insurance but I know others have. You can try these ideas if you have not already:

  1. Have your buyers get the insurance and name you as the bank if you are doing lonnie deals. If they own the home you have no liability (regarding their home) but be sure you have a good park policy.

  2. If you have to insure for your tenants then use your LLC FEIN # first. If this does not work then use your SS# and add your LLC as additional insured.

  3. Keep shopping for a agent who understands. You may want to talk with Jay Zandman @ Manning and Nozick. His contact info is on the Resources page. He is always looking for business, handles one of my parks for me in FL, and is knowledgeable on who may be able to help you even if he can not help you.

I also agree with Tony that sometimes you need to do what you need to do. A dog wags its tail, not the other way around. Think of your business as the dog and legal, accounting, insurance, whatever as the tail. Don’t let the tail wag the dog!

Karl