insurance policy on older manufactured home (Clearwater, North Port: for sale, to rent, HOA) - Sarasota - Bradenton - Venice area - Florida (FL) -Manatee and Sarasota Counties - City-Data Forum

lifetimeliguy · 12-14-2010, 07:16 PM

Looking for help/suggestions finding an insurance company that will cover mobile home built in 1984 (we are new owners and own the land as well, which is not always the case). I've spoken to many agencies that are reluctant to insure because "it's a pre-1990s home", or will only insure to "mobile home stated value" because of its age.
We plan to rent the home for winter months until we are old enough to move down and enjoy it ... thanks in advance ...

davery5872 · 12-15-2010, 08:29 AM

Quote:

Originally Posted by lifetimeliguy

Looking for help/suggestions finding an insurance company that will cover mobile home built in 1984 (we are new owners and own the land as well, which is not always the case). I've spoken to many agencies that are reluctant to insure because "it's a pre-1990s home", or will only insure to "mobile home stated value" because of its age.
We plan to rent the home for winter months until we are old enough to move down and enjoy it ... thanks in advance ...

We had a 1969 MH in Clearwater for years. We had it insured with Citizen's, although the agent was able to reduce the premium from $1100 down to $450. I can not remember what we did to lower the rate. What is the issue with insuring it for the stated value? Will you be spending any time in the MH? I have found that a MH takes constant upkeep. Of course ours did not have a roof over or upgraded windows, so it really was not weather tight. Also, do not forget about the termites and carpenter ants. We dealt with both. I think with a MH you have to really keep an eye out for things.

lifetimeliguy · 12-15-2010, 04:36 PM

Quote:

Originally Posted by davery5872

We had a 1969 MH in Clearwater for years. We had it insured with Citizen's, although the agent was able to reduce the premium from $1100 down to $450. I can not remember what we did to lower the rate. What is the issue with insuring it for the stated value? Will you be spending any time in the MH? I have found that a MH takes constant upkeep. Of course ours did not have a roof over or upgraded windows, so it really was not weather tight. Also, do not forget about the termites and carpenter ants. We dealt with both. I think with a MH you have to really keep an eye out for things.

we rent it out during the winter, visit a few times during the year, and have a neighbor walk through every few weeks. The stated value is only a fraction of the appraised value .. I would like the policy increased for that reason.

grandmallie · 12-16-2010, 03:29 AM

lifelimeliguy,
we also own a MH in a park were we own the land, my DH takes care of the insurance but I can get the info for you. he is anal when it comes to things so we also have flood insurance on it, so its a bit more, ours is a 1985 MH. We havent rented ours out yet,it would be a big help, but my husband has about 5 weeks vacation, so he goes down every couple of months.He also turns the water off everytime he leaves. if you have any questions DM me, we are in La Casa in North Port and love it neither of us are old enough to retire yet either.

faithfulFrank · 12-16-2010, 05:20 AM

One option to perhaps consider is if you own it free and clear, not to insure it.
Think about it. IF the value of the structure is low, it may cost you much more to insure it...if you can afford not to, you may be better ahead.

A friend of mine does this. He has enough money that if he ever lost the place from calamity, or Mayhem, (like the allstate commercial

) it would not ruin him. of course, he has liability insurance in case anyone gets hurt, etc.....but he says he only paid like 30k for the place and he was not going to pay thousands to insure that low amount. He has so far saved money. If he lost the whole thing, he would not be ruined.

Frank

davery5872 · 12-16-2010, 06:55 AM

Quote:

Originally Posted by faithfulFrank

One option to perhaps consider is if you own it free and clear, not to insure it.
Think about it. IF the value of the structure is low, it may cost you much more to insure it...if you can afford not to, you may be better ahead.

A friend of mine does this. He has enough money that if he ever lost the place from calamity, or Mayhem, (like the allstate commercial

) it would not ruin him. of course, he has liability insurance in case anyone gets hurt, etc.....but he says he only paid like 30k for the place and he was not going to pay thousands to insure that low amount. He has so far saved money. If he lost the whole thing, he would not be ruined.

Frank

Along that same line, you can only insure the contents. Such as a renter's policy.

d4g4m · 12-17-2010, 05:45 PM

One of the reasons for insurance companies not writing a policy or charging high rates for a mobile home of the 70's-80's is that there were no 'tie down' regulations. They were actually treated as a 'mobile home' as opposed to today being a manufactured home with 130 mph wind standards.
Many owners of older homes have had their home 'tied down' to current code but it's expensive. You'd have to do a cost/effect study to determine what amount of money you would save per year of insurance to how long you expect to keep the home for pay back. [you will not get the money back at resale]

lifetimeliguy · 12-17-2010, 08:59 PM

Quote:

Originally Posted by d4g4m

One of the reasons for insurance companies not writing a policy or charging high rates for a mobile home of the 70's-80's is that there were no 'tie down' regulations. They were actually treated as a 'mobile home' as opposed to today being a manufactured home with 130 mph wind standards.
Many owners of older homes have had their home 'tied down' to current code but it's expensive. You'd have to do a cost/effect study to determine what amount of money you would save per year of insurance to how long you expect to keep the home for pay back. [you will not get the money back at resale]

d4g4m,
The MH is tied down to current Florida Statutes. Thank you for mentioning this ...

Bill from NH · 02-05-2014, 04:42 PM

We are a couple in NH who are thinking about buying into a mobile park. We are retired and would appreciate it if someone could write what things we should be aware of ie., should we only look at Mobile's build after 1990? What kind of insurances are necessary? Any input would be appreciated! Thanks!

Restrain · 02-11-2014, 08:33 AM

We have looked at these, as we are getting ready to retire down there. Watch for Pet Policies if you have a dog or cat. If you buy a unit where you actually own the land, these will be in the $40,000 range and up, as much as $150,000 asking price, but your HOA will be nominal. In a lot of the developments, you just buy the unit and pay $600 per month or so for lot rent, including facilities. No site fencing, high restrictions, etc. On Craigslist, people are actually saying they will give you one, just get it off our hands (hard to sell). Look for replaced roofs, recent AC systems, replacement windows, updates. You do not want a single-wide, always get a double-wide. The later models are more energy efficient, better building codes.

As to insurance, Citizens is the policy most use. The closer to the beaches, the higher the windstorm charge (duh!).

Since you can usually pay cash, just getting content insurance may be the way to go.

Just be sure to check out the amenities, fees, etc. Mobile Homes For Sale - 27,699 Available to Sell or Rent - 36,896 Communities and Parks is a good place to start. You can check out the various parks, their requirements, homes, etc. Good luck.