mobile home insurance
mobile home insurance
I am ready to buy a mh from a home owner. Insurance by Citizens is paid through April 2009. Can insurance be transferred to me along with the title. If not, when does the insurance expire? At closing, at owner's giving up the keys, or ? Thank you.
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David Oxhandler
- Posts: 1459
- Joined: Tue Oct 02, 2007 8:37 am
Re: mobile home insurance
When you buy a home you must get a new insurance policy in your name. The former owner will, in most cases, get a refund for the portion of the year left after he sells the home. If you dont purchase your own policy and depend on the former owners policy you really have no insurance. The home owners name that is on the policy is insured. But if there is a disaster they have no obligation to cover you.
It is a good idea to research and line up coverage prior to signing a purchase agreement so that you are sure you can get insurance and understand what it is going to cost. This will be a yearly cost that you will need to consider in your budget as long as you onw that home. No one likes paying for insurance.. but a home, for most people, is the most significant investment of their life... so the money you might save would not be worth the risk of a total or even partial loss.
Call who ever the seller purchased the insurance from and get a price then call three or four other insurance agents and get competitive prices. Be sure you get a written list from each agent showing what their price covers.
You can get a good initiation into How to purchase MH owner's insurance and what to look for in our archive of MH insurance articles.
For those who are not familiar with Florida ....... Citizens Insurance was formed after the 2004 and 2005 back to back to back endless hurricanes. Many residential insurance providers stopped writing in Florida. This brough on state wide crisis when a high percentage of Floridians could not find any insurance for their homes. The state responded by forming Citizens and offering reasonable insurance prices on homes across Florida. Since then new companies have emerged and insurance is not as difficult.
It is a good idea to research and line up coverage prior to signing a purchase agreement so that you are sure you can get insurance and understand what it is going to cost. This will be a yearly cost that you will need to consider in your budget as long as you onw that home. No one likes paying for insurance.. but a home, for most people, is the most significant investment of their life... so the money you might save would not be worth the risk of a total or even partial loss.
Call who ever the seller purchased the insurance from and get a price then call three or four other insurance agents and get competitive prices. Be sure you get a written list from each agent showing what their price covers.
You can get a good initiation into How to purchase MH owner's insurance and what to look for in our archive of MH insurance articles.
For those who are not familiar with Florida ....... Citizens Insurance was formed after the 2004 and 2005 back to back to back endless hurricanes. Many residential insurance providers stopped writing in Florida. This brough on state wide crisis when a high percentage of Floridians could not find any insurance for their homes. The state responded by forming Citizens and offering reasonable insurance prices on homes across Florida. Since then new companies have emerged and insurance is not as difficult.
David Oxhandler
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