About insurance

[Lillie]

Hello, I'm a first time buyer and I don't know anything about insurace. Would you please tell me everything that I need to know when I buy my home. I'm still desiding on either Jacobsen Homes or a site built home. I would like a home that would last "almost forever". I'm planning to move to Ocala,Fl. and buying the land separately. Would you guide me step by step?? THANK YOU SO MUCH...Lillie

[Kenneth J. Quist]

If it possible, you may want to finance your manufactured home along with the land in what is called a land-home deal. The rates will be better. When it comes to insurance, if you finance the house seperately, you have the option of paying for your own insurance or financing it in with your loan. Remember, if you finance one year of insurance in with the loan you pay interest on that money for the life of the loan. When that time comes, feel free to call us @ 800-798-2288 if we can help.

If you obtain a regular mortgage, the insurance cannot be financed in with the loan and you have to provide your lender with proof of the first years insurance.

[Maureen]

I am a first time buyer, purchasing a home built in 1974 (an Allen/Bayfront) 24X60 and need to purchase insurance on the home only, as I will not own the lot. I have no idea how much insurance to purchase. The home is appraised at 23,900.00.

[Kenneth J. Quist]

When purchasing a home there are a lot of variables to look at as to the value. Is it in a park? Is the appraised value based on a NADA book appraisal? Be sure you are not overpaying. As for the insurance, many companies such as ourselves write mobilehome insurance on the house only. Once one gets more details on the exact house, you can get a better determination. However, if you are paying the above price, then your lender will require the same amount of coverage.

[john borghero]

we will be purchasing our first mobile home in the near future
we will be relocating to Pa around lancaster/chester county
how do we go about inquiring about insurance for our mobile home.
thank you for your help

[Kenneth J. Quist]

You can check under insurance in the yellow pages and companies will have a listing stating that they write mobilehome insurance. If you do not get satisfaction , we write in PA and you can reach us @800-798-2288. THe one thing to be aware of on a new purchase is the dealer may attempt to include a one year insurance policy on the purchase contract. Oftentimes, customers are not aware that the premium for a one year policy is being paid on the mortgage amount for the life of the contract.