The Manufactured Housing Forums

I am refinancing my manufactured home to get a good bit of cash out to pay off other debt. The market value of the home is very good - roughly $160K. However, the problem I have is finding an insurance company to cover the full amount of the loan (i need $135K worth of coverage) which the mortgage company needs to close.

The home is on a permanent foundation (footers, slab, block, etc.) and is taxed as real estate. I guess I need someone who will underwrite the policy as homeowners insurance and not manufactured/mobile home insurance. Everyone keeps tell me they can't go that high because the home still has a "book value" which is what they equate to the "replacement" value. Unforunately or fortunately, depending on how you look at it, I am having a hard time finding an insurance company to cover closer to the "market value" of the home.

Does anyone have any suggestions or companies that will do this sort of thing? I really would like to be able to use the equity in home. Need to do find insurance quick in order to close on the refinance.

Thanks,
Eric

To add to this post:

I own the .53 acres the home is situated on. It also has a 2 store detached garage on the property. Not sure if that helps to add more value to the insurance coverage or not.

Thanks for your help in advance,
Eric