Mobile Home Insurance 101

[@alanroberts7916]

No one would insure my 10,000 mobile home. But if I can fix my fire damaged mobile home I must have it.

[@MobileHomeFormula]

Thanks for watching and commenting, Alan. I regret to hear that you could not find an insurer for your mobile home. There are definitely are some mobile homes that do not fit most insurance carriers for one reason or another. Also, I regret to hear about the fire damage. I hope you are safe and no one got hurt. I do hope that you are able to get this repaired and own it for many years to come. Moving forward if you have any follow-up questions never hesitate to keep in touch and reach out any time.

[@tomblain2529]

Great instructional video but very difficult to hear. Please make adjustments for your next one before releasing it. Thanks

[@MobileHomeFormula]

Thanks for reaching out and glad the video was helpful. Thanks for the advice with regards to turning the sound up for folks. Moving forward if you have any mobile home related questions never hesitate to reach out any time.

[@cbell3408]

Hey John you can tell your passionate about helping us understand... I really appreciate the way you teach and how you give your audience the option to jump ahead. Thanks for sharing your knowledge and wisdom.

[@augustaporter3735]

I have had insurance on my Mobilehome for 8 years a new person here more insurance than me,same company and half the rate! I have a call in to find out why?

[@MobileHomeFormula]

Hi Augusta. Thank you for reaching out and connecting. Please let us know what you find out after you make that phone call to the insurance company. That sounds ridiculous if you are paying double the amount. They are punishing their own customers with these rates. Let us know what you find out. Any mobile home questions moving forward never hesitate to reach out anytime. Keep in touch.

[@isaachuerta]

John need help on home insurance companies in California.

[@OriginalGravity1776]

Erich's story made my day. Obviously most of us have never been in the manager's or neighbor's shoes exactly, but we've all dealt with a situation where something bad happens and no one is directly at fault but the person who is ultimately responsible takes the "it's not my fault, I'm the victim" position. Good on Erich for doing the right thing and being able to see this from everyone else's perspective.

[@dennyshepherd7571]

Marians cell

[@MobileHomeFormula]

Thank you for reaching out and connecting. I'm not exactly sure what your comment means however if you have any mobile home specific questions please never hesitate to comment back any time. All the best.

[@scorpion777silvermoon3]

Hi. Thank you for this AWESOME info. I was wondering if I buy a brand new 2019 Mobile home do I purchase it from the actual dealership ? Or do I have to go get my own like when I buy a car? Because I think they are including the insurance in the price of my loan? Also can I negotiate a lower rate on a brand new mobile home. Because I don't ever see prices on them they always tell you price also they don't even let you look without pulling your credit. How do I find a good insurance company for Mobile homes? Also would it be bad to just let the company pick the mobile home insurance because I have never bought a mobile home and I really am unsure of what to do. Yes I think the mobile home company is going to add the insurance into my monthly payment. But i have no idea. I see you touched on this question.

[@MobileHomeFormula]

Hi Scorpion777Silvermoon, Thank you for reaching out and connecting. I apologize about the delay in this comment reply. I will do my best at answering your questions. You may purchase a mobile home from a dealership, directly from the manufacturer, a sales lot, a repo lot, a mobile home park, or a private seller. The insurance may be included in the monthly price of the home however this is typically a yearly fee from a third-party company. There may be a private mortgage insurance charge however this has to do with the actual loan itself and not insurance on the physical mobile home. You absolutely can negotiate the rate if you wish to. With regards to finding a good insurance company I would say call around to at least three different insurance brokers that are experienced with mobile homes. Yes, I would definitely say to not let the mobile home company pick the insurance company, this is something that you should do. I hope all this helps. Moving forward if you have any follow-up questions never hesitate to reach out to me directly at [e-mail]. All the best. Talk soon, John

[@mandoanne9466]

Hi, John, I have some additional insurance information from when I worked at a mortgage servicing company 30 years ago for 10 years. 😮 Force-placed insurance is usually more than double the premiums of normal insurance that anyone can shop for. For example, a $3xx annual premium might cost $8xx through PHW (Proctor Homer Warren, the forced-placed insurance co. we used). This is due to the urgency and also bypasses the application process. Insurance is placed immediately on an expired policy to protect the lender. Usually 30-45 days advance notice is given to the homeowner (mortgagor). Also, when a claim is filed, say, for a fire, the insurance co. makes the draft (not check) payable to both the mortgagee and the mortgagor, as you said. A draft can only be deposited whereas a check can be cashed. Before the mortgagee will endorse the draft, they need an affidavit certifying that the mortgagor is satisfied with the repair work, and that there are no liens on the property as a result of the claim. I’m trying to remember from 30 years ago but I believe this is accurate. I really enjoy your videos, your professionalism, your sense of humor, your empathy, and your good listening skills (on other videos when you interview MH investors). I want to enroll in your program but I want to know if there are any other MH investors in Alamogordo, NM which is where I live. Thank you! 🙏 P.S. There are other unanswered Q’s on here. 😊

[@MobileHomeFormula]

Hi MandoAnne, Thank you so much for reaching out and connecting. Additionally, thank you for your very detailed comment. You are a wealth of information in the insurance and mortgage space. Please keep following along and comment as you see fit. We appreciated. I'm not working with anyone in your area. There are likely local investors however you may want to contact the local real estate investors club or reach out on Craigslist or Facebook to see if there are any investors locally. However if there is no one investing locally and that would definitely mean there is likely a need for an ethical investor helping local parks and sellers and buyers in the area. Keep in touch moving forward. If you have any follow-up questions never hesitate to reach out any time. All the best. Talk soon, John

[@badchunky1]

Great Video! - Quick question: If i'm buying my mobile home from private seller do we both need to be named on the insurance policy and why not just me?

[@tamikoanderson3656]

Great video and info. Thank you

[@lewisanderson4651]

Thanks John, This is great info!!!

[@saltystone103]

Our DW is paid for and has been for many years. Do you have any suggestions for us?

[@joabalvarado382]

John fedro i wish i coud have found you earlier!!!! Thanks for your advice

[@WreckINCrewAce]

I love your videos, John! Im in the process of being licensed by the state to do mobile home investing.Are there any insurance companies you would recommend for general liability insurance?

[@kipj9900]

Do you offer a course? If so, how do l sign up?

[@scorpion777silvermoon3]

What brand of house was that? What year? (Make/model) just curious. Well Dan you should be glad you're okay. OMG that's terrible. OHHHH I thought you were in the house. You were not home so that's why he called and didn't go knock on door. That's ironic that only your house was messed up.

[@isale2030]

Hey John I've been watching your KZbin channel for the last 6 years. Just wanted to reach out and say thanks for all the great content I learned so much from your Channel. Thank you. I have a question I was hoping you could answer for me. When you're selling a mobile home to a tenant buyer on payments inside of a mobile home park. Do you give the tenant buyer the title upfront or after the home is paid in full?

[@MobileHomeFormula]

Hi isale2030, Thank you so much for reaching out and connecting. I apologize about the lengthy delay in this comment reply. Moving forward please never hesitate to email me directly at [e-mail] for much quicker reply. With regards to your question, the answer is definitely it depends. In some situations we transfer the title day one and the seller is paying on a small note and in other situations we may sell with a lease option, rent credit, land contract, or other type of situation where we do not transfer title until the very end of the agreement. These are done in various situations. This is a bit of a vague answer however I do hope that it helps some. Moving forward if you have any follow-up questions or concerns never hesitate to reach out any time. All the best. Keep in touch. Talk soon, John