How much do you pay for insurance on your manufactured home?

Question

Looking to buy a Double wide in Polk County, FL. This is the home I'm looking to buy:

http://century21.com/property/index.jsp?id=34627455

I'm looking for an estimate on what you typically pay for insurance before I decide if I should buy this kind of home....

Answer 1

OK, a double wide is NOT a manufactured home.    It's a TRAILER.  

You can ask the current owner how much they pay, and who it's insured with.  There are basically TWO Companies that write trailer insurance in FL, and once the trailer is 25, NO ONE will write insurance on it.  That's because a trailer DEPRECIATES to NO VALUE, by the time it's 25.  So.  It's 10 now.  If you can't pay it off in 15 years, you're in trouble.

Personally, I'd never pay $40,000 for a trailer that will be worth nothing in 15 years, because as you noticed, you're not buying the land it sits on - so figure another $400 a month for land rent.  BAD DEAL.  

A 10 year old trailer, NOT in florida, is probably going to run around $700 a year for insurance.  In Florida, with wind and flood, you'd be darned lucky to get it for $2,000.   But likely, you're going to have a very, very hard time getting insurance on it at all.

My recommendation?  Pass.  Don't ever borrow that kind of money, for a deprecating asset.  And if you HAVE cash, buy the land first.

Answer 2

I pay $800 for a 2005 double wide Marlette, it is a rental property so I think it is more than if owner occupied

Answer 3

You could try to use google it first,here has some direct information which I think is might be helpful.http://home-insurance.featured-resources...

Answer 4

you could end up paying anywhere from 650-1500 a year over in polk county.  Call 813-655-0910 for a free quote.

Answer 5

I used to pay right under $800.00 a year for insurance on my manufactured home.  That was about 5 years ago in Louisiana if that helps.