New Homeowner Insurance Policy---QUESTIONS!?

Question

my husband and I have found an "older" mobile home, and have been preparing to buy it. We got all the way to the insurance and found that the first yr. has to be paid in full as the "downpayment" -----is there any way to make these into monthly payments????

*any help appreciated**

Answer 1

It might be your mortgage company that wants to escrow your insurance.  They want to make sure the property they are lending you the money is covered.  They think if you buy it on your own you wont insure it.  You can request to have the escrow taken out after paying for a period of time like a year or so.  Then you start paying it.

Answer 2

aalot of ins companies will not cover older mobile home esp if they have metal or alum. siding because of hail damage formost will write up an older mobile home and also call your local metlife auto and home agent ask him to go thru the general agency and they can hook you up with foremost and therir is another one i write older mobile homes with but i cant remember right off what company it was and they will take monthly payments

Answer 3

It depends on the company. They can request any payment arrangement they see fit. If you want a monthly plan, try another insurer. They are probably requesting it based upon a risk score assigned to your case.

Answer 4

It looks like the insurance company you picked doesn't offer monthly pay plans. Either pay it in full or find another company.

Answer 5

It sounds like the company you have the insurance with REQUIRES it to be paid in full.  As a insurance broker i know that there are companies out there that offer pay plans.  Have you shopped around first?  Check out a few companies before you make a decision.  If you are already with the company then it's time to shop around.

Answer 6

If the owner is financing this, and there is no escrow for insurance or taxes, then you should NOT be required to pay in full.

But if there is an escrow account for taxes and insurance, you will.   The lender in this case, is the owner - so THEY are the people who make the rules - and can bend them.

BTW, mobile homes depreciate to zero value in about 25 years, so it will be almost impossible to get insurance on it, once it gets that old.  I'd STRONGLY recommend against buying a depreciating asset like that.  It will NEVER go up in value - only down.

Answer 7

The mortgage company requires it to be paid in full... they don't trust borrowers to pay it themselves.  Say you forgot to pay your monthly premium and your house burned down... they'd have no payment on their loss.

A mobile home's insurance should be below $300, unless there was a previous claim on the property so it shouldn't be too much money to bring to closing.

Answer 8

It sounds like the insurance company or the insurance agent think that you are a risk for non-payment.  

A significant number of first time insured's lapse their policies due to non-payment.  This is time consuming and expensive for insurers.

You should shop around some more ... but you are probably limited by the type of property you are buying.  Especially if you do not have insurance presently (ie renters)