What type of insurance should an owner carry on a financed mobile home that is being leased to buy from them?

Answer

You would carry insurance on the structure (ie: fire, lightning, wind and hail) as well as liability coverage for anyone hurt on the property. The contents of the buyer who occupies the home would be covered under their own policy. You want to be sure that you will be able to meet your financial obligations to the finance company in the event the home is destroyed and the buyers are no longer making that payment for you.

In the greater state of Illinois, we have something here called Mobile Home Insurance, which is specifically designed for mobile homes and pretty much know the ins and outs of them, Currently I pay just under 400 a yr for mobile home insurance which covers 20,000 property(structure) and another 20,000 for personal property, such as clothes, computers and whatever else may be lost in a fire/tornado etc.

First answer by Veeper. Last edit by GRCoon. Contributor trust: 1 [recommend contributor]. Question popularity: 14 [recommend question]