Comments on: Do I HAVE to have homeowners insurance?

By: Mac P

Mac P — Tue, 10 Nov 2009 13:02:08 +0000

yes you do because i did some reserch not long ago for my self thanks for asking

By: Si'gwetsi'

Si'gwetsi' — Tue, 10 Nov 2009 13:02:08 +0000

it’s best to have insurance in case something did happen.

By: tom4bucs

tom4bucs — Tue, 10 Nov 2009 13:02:08 +0000

should somebody fall on your property – it should protect you from being sued and losing your home

had a gentleman canceled his insurance – on his $5 million estate
because the $15,000/yr was too much

he left his toaster on in the cupboard – - and half the house burned down

$15k vs $3 million – - -hmmmmmmmm

all the best

(don’t be pennywise and pound foolish)

By: jenius

jenius — Tue, 10 Nov 2009 13:02:08 +0000

Since you won’t have a loan you may need not to but it seems wise to protect your investment.

By: OBAMA/BIDEN 2008

OBAMA/BIDEN 2008 — Tue, 10 Nov 2009 13:02:08 +0000

You’re taking a huge risk if you don’t. Since it’s not financed, I don’t believe you do. But if a natural disaster were to happen, you will lose everything.

By: ~Angel~

~Angel~ — Tue, 10 Nov 2009 13:02:08 +0000

I would suggest having home owners insurance weather or not your home is paid in full. why invest that much money into a place to possibly loose it? Homeowners insurance helps you with a lot of things not just fires and its relativley inexpensive. i only pay $500 a year.

By: Tina

Tina — Tue, 10 Nov 2009 13:02:08 +0000

It may be required by the trailer park that it is located in. I would check with them, I assume you will be paying something to have the home "parked" there.

Also it is always a good idea to have insurance. Shop around for the best price and get a high deductible so the premiums will be less.

By: Brian A

Brian A — Tue, 10 Nov 2009 13:02:08 +0000

For the amount of money a home costs it would be incredibly foolish not to have insurance. With a $1000 deductible my insurance costs about $500 a year for my $250K house including the contents. Of course, if your home is two blocks from the beach in Florida you will pay a lot more.

By: mbrcatz

mbrcatz — Tue, 10 Nov 2009 13:02:08 +0000

Your mother in law is wrong. Unless the trailer park requires you to carry the insurance (and they might), there isn’t any law out there that makes you carry homeowners.

It’s stupid not to, but you don’t have to.

The biggest risk isn’t the burning down – the most you can lose is the house and all your contents. The BIGGEST risk is the liability, if someone gets hurt, because there’s no "top value" depending on what happens – if the mailman slips on the step because you didn’t shovel or salt it, and breaks his leg, he can sue you for all the medical bills ($100,000 for a bad break or more) and lost wages for the rest of his life, plus suffering. Then HE will own your mobile home – and get a garnishment on your wages until, well, forever.

There isn’t any "average" price on insurance. It depends on how much coverage you have, where you are, which coverages you have, and in your case, how old the trailer home is.

But trailers are depreciating assets – I’d think very hard, before sinking a ton of money into something that will be worthless when it’s 25 years old.

By: Aracely G

Aracely G — Tue, 10 Nov 2009 13:02:08 +0000

Home insurance is actually very flexible. I don’t understand all the fine print of my policy, but my home insurance agent is always helpful. Try visting your agent or a homeowners agent in your town. http://www.easyhomeinsuranceguide.com They will be able to assist you.