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Mobile Home Insurance

Getting mobile home insurance in Tampa Florida is a little tricky but not impossible.  You must work with the appropriate experienced insurance people, so plan to check around and find someone who is familiar with Mobile Home Insurance.  Mobile Homes can be insured, but on an “Actual Cash Value” basis and not “Replacement Cost” where you get new for old. Citizens Insurance Company will insure mobile homes if they are in an approved mobile home park. American Traditions will insure as well, but it has to be on less than 5 acres.

In short, to get a quote on insurance there needs to be an appraisal of the mobile home to start the process due to the limited amount of info in the tax records.

The premium on an average mobile is between $1500-$2500 a year. For double-wides you are talking $3000 a year plus.

Some insurance companies may require the Replacement Cost Calculator redone every year to account for depreciation.

Single Wide vs. Double Wide Mobile Homes

Tampa Bay Mobile Homes comes in various shapes and size.  Simply put Single Wides are just a single section of the home.  Double wides are two sections bolted together to make the home bigger.  Either home can have a garage, carpet, porch, awnings, sheds, additions or even a “push out” to deliver more square footage.

Singe Wide Mobile Homes

Single wides are the least expensive and also the smaller of the two and they are built in the factory and delivered onsite ready to go.

Double Wide Mobile Homes

Double wides are made up of one of more sections and require a bit more work on site but can be as big as 2000+ square feet.

Which one is right for your family?

Mobile Home Financing

As you probably are aware financing on a mobile home can be tricky here in Florida.  If you can pay cash for your mobile home purchase, we would highly recommend it.  The process of attaining a loan for a mobile home can be lengthy and confusing.  And, in many cases, very expensive.

If a mobile home is older than 30 years it needs to be a cash purchase, otherwise it depends on the age of the property and how much the bank will require as a down payment.

Most Mobile Home Lenders refuse to commit to a fixed rate for longer than 15 years, and in some cases 20 years.  So, most loan lengths will be 5 years to 15 years.  Payments can usually be spread out on a longer schedule, for example with a balloon due at 10 years.  If possible, people could refinance at the end of 10 years or pay off the note.

As you may have guessed, these loans tend to be riskier than other Real Estate Loans, and therefore the fees tend to be higher.  Expect to pay 2% or more in origination fees, and additional closing costs – for a total amount of 4% of the amount you want to borrow.  These are some of the reasons many people just pay cash for a mobile home purchase.

The Difference Between Renting or Owning the Land for a Mobile Home

There are basically two types of Mobile Home parks.  Those that you rent the land and those that you own the land upon which your mobile home sits.  Both types of parks are affordable and are by far one of the cheapest forms of residency there is.  Both types of mobile home parks are considered safe and enjoyable.  Most times whether they are a rental or land owned, these parks offer community amenities such as a pool, clubhouse, or other areas that are shared between the residents.  Also, both types of parks are going to want you to qualify or interview to live there.

Rental Parks

In some area, there are more rental parks than land owned parks and they are cheaper to live in and a great first step at home ownership. In this type of park, you will own the mobile home but pay a monthly rent for the land.  You will want to shop around for a rental that fits your budget because some rental parks can be expensive.   If you tell us what your budget is, we can search for that criteria for you in the MLS.

Land Owned Parks

In a land owned park, you own both the land and the mobile home and will pay an HOA fee which should be less than if you were renting the land.  In these land owned parks, there could be more of a sense of community and pride of ownership.  Residents will usually take more interest in the neighbors as well.  Ownership is either:  Condo or Corporation.

  1. Condo owned means that the lots are divided and assigned a parcel number, they are individually taxed, and the structure may or may not be permanently attached.  Typically the common areas are managed by the Home Owners Association and on-site manager.
  2. Corporation owned means that the residents own a share in a corporation.  This corporation owns the mobile home park and / or the land therein.  The Board of Directors vote and make all decisions pertaining to the park and appoint an on site manager to handle the daily park operations.

Whichever ownership you desire, we can search for that for you in the MLS and send you listings to look at.  Just let us know your criteria, price range and area of interest and we will get some listings out to you by email.

Review communities:  Pinellas County Mobile Homes, Pasco County Mobile Homes, or Hillsborough County Mobile Homes.

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