Unpermitted Rentals - Trailers

[DavidCA]

California.
I am looking at buying a property with 2 houses (permitted) and 2 trailers on it. All 4 are rented.
All is on 1 electric meter. All is also hooked up to sewer, water.
Will I be able to get coverage that will protect me against loss by renters of the trailers? Or cover loss (ie - fire) of the trailers?
Seems like I might be asking for trouble. What is the worst that can happen?
Thanks!

 

[adjusterjack]

Seems like I might be asking for trouble.

You are. I hope you have a lot of spare cash in the bank because that type of investment can be a financial debacle.

What is the worst that can happen?

Everything bad.

All is on 1 electric meter.

Always a bad idea. You end up with arguments about who pays what part of the electric bill.

Will I be able to get coverage that will protect me against loss by renters of the trailers?

You mean if the renters damage the trailers? Depends. Rented trailers are high risk. You'll pay a lot to insure them. If you can get Fire and Extended Coverage it's likely to be with a high premium and a high deductible and ACV only.

 

[DavidCA]

Thanks, AJ.
All on one meter is OK with me as elect is included in rent.
I'm not concerned about the value of the trailers but want to be covered for liability related to the tenants, guests etc.
A friend of mine had a fire at a rental property caused by a drunken / stoned night. 4 people passed out. 2 people died. Trying to get into a bedroom from outside they broke a window by throwing a propane tank through it.......I want to be covered for that type of disaster.
I was told a 'personal umbrella policy' would cover this. Agreed?
I appreciate your expertise.

 

[fed up]

What year were the trailers built?

 

[DavidCA]

They have been there 30+ years. I am thinking the 80s