The old song declared, "I've got three wheels on my wagon, but I'm still rollin' along."
For most of us, having only three wheels on our fifth wheel or travel trailer "wagon" would apt to be a disaster. Sometimes it happens: Neglected axle bearings can lead to getaway wheels, and the results aren't pretty.
Wheel bearing neglect ranks right up there with failure to regularly inspect tire pressure. Both can have disastrous consequences, the kind that can make your RV trip memorable--but not in glowing "Kodak" memories.
The consensus among RV service techs is that trailer wheel bearings should be inspected and repacked every year. It's not a "rocket science" job, but it does require jacking up the trailer, removing parts, and getting a bit greasy. Figure a couple of hours of your labor will be required.
How to? Will point you to a web site that will step you through packing bearings. Mind you it's dedicated to automotive wheel bearings, but the job's the same. But one thing does differ--you've got to be very careful where and how you jack the trailer.
First, make sure you thoroughly block up the tires on the side of the trailer opposite the one you're jacking--chock them so the trailer won't roll either way. Next, you must select a safe jack point. Never use an axle as a jack point! This can quickly goof up your trailer alignment, and possible affect handling, as well as tire wear. Check your owner manual for proper jack point, and lacking that information, use the trailer frame.
Carefully block the trailer so if the jack slips, you won't be caught in a bad way. We only remove one tire at a time to perform the service, so if anything slips, we have the "insurance" of that other tire holding things up.
OK. Here's a link to an excellent page for more information on the 'down and dirty' part of wheel bearing maintenance.

