Home equity and landlord insurance

[Kaushik R.]

The rental (SF) is paid off i.e. I do not have any lien or mortgage on it and there's a tenant.

1. I am currently carrying hazard insurance. I can buy landlord insurance without coverage on roof (wind/named storm peril) but is it worth the premium? It's a 70's build. The insurance quote at 5% wind/storm peril basically meant a new roof would be out of pocket for me.

2. How do I tap into the home's equity without selling?

[Theresa Harris]

For your first question, how much will it save you on insurance and how likely are you to make a claim?  

For your second question-either refinance it (you say it is mortgage free, so get a mortgage and pull out that money) or try a home equity line of credit (may not work as it is a rental).