To my knowledge, there should be no difference at all. However, I recommend that you check with the local municipality with regard to taxes.
@Ben M. , should have no effect on property tax, but you will probably have to get a commercial policy on the property which could indeed be more. Not necessarily, though, you just have to shop around. Insurance is one of those things where you really have to understand it to compare apples to apples (i.e. same coverage/service to same coverage/service).
I know that on my properties in NC I switched to a commercial policy when I moved the property into an LLC and it was comparable but probably up to a few hundred more. To put that in perspective, though, in coastal Carolina a few hundred more is only 10%-15%. Depends on your idea of negligible I guess. That's only $10-$15/mo.