What type of insurance will I need?

[Adam Godfrey]

Hello Everybody,

I recently bought a property in Waterloo with the purpose of house hacking it. I will be living in one of the 5 bedrooms and renting out the rest. I am having a difficult time finding some answers on what I am required of for insurance.

Basically I have two scenarios:

1) Rent out three rooms and live in the 4th with a spare room in the basement for guests or an office.

2) Rent out 4 rooms and live in the basement myself.

What sort of insurance would I need for both of these scenarios? I believe for option one I can get away with landlord insurance but with option two I think I need commercial.

I would appreciate any help here and sources are always welcome.

Thanks