Landlords vs homeowners insurance

[Cindy Joseph]

I am looking out to rent out half a duplex. I am living in the other half. Currently located in Indiatlantic FL. Given the age of the home and proximity to the water, the landlord’s insurance we qualify for is not that great. It excludes mold and has a water limit which I’m worried about. Is landlord‘s insurance required? Would I be able to keep our current homeowners policy and then get an umbrella –Would this be enough for liability? What benefits do landlords insurance offer compared to regular home owners? I would have the renters get renters insurance. This is my first attempt at an investment property so would appreciate any help. 

[Account Closed]

Landlord's insurance isn't always required, but it's smart for protecting your investment. It's usually more tailored for rental properties, covering things like loss of rental income and liability. Your current homeowners policy might not cover rental activities, so check with your insurer.

Adding an umbrella policy could boost your liability coverage, but it won't replace landlord's insurance. It's good that you're having renters get their own insurance, as it can protect their belongings and limit your liability. Consider talking to an insurance agent who can give you specific advice for your situation!