Hello everyone, just a quick question about insurance while house hacking.
For my first property, I intend to live in one side and rent out the others. So for the insurance, should I go for a homeowners policy or a renters policy?
You are not a renter so you wouldn't get a renters policy. Perhaps you meant landlords policy. I would ask my agent about that. My guess is you would qualify for homeowner rates if it is 1-4 units.
@Ned Carey , yes I meant to say Landlords policy, and thanks for the input.
I haven't talked to any agents yet, so I might try contacting one.
My guess is that a homeowners policy is cheaper. Even though it is apparently a multi unit it probably qualifies, if it is 4 or less because you are there on site to minimize the risk.
Awesome... I was just wondering about this. I'm buying a duplex now and I obviously don't want to be exposed to the legal risk of being a landlord, yet I don't want to overpay for insurance if I don't have to.
@Ned Carey I'll talk to my agent but I'm assuming I'm covered with a homeowner's policy. Thanks...
@Lindy McConnell Good question and echo the sentiment about talking to an agent. Make sure in your lease you require your renter to get renters insurance as well though.
I am considering purchasing a 2/1 property with a 1/1 detached in law suite (living in the 2/1 for a couple years). The insurance company told me that I would need homeowners insurance with an endorsement to add on to the other structure.
Not sure how this works when you have a duplex where both units are connected.