House Hacking Insurance

6 Replies

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?

Thanks!
Lindy

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. 

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...   

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.