Charlestown, MA · Member since 2015 · 2 posts · 3 votes
Hi all,
This may have been addressed somewhere already, so I apologize if I missed it. I'm new to the home ownership game. I recently bought a duplex- I occupy the right unit and I'm looking for a long-term renter on the left unit for the fall. My question relates to insurance. I have homeowners insurance on the entire home, but I'm learning more about rental property/landlord insurance and I'm wondering if I need a combination of both.
The articles I've read online talk about having one or the other, but since I occupy one of the units I wonder if I need both. Should I have homeowners insurance only on my unit and have rental property insurance just on the left? Should I have both kinds on both units or is that redundant?
Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
10y
@Tim Harvey You should be able to have the policy written as an owner occupied 2 unit. This would be the only policy you would need except for a personal lines umbrella. If ever you move out of that duplex and make it a rental, then you would switch the coverage on it to a landlord policy.
I would require the tenant to have renters insurance with a 500K min. liability coverage. You need to be listed as an additional insured and a certificate holder. This will protect you on their policy just as it protects them. It will also let you know if the policy were to terminate for any reason.
Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
10y
Welcome to the site first/foremost. I would make sure that you have some type of a commercial liability or umbrella policy in place. I would also ask that your tenant carries renters insurance. Better safe vs sorry.
Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
10y
@Tim Harvey You should be able to have the policy written as an owner occupied 2 unit. This would be the only policy you would need except for a personal lines umbrella. If ever you move out of that duplex and make it a rental, then you would switch the coverage on it to a landlord policy.
I would require the tenant to have renters insurance with a 500K min. liability coverage. You need to be listed as an additional insured and a certificate holder. This will protect you on their policy just as it protects them. It will also let you know if the policy were to terminate for any reason.
Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
10y
Its typically $8-24 a month depending on how much contents coverage they have? It also gets them a couple dollar discount off their auto coverage when they bundle?