Landlord Ins. vs Homeowner's Ins. For Long Term Rental

[Mike Montanye]

We are just starting down the RE path and have a ton of questions. Before I can find the answer I have thought of 3 other questions I need answers to. Just trying to avoid any massive mistakes that would sour this buy and hold plan that I have decided to focus on.

I am wondering about insurance for the rental property. I just heard the other day about Landlord Insurance. Didn't even know that was a thing. I'm wondering what exactly it covers that HO doesn't and how much extra I would be expected to pay for that coverage. 

Does anyone have any guidance for me on this matter?

[Tim Johnson]

@Mike Montanye

You might want to consider requiring (or at least encouraging) tenants to purchase "renter insurance" as well. These policies can cost as little as $15-$20 a month and insure the tenant's possessions as well as liability coverage for their guests should there be an accident of some kind. (It's not in place of your own landlord policy but in addition to....)