Total Rookie Question... Homeowner's vs Landlord Insurance?

[Mitch Reaume]

We're doing some financial forecasting as we get ready to purchase our first home ($120k-$150k range) and are trying to project insurances... can someone clarify for me... Do you get a Landlord Insurance Policy IN PLACE OF a Homeowner's Policy, or do you get both?

Any thoughts on what to expect for those types of policies in terms of pricing on a $120k-$150k home?

Thanks in advance!

[Thomas S.]

A home is a property you purchase for personal use and needs to have home owners insurance. If you rent out a portion of your home you need to inform your insurance company of that fact. A property you purchase specifically as a investment to be used exclusively and totally as a rental property is business use and must have rental property insurance coverage (landlord).

One is a Home the other is a Income Investment Property.