First time house hack-Landlord insurance vs. Homeowners Insurance

[Garrett Tierney]

I'm in the process of closing on two duplex's on one lot. I'll be owner-occupying one unit for the first year of the mortgage, and plan to move out and rent all 4 units thereafter. 

I'm required to have insurance on the property in order to secure financing, and wanted to see if any BP members could provide some experience-based input on whether to seek out the additional protection provided by a Landlord Insurance Policy (slightly more expensive) or a Homeowners Insurance Policy. Thank you in advance, for your feedback!

[Bill B.]

Landlord insurance should be cheaper and is required if you want to be covered on property you are renting out. Landlord policies don’t cover any personal belongings inside the building (hence the reason they are cheaper and you should require tenants to get renters insurance.) they are meant as liability shields and sometimes lost rent will be covered. Ps. You also have to mention to most insurance companies any time a unit is empty more than 30 days. 

Wrong policy is like no policy. Have a loss and they’ll say wow, you shoulda had landlord policy the homeowners policy doesn’t cover this.