Rental Property Insurance - Homestead and Non-Homestead

[Peter Lammi]

I have 3 situations that I am about to find myself in within the next year and would love your input on each. I feel as though we find ourselves in at least 1 of these throughout our rental careers but I can't find a lot of info on this subject.

1. Purchasing a single family home for my own home while renting out the extra room in the home. 

2. Purchasing a single family home just to rent out.

3. Purchasing a townhome just to rent out.

For each of these 3 situations, what types of insurance do you deem mandatory to have and what ones would you consider to be more optional? If it helps, I'm located in Minneapolis, Minnesota.

[Jason Bott]

Originally posted by @Peter Lammi:

I have 3 situations that I am about to find myself in within the next year and would love your input on each. I feel as though we find ourselves in at least 1 of these throughout our rental careers but I can't find a lot of info on this subject.

1. Purchasing a single family home for my own home while renting out the extra room in the home. 

2. Purchasing a single family home just to rent out.

3. Purchasing a townhome just to rent out.

For each of these 3 situations, what types of insurance do you deem mandatory to have and what ones would you consider to be more optional? If it helps, I'm located in Minneapolis, Minnesota.

Peter,

#1 you need to have a Homeowners policy with Landlord liability added to it

#2 & #3 are Landlord/Rental Dwelling  policies