General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago on . Most recent reply
Insurance and House hacking
Hi all, I closed on my first deal last week, a SFH. I'm hoping to make some cosmetic changes then house hack for a year. My question is should I consider having more than general home insurance? Should I have an umbrella policy and for how much? My goal is to protect from myself and family from liabilities and mitigate risks. Thanks for any tips!
Most Popular Reply
#2 Insurance Contributor
- Insurance Agent
- Nationwide
Originally posted by @Account Closed:
Hi all, I closed on my first deal last week, a SFH. I'm hoping to make some cosmetic changes then house hack for a year. My question is should I consider having more than general home insurance? Should I have an umbrella policy and for how much? My goal is to protect from myself and family from liabilities and mitigate risks. Thanks for any tips!
Congrats Jhay.
If you are living in the home you will need to go with a standard Homeowners policy. If you move out of it and turn it into a rental, you would then move the home onto a Rental Dwelling policy.
As far as an Umbrella, it never hurts to have higher limits of Liability. There is not a rule of thumb, only the limit of insurance that lets you sleep at night.