Homeowners Insurance vs Landlord Insurance

[Justin Thompson]

Hey all!

My brother and I just bought our first investment property in St. Louis, MO. The Multi-family home has 3-units that are all currently being rented out. Seeing as this is our first investment property we want to make sure that we do things the right way and not overpay for insurance.

My question to you all is what would you recommend (companies, types of coverage) to use? I have called to get quotes on landlord insurance and the rates seem to be very high. Would you recommend going with just basic homeowners insurance (which seems to be cheaper)? And a follow up question to all of this is what is the average monthly cost of homeowners/landlord insurance?

We thank you all in advance for any advice you give us.