What insurances should I be getting?

[Antonio Chelala]

Hello everyone,

I hope you are doing well.

I am a bit confused on which insurances to get, i know there is the homeowner insurance, and I will be requiring my tenants to have rental insurance. Does having an umbrella policy or an LLC for a property allow me to avoid buying a homeowner insurance?

Thank you,

Antonio

[Nathan A.]

You definitely need the homeowner insurance regardless. That's the only product that covers the house itself -- for example, if the house were to get destroyed in a fire. Umbrella policies and LLCs are strategies people use for liability but those are no help in covering the physical structure.