LLC vs personal insurance

[Joe Botticelli]

My wife and I are in contract with our second small multi-family which we plan to move into. We haven't yet started an LLC but plan to in the next year and move the first multi-family title to the LLC. We are thinking the LLC to have Dwelling/Landlord insurance and then traditional homeowners for the multi we plan to live in. Is that the right train of thought?
-Joe

[Jason Bott]

Quote from @Joe Botticelli:

My wife and I are in contract with our second small multi-family which we plan to move into. We haven't yet started an LLC but plan to in the next year and move the first multi-family title to the LLC. We are thinking the LLC to have Dwelling/Landlord insurance and then traditional homeowners for the multi we plan to live in. Is that the right train of thought?
-Joe

 Joe, you will only be able to purchase one policy to cover the Structure, either a Landlord or Homeowners policy.

If you place the title in the LLC, you would purchase a Landlord policy and a Renters policy for the unit you would occupy.

If the property stays in your personal name, you would simply get a Homeowners policy with a Landlord endorsement to cover the Liability on the rented unit.