Owner Occupied 2 Family- What Insurance Do I Need?

[Tim Harvey]

Hi all,

This may have been addressed somewhere already, so I apologize if I missed it. I'm new to the home ownership game. I recently bought a duplex- I occupy the right unit and I'm looking for a long-term renter on the left unit for the fall. My question relates to insurance. I have homeowners insurance on the entire home, but I'm learning more about rental property/landlord insurance and I'm wondering if I need a combination of both.

The articles I've read online talk about having one or the other, but since I occupy one of the units I wonder if I need both. Should I have homeowners insurance only on my unit and have rental property insurance just on the left? Should I have both kinds on both units or is that redundant?

Thank you in advance,

Tim

[Kevin Romines]

@Tim Harvey You should be able to have the policy written as an owner occupied 2 unit. This would be the only policy you would need except for a personal lines umbrella. If ever you move out of that duplex and make it a rental, then you would switch the coverage on it to a landlord policy.

I would require the tenant to have renters insurance with a 500K min. liability coverage. You need to be listed as an additional insured and a certificate holder. This will protect you on their policy just as it protects them. It will also let you know if the policy were to terminate for any reason.