New home and insurance

[Sean Ryther]

BP community,

My wife are in the process of buying a home.  This process all started prior to me hearing about BP.  The home is a SF home with a walkout basement that was converted to a rental unit (maybe a glorified mother in law suite)  It does have its own kitchen, laundry, bedroom, living room and bathroom, along with a garage space.  

We are very new to the process but wanted to get into it because having a renter would allow us to supplement some extra income and help pay toward mortgage while my wife stays home with the young ones.

We have inspection today and if all goes well, we'll be signing off with mortgage broker tonight.

Our broker needs insurance information, but we don't quite know the best way to insure it knowing we will in the very near future rent out the basement.  Does anyone have any suggestions on a decent homeowner insurance?  I had quotes from a couple companies but I don't know what the best coverage is especially if we plan on renting.  Does that even matter?  Any advise would be welcome.

Have a great day!

Sean