Homeowners vs Landlord Insurance - Owner Occupid Triplex

[Lance Knapp]

Hi, I closed on an owner occupied triplex three months ago. I got a standard CA homeowner's policy that is $126/mo with a $1,500 deductible.

My Dad brought up that since I have tenants, I may need landlord's insurance that would protect me further. Does anyone have advice on whether I should keep my policy or switch to a landlord insurance policy?

Thank you

[Patrisha Leybovich]

I agree. When you bought your policy they underwrote it as a triplex, owner occupied. The most important thing you can do in my opinion is be sure that your tenants know that you've got the structure covered, but that does not include their personal property. It's good to send a notice in writing explaining this to tenants and encouraging them to purchase their own renter's insurance policy. 

I like to use an example of a pipe breaking. If their apartment is flooded, your insurance will pay to repair any structural damage to the building. But it will not buy them new furniture, etc.

This tidbit is always included in my leases:)