Type of insurance for primary residence that will become a rental?

[Dina Harleth]

Hi everyone,

My father recently gifted me the house I grew up in, and I found out that there is no insurance on it. I am trying to figure out what type of insurance to get given that I am currently living in it but will likely begin renting it out in a year or so. Down the line I would like to do a 1031 exchange. I'm not at all attached to this area or the house itself and would, in the event of something happening, just want as much of the value of the house back. I;m in southern California and Zillow estimates the current value to be at 750k.

Thanks so, so much for any guidance. I have no background in real estate so all of this can be a tad overwhelming at times. :)

Dina