Cassie, they are a few options for these older buildings, but it’s not a long list.As far as pricing, you could probably find an option around $2,500-$4,000 depending on type of coverage.$1,500 is not realistic in this market.  5 years ago we would have had several options to choose from at that price.

So there are two main types of ways that banks look for loans to be paid, one is with your personal income, the other is with what is call a DSCR which stands for debt service coverage ratio.

Having proper coverage is essential so I didn't hesitate to work with a marine lawyer to establish my charter business (Airbnb on a boat is considered a commercial operation - so the charter setup is necessary if you want to play by the rules.

I like it segregated from my personal stuff and the coverage was better tailored to rental property than what Allstate offered. 

So I ended up paying for what they called EXCESS LIABILITY for my rental from a different agency and the coverage is specifically for the rental ppty and nothing else.Do most personal liability umbrella ins cover claims that arise from anywhere  in the country or only cover claims that originate in the state where the insured resides? 

I'm looking for advice on liability insurance coverage.  

It's different coverage because you are not occupying the home so it doesn't need to cover your personal belongings.

A DSCR, or debt service coverage ratio, is calculated by lenders when qualifying a borrower.

If you jump into RE full time and do other activities to supplement your income (wholesale, birddog, flip, realtor), then you create another job; though you might find more enjoyment in that than the current job like I did.Although there are a lot of DSCR lenders out there, one cautionary point is that without a track record or consistent results over a couple years in RE, banks will still see you as a debt risk without a regular W2 income when you make the jump.

At the end of the day, moving into a house hack that supplements your living expenses dramatically is always the right move.