Along with some new quotes, I'd like advice on what we can do away with to get our policy cost down without putting my partner or myself at personal risk.Here's some info on the property:- Purchased in December, 2021- Single Tenant NNN Lease- Current liability coverage is $2mm (capped at $1mm per incident) with a $10,000 deductible that also covers myself and my business partner- Property coverage is $5mm with a $25,000 deductible- Our policy shows that we have replacement cost coverage on the building, although the stated amount is $1.39mm.

They are one of the few big insurance companies that have what is called "home share coverage".  

An umbrella doesn't offer coverage that isn't already covered under your "baseline" policies.

You can use your existing personal account or establish another for rental payments.Discuss your intent to rent space in your home with your insurance provider so that you have the appropriate coverage. 

If they have a comprehensive plan look at that as well.  

Kristel,Do not sign on with a Roofer until you have proof they have general liability and Workers Comp coverage. 

You can also offer a personal guarantee to the loan in exchange for a lower rate if you have a lot of personal networth and signing as an LLC (which may be required depending on where the property is located).When thinking about talking to those in your network about the possibility of lending, you can offer ways that you are willing to help protect their money - lender's title insurance for 125% of the loan amount, hazard insurance that provides total structure coverage in the amount equal to or greater than the loan amount, etc etc.

From a twitter series:Along with LTV, one of the most important key metrics lenders look at when determining eligibility, rates and terms for investment property loans. Crucial to understand! DSCR is simply the ratio...

It's from the Home Sharing component HQ 858..Coverage only, paragraph 8.

This will tell you about required setbacks, max lot coverage, max density, and other factors that could limit the design.It's a good idea to consult with architects and contractors in your area if you want more information.