Hi all, I am in the process of buying a duplex. I’m thinking of living on one side and renting out the other side

I am a ALSO thinking of renting out the other room on MY side.

What kind of insurance do I need? I called Travelers and they just gave me the home insurance that also covers loss of rent too (loss of use), do I need landlord insurance too then?

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Chances are the loss of rent insurance is just an extra cost you don’t really need. You don’t need landlord insurance either. All depends on how much risk you want to take or not take. Some landlords just take out the bare minimum cost of dwelling and skip all the personal item protection, etc

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Not sure you need any of those insurance policies to cover yourself. But it does depend on your stage and strength of housing demand in your area.

I did precisely this, OP, and I did get landlord insurance. Look carefully at the loss of use, because if your tenant skips on rent and you have to evict, make sure you know what your insurance company will cover in that event. In my experience, loss of use only included, if I remember correctly, a structural issue where the unit could not physically be rented out—not just that a tenant didn’t pay.

Am a landlord and I use regular home insurance from Mercury, just put your property into a LLC so you limit your liability when in case a tenant decides to slip/ fall/ die at the property.

Do a credit check and a background check on the tenant, and you should be good.

Are you based in New York?

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