Do I need a single-family or multi-family policy for my property?

I'm looking to buy a house with an attached efficiency unit. I'll probably rent out the efficiency, but not for another year or so. When I'm shopping for home insurance quotes, do I say that my property is single family or multi-family?

That is so exciting! The type of policy you will need is actually dependent on whether or not you will be living there. Since your home will be owner-occupied, a standard homeowners policy will work for you. If you did not live in the home and rented out both spaces, you would need a landlord policy.
When you make upgrades to the home, the rental space included, make sure to tell your insurance agent so that your policy has enough coverage. You will want to make sure that when your tenant moves in, they get their own policy for their personal property. Their property and liability is not covered by your policy.
Shannon Martin
Answered on Mar 08, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.

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