I'm purchasing my first duplex in central California where I will be living in one unit and renting out the other. The two units are completely separate houses on one lot, but they are still referring to this as a duplex. One house is in the front and the other is in the back. The cost of the duplex is $127K. It was built in 2006 so everything is still fairly new. It is in a Flood Zone (AO) and we experience mild earthquakes every couple of years but none have caused any major damage in my area. Since I am a first time buyer I'm not sure exactly what types of insurance I need and how much. Besides being covered as far as flood, fire, and earthquake, I definitely need to protect myself against tenant damage and potential lawsuits. Can anyone give me an idea of what I should be shopping around for, especially on the amount of coverage I need under each type of insurance category?
I'm purchasing my first duplex in central California where I will be living in one unit and renting out the other. The two units are completely separate houses on one lot, but they are still referring to this as a duplex. One house is in the front and the other is in the back. The cost of the duplex is $127K. It was built in 2006 so everything is still fairly new. It is in a Flood Zone (AO) and we experience mild earthquakes every couple of years but none have caused any major damage in my area. Since I am a first time buyer I'm not sure exactly what types of insurance I need and how much. Besides being covered as far as flood, fire, and earthquake, I definitely need to protect myself against tenant damage and potential lawsuits. Can anyone give me an idea of what I should be shopping around for, especially on the amount of coverage I need under each type of insurance category?