build insurance for investment property

[htopg]

I have an unencumbered IP.
Currently I am arranging a loan to take out 80% of the equity.
The lender asked for a building insurance.
Do I take out those combined Landlord insurance+building insurance?
Or do I just take out building insurance?
What is normally the price difference?

For those who have done this before, could you share your experience?

Thanks in advance.

 

[Aaron_C]

It's up to you. As a minimum the lender requires building insurance to cover the 'replacement insurance' amount in the valuation report.

 

[Lil Skater]

If you're leasing the property, IMO landlord insurance is a must.